Managing rental properties isn’t easy, is it? There's always something to juggle between handling maintenance requests, communicating with tenants, and keeping the property’s finances in check.
Even if you’ve been in the real estate industry for a while, staying organized and keeping tenants happy can sometimes be challenging.
In this guide, we'll share some property management tips to help you stay on top of tenant management, property maintenance, and even the financial side.
Tip No. 1: Keep Communications Clear
One of the important property management skills you need to have is communication.
Communication can make or break your property management experience. Misunderstandings with tenants or property owners often lead to unnecessary stress.
So, how do you keep things running smoothly? Here are simple ways you can improve communication:
Set Up a Reliable Line of Communication
Use tools like email, phone, and tenant portals so everyone knows how to reach you. If you manage multiple properties, you can make separate group chats for property A or B to make it more organized.
You also need to give your tenants options on how they want to communicate. Some people prefer a quick email, while others like talking over the phone. Make sure tenants have a few ways to contact you, like an online portal or even a dedicated phone line.
Make Maintenance Requests Easier
Nobody likes playing phone tag over a leaky faucet. A tenant portal lets renters submit maintenance requests directly, making it easier for you to respond quickly and keep everything documented.
Tip No. 2: Keep Things Organized and Efficient
Effective property management means keeping things organized. The more efficient you are, the less likely things will fall through the cracks.
Here's how to stay on top of it all:
Go Digital
Paperwork can pile up fast. Keeping important documents like lease agreements, rent payments, and tenant details makes life much easier when finding something quickly.
You can also use rental management software to manage your property easier. Tools like these can help you track rent payments, tenant information, and even maintenance requests.
This software can also help you stay updated with rent market prices so you can adjust yours accordingly. It’s like having a personal assistant for your properties.
Install Utility Submetering Systems
If you’re managing multi-tenant properties, utility submetering is a great way to track individual tenant energy or water usage.
Submetering doesn’t just make billing easier—it also helps tenants be more aware of how much they’re using. It keeps things fair, avoids disagreements about shared bills, and helps you manage utility costs without hassle.
Tip No. 3: Develop a System to Find the Right Tenant
Property management companies have innovative systems that allow them to screen prospective tenants properly. You should have such a system, too.
Finding quality tenants is one of the most important parts of a successful property management business. A reliable tenant means fewer headaches, timely rent payments, and better care for the property.
But how do property managers like you make sure you’re bringing in the right people?
Always review a prospective tenant's credit score, rental history, and employment status. This gives you a clearer picture of their financial reliability and whether they will likely pay rent on time.
Create a checklist for evaluating tenants so you can treat all applicants fairly. You can include minimum income requirements, references, background checks, or even add a requirement that they need renters insurance to apply.
Many property management software tools can automate parts of the screening process. These tools allow you to collect applications, review documents, and even conduct background checks quickly.
Tip No. 4: Build Strong Relationships With Tenants
Highly successful property managers would always want to keep their tenants happy. This is because happy tenants mean better tenant retention and overall easy management of your property.
A little effort you put into building connections with your tenants goes a long way in building trust and maintaining strong relationships.
Here are some simple ways to build better tenant relationships:
Respond Quickly
Nobody likes waiting days for a response to a maintenance request or question. Even if you can’t fix the problem right away, letting tenants know you’ve received their request goes a long way.
Show You Care
Small gestures can make a big impact. Maybe you send out holiday cards, offer a small rent discount for early renewals, or surprise long-term tenants with a thank-you note.
Ask for Feedback
Don’t just assume everything’s fine. Check in with your tenants now and then to see how they feel about the property or if they have suggestions. You might learn something that makes your job easier too.
Tip No. 5: Create a Schedule for Inspections and Maintenance
Having routine inspections and maintenance makes it way easier. Think of it like taking care of your car. You wouldn’t skip oil changes or tire rotations because it’ll cost you more later.
The same idea applies to the property management industry. A respectable property manager knows preventative maintenance will always cost you less than repairs.
Here’s how to make it work:
Plan Regular Check-Ups
Set up a schedule to inspect key parts of your property, like plumbing, HVAC systems, and the roof. Seasonal checks are a lifesaver. For example, make sure the heating works in the fall and test the AC in the spring.
To make it easier for you, you can also install smart devices that can track risk areas for you in real time.
For example, if you're worried about leaky toilets or faucets, you can install a water leak device to detect and alert you of potential leaks. This way, you can address the problem before it causes water damage.
After all, it’s easier to catch problems before tenants start complaining.
Track Maintenance Requests
You know how tenants are—when something breaks, they expect a quick fix. Use property management software to track all the requests in one place. That way, you can prioritize what needs attention first and make sure you’re not missing anything.
