Managing property is not easy. It takes a lot of time, energy and know-how. At Holdfolio, it takes a whole team of staff who are certified real estate investment experts to keep our properties in line. Through this experience we’ve learned A LOT, and we wanted to share some advice with our readers.
3 Keys to Properly Running a Property Management Company
1. Have Concrete Systems in Place
As humans with kind and open hearts, we want to give people the benefit of the doubt. This generosity often leads to disaster. Proper procedures for tenant and day-to-day operations must be in place. For example, finding qualified tenants for leasing is imperative to ensuring the safety of your property and return of your investment.
Tenants, landowners, property managers and maintenance crews are all members of the same team. If an issue occurs, each party is involved in finding a remedy. For example, if property maintenance is needed the tenant, repairmen, vendors and landlord must all work together to address the issues. The more efficiently the problems can be communicated, the quicker the issues can be addressed.
Hire people who you know will be great employees due to their enthusiasm and problem solving capacity. These people will be the back bone of your property management company. Sometimes paying the little bit extra to get that person who you know will do a knock-out job is worth the investment.
Need to Know More?
Want to learn more about property management? Contact our staff at Holdfolio to learn more from expert real estate investors.