Property Management

The Three Golden Rules of Property Management

Being a property manager is not an easy task. Think about it: when the building is running smoothly, as it should be, no one wants to talk to you. You only get the calls when something has gone wrong. Still, it’s in the nature of a good property manager to strive for the best. Here are three golden rules we think all property managers should abide by.

  1. See things from the tenant’s point of view. When it’s 20 degrees below and you’re getting inundated with service requests, it can be easy to get discouraged. But consider what things are like for each of the tenants in your building. For them, the urgent repair may literally put their life on hold. Having this mindset really helps to get through service requests quickly and conscientiously.
  2. Stay on top of the latest industry trends. Whether we’re talking about property taxes, advancements in security, new building materials that are more efficient, or using technology to better serve your tenants, knowing what’s going on in your industry is very valuable. Subscribing to industry newsletters helps, as does attending some of the industry conferences to make new contacts.
  3. An ounce of prevention is worth a pound of cure. It’s never easy to decide to spend the building’s reserves on preventative maintenance when you could easily push things off for another year. Remember: delays of necessary maintenance never actually help anyone. Have a long term view and always try to keep the building in a better shape than you received it in.

These three rules are simple, but we really do think following them can help property managers be better at what they do.

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