Tip No.6: Use Utility Submetering to Stay Organized and Save Money
Utility submetering is much needed for efficient rental property management. Instead of tenants arguing over who used how much water or electricity, you’ve got a system that tracks it all down to the last drop. It’s fair and transparent and makes your life so much easier.
Here's why submetering is worth it:
Fair Billing
Each tenant gets charged for exactly what they use. Fair billing means no more disputes over shared bills or “Why is my water bill so high this month?” questions.
Spot Inefficiencies
Submetering isn’t just for tenants; it’s for you, too. If one unit’s water usage is through the roof, it might signal a leak or another problem you need to fix.
Encourage Mindful Usage
When tenants see their actual usage, they’re more likely to conserve water or energy. It can also extend the life of your property’s systems and save you money on repairs.
Tip No. 6: Understand your Role as a Property Manager in Financial Management
Managing a property’s finances isn’t just about collecting rent. Successful property management means balancing expenses, planning for unexpected costs, and keeping your property profitable.
Here's how you can stay on top:
Create a Clear Budget
List all your expected expenses, like maintenance, property taxes, insurance, and any loan payments. Don’t forget to include a cushion for emergencies—because something always comes up.
Track Everything
Use property management software to track rent payments, maintenance expenses, and other costs. It’s way easier than trying to juggle spreadsheets or paper files. Plus, software can generate reports so that you can see exactly where your money is going.
For utility costs, a submetering system can help you track resource consumption and help you detect if one of your tenants has been overusing resources.
Analyze the Numbers
Take a little time each month to review your property’s financial performance. Are there areas where you’re overspending? Are rent payments coming in on time? This helps you make smarter decisions about cutting costs or increasing revenue.
Tip No. 7: Know Your Local Laws and Regulations
Staying compliant with local laws might not be the most exciting part of property management, but it’s one of the most important. Ignoring regulations, even accidentally, can lead to fines or legal trouble—and nobody wants that.
Here’s how to stay informed and avoid problems:
Keep Up With Landlord-Tenant Laws
Rules around eviction procedures, rent increases, and tenant rights can vary by state or city. Regularly check for updates so you’re not caught off guard.
Review Your Leases Carefully
A strong lease agreement protects both you and your tenants. Include clear terms for rent collection, security deposits, and tenant responsibilities, and update your leases as laws change.
How DrizzleX Can Help You With Property Management
DrizzleX allows you to detect hidden leaks, such as running toilets and leaky faucets, to stop waste each year. It also alerts you to excessive water overuse by tenants. Typically, buildings that use DrizzleX reduce their water bills by 25-45% or more.
And you can expect a pretty quick return on investment (ROI). Buildings with DrizzleX save enough water to cover the entire cost of DrizzleX within about 9 months on average.
Get a free quote today and see how efficient water submetering can make managing your property much easier.
Usage Reports
One of DrizzleX's solutions is the “Water Consumption Insights Report” report. Since many people aren't really aware of their excessive water usage, an accurate report can be very helpful in preventing unnecessary expenses. Using the reports, you can communicate with your tenants about their water consumption habits, and back it up with precise data too.
Leak Detection
Leaks can be sneaky because they aren't always visible. With property inspection, you can see the obvious ones. But, silent leaks will only show up on your utility bills. DrizzleX gives you water control because you can monitor the water flow in your building.
The system will notify you about where and how much water is being lost.
E-mail Notifications
Once DrizzleX spots the leak, it will notify you via email. The message you receive will include all the details about the exact apartment and fixture that is the culprit, how many gallons were used, how much it will cost you if the problem isn’t fixed, and even possible causes for the water waste and how to fix it.
Billing
DrizzleX also allows you to bill your tenants. Tenants conserve water when they are the ones paying for it. You can easily create water bills based on accurate water consumption and bill them fairly.
FAQs About Property Management Tips
What is the hardest part of property management?
Dealing with unexpected problems is the toughest part. Emergencies like broken pipes or tenant disputes can happen anytime. Balancing the needs of tenants, property owners, and your own schedule is also challenging. Being flexible and staying calm helps a lot.
What is most important to a property manager?
Keeping tenants happy and making sure properties stay in shape. A property manager should also focus on collecting rent on time, handling repairs, and managing budgets.
How stressful is property management?
It can be stressful because problems can happen at times. Dealing with repairs, late rent, and complaints takes patience. Planning in advance and tools can help lower stress.
How to succeed as a property manager?
To succeed as a property manager, focus on staying organized, communicating effectively, and leveraging technology to streamline tasks. Build strong relationships with tenants by being responsive and proactive with maintenance. Consistently analyze your property’s performance and stay updated on local laws to ensure smooth operations and long-term success.
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