Property management can be a hugely rewarding and exciting career path. However, things can go haywire more often than you would like when not managed smartly. A property manager’s typical day is never a quiet one. From inspecting and listing properties to scheduling maintenance, handling paperwork, releasing payments, catching up with clients, hosting an open and following up on leads, the list seems to be never-ending.
If numbers are any indication, a whopping 65% of property managers admit feeling under stress due to work, while nearly half of them suffer from physical symptoms of anxiety. No matter how vigorous your process of screening tenants and collecting rent is, stress is part and parcel of property management.
Definitely, something is not right and needs to be fixed.
So we talked to some of the most seasoned property managers we know and asked them about their mantra to stress free property management. Here’s what they had to say.
1. Assign Maintenance to Suppliers you can Count On
You are a person, not a machine, so better start delegating.
But here’s the catch. Giving out work to the wrong person can make your life even more miserable.
Consider a service request coming in from a tenant to fix a leaking roof. Assigning the work order to fly-by-the-night tradesperson, might end you up with serious property damage and a very angry tenant and property owner.
As a property manager, it’s always a good idea to give out maintenance work to suppliers you can trust.
Having a system in place, such as i4T Maintenance, allows you to get quotes from accredited suppliers with proof of past work, ensuring that quality will be maintained and job will be completed as required.
2. Improve Communication with Tenants and Suppliers
Good communication is the key to managing expectations and is directly linked to better tenant and landlord satisfaction.
The clearer the communication is, the lesser conflicts there will be. Improved communication with tenants can help you enjoy stress-free property management.
Today, many property managers are using platforms like i4T Maintenance, that link them directly to their tenants, providing them with a way to place service requests, get instant replies, know who will turn up on their doorstep and when, and keep notified on work order status from start to finish.
This gives, tenants as well as property managers, peace of mind, knowing that both parties are on the same page, every step of the way.
3. Handle Disputes Like a Pro for Stress-Free Property Management
It is not uncommon for property managers to fall into the rabbit hole where every party involved would tell their own side of the story about something that went wrong.
This can not only cause confusion and stress for property managers but can also have legal repercussions if there is no proof of what someone is saying is true.
Consider assigning a work order to a supplier to repair a broken window in one of your properties. The supplier informs you that the repair has been done, but your tenant complains that the handyman left a lot of mess in your house. You ask your supplier and he tells you that he cleared the area before leaving. Who would you believe?
To avoid finding yourself in the middle of such a sticky situation, you need to maintain proof of work. Handle your property management work like a pro from day 1.
Property managers using i4T Maintenance can maintain a visual record of every work order from start to finish, making dispute resolution a piece of cake.
4. Eliminate Distractions on All Levels
Watching your day hijacked by a mountain of emails and never-ending phone calls is not uncommon for property managers.
Whether it’s your tenants you are trying to update on their maintenance requests, it’s your suppliers you need to get paid, or it’s 5 accounting apps that you need to switch between to get one statement out, everything seems to be going in circles or to and for, when you do not have a process in place.
A great way for property managers to eliminate such distractions and to focus on the task at hand is to have everything in one place.
i4T Maintenance app integrated with your favourite property management app, such as Console Cloud or Property Me, and accounting apps like Xero and MYOB, mean no more switching between various platforms to get one job done.
It also means, all communication is streamlined and flows through a single channel, eliminating the need for emails and phone calls bounding back and forth.
5. Automate Whatever you Can!
Automating some of the tasks with a property maintenance app like i4T Maintenance can help you enjoy stress-free property management.
Besides the obvious benefits of reducing data entry and rework, automation can help you with:
- Instantly responding to tenant requests for service
- Simplify accounting and bookkeeping
- Request quotes from multiple suppliers at the same time
- Monitor job progress through automatically generated notifications
- Disburse payments to suppliers within seconds
For property managers, automation not only lets you do more in less time, but it also enhances the experience you give to your tenants and your suppliers, by eliminating room for error and minimising wait time.
Wrapping Up
Being stressed as a property manager can impact your productivity at work and your relationship with colleagues. It does not only mean that you are exhausted and depressed, but it also means that you:
- Tend to make errors at work
- You frequently get into conflicts
- You have low responsiveness
- You are less willing to learn and progress
That’s where befriending cloud-based technology platforms as i4T Maintenance comes into play, helping you out by eliminating chance or errors, improving your communication, increasing your responsiveness and giving you plenty of time to focus on your personal and professional growth so you can enjoy stress-free property management. Get in touch with us to learn more.
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