10 Tips from Managers

Learn the Laws
First and foremost, it is important to understand the Fair Housing rules specific to the location of your property and to make sure your tenants abide by them as well. Stay current on local and federal laws, and educate those renting your property about laws that directly affect them. Most property managers fail to realize that if your tenant violates these laws, it could be your license and future on the line.

Perfect your Lease
Always have a significantly developed lease for the property and draw up detailed contracts for every outside agreement with the tenant made throughout the lease period. Verbal agreements are hard to prove in court, and missing simple things that should have been listed on the lease could result in major damage for your company if problems arise.

Prepare for the Worst
“If the landlord doesn’t dot his i’s and cross his t’s the tenant could win if a dispute ever went to court,” says Kathy Hertzog, president of LandlordAssociation.com Inc, which operates www.landlordassociation.org. Unfortunately, the law sides with the tenant more frequently than property managers. The lease legally supports your claims if an issue develops with your tenant, Hertzog says. Research and attention to detail can ensure there are no loopholes in your lease.

Communicate
When working on a regular basis within your properties, it’s important to create a team environment among yourself, the owner and the tenant. Leaving any of these three parties out of the loop will ultimately limit how you can effectively conduct your business.

Be a Landlord, Not a Friend
The relationship you foster with tenants must be clear: You are not a friend, you are the landlord. “I am not my tenants’ friend but I treat them with respect and honor—and that’s a philosophy I live by,” says Stephen York, secretary of the Metro East Landlords Association, which serves the metro east St. Louis area of Illinois.

Take Care of Your Tenants
Even though you have a business relationship with your tenants, York says it is key to make sure they are happy and being treated well.

York uses an automated service in his computer to keep track of all of his clients’ birthdays and sends out a card the week before. It’s his way of letting them know that his company cares about them as a tenant and as a person.

Detach
As is the case with many professions, detaching yourself from tenants and taking a step back from your properties will help you work best in your environment. Keeping perspective and removing excessive emotion, while maintaining your dedication, makes you more productive and realistic.

“Treat your properties as a business and have realistic expectations,” says David Buckham, landlord hires property manager of McGrath Real Estate Services of Virginia. When people in business make things personal—property or otherwise—they can make rash decisions based on their own biases.

Be Around
It’s important tenants see that you are available. Your presence is also important for the safety of your property. Walk through the units at least once a year and let the owner know about the condition. Also, let the tenant know if anything needs to be changed in their behavior or in how they are treating your property.

Educate Yourself
Although you may have graduated from school or feel that your experience is up to par for your current position, update your certifications and education. Joining a professional association such as the National Association of Residential Property Managers (NARPM) or the Institute of Real Estate Management (IREM) can help accomplish this. Continued education can allows you to better know your industry and can be used as a networking tool.

Apply the Golden Rule
“‘Do to others as you would have them do to you’ should be followed in any business,” says Sylvia Hill, president of NARPM and H.M.S Property Management in San Jose, Calif. “Remember that property managers are the hub of communication between owners, residents, vendors and others who have an interest in the property. Our profession requires constant vigilance to remain at the forefront of legislation, technology and trends in the market.”