For some, property management is an occupation that they, as property owners, must also play. For others, property management is a task that is assigned to someone else to efficiently oversee the property or properties that are owned.

Regardless of who is doing it, however, property management is an essential position, and these are three of the factors that make up good property management.

Organization

Above all else, this is a foundational skill for good property management. Property management is about handling all types of information, whether that is financial data coming from rent, operating expenses, or dealing with contractