Jake Petrasch: Top Tips for New Property Managers to Thrive in Their Role
As defined by Jake Petrasch, becoming a property manager for the first time can be a rewarding yet challenging experience. Whether you’re managing a small apartment complex or a commercial building, you’ll need a mix of organizational skills, legal knowledge, and people skills to thrive. Here are some tips to help new property managers navigate the job successfully.
One of the first things you’ll want to do is set clear expectations with your tenants. Ensure your rental agreements are transparent and cover all essential details, such as rent due dates, maintenance responsibilities, and tenant conduct. Having these terms in writing helps prevent misunderstandings and ensures that you and your tenants are on the same page. Another crucial aspect of property management is time management. Multiple tasks, from rent collection to handling repairs, will likely compete for your attention. Stay organized by prioritizing tasks and using digital tools to keep track of maintenance schedules, rent payments, and lease renewals. Efficiency is key to keeping everything running smoothly. Legal knowledge is a must-have for any property manager. Familiarize yourself with local landlord-tenant laws related to evictions, tenant rights, and fair housing. Staying current on these regulations can save you from legal headaches and help you avoid potential fines or lawsuits. Building good relationships with contractors and maintenance teams is another essential part of the job. Having a reliable network of service providers ensures that you can quickly address issues that arise, from plumbing problems to electrical repairs. This also helps maintain the property’s condition, which keeps tenants satisfied. Remember that customer service is a big part of property management. Tenants expect their concerns to be addressed promptly. By offering excellent customer service and maintaining a professional attitude, you can create a positive living environment that encourages tenant retention and keeps your property running smoothly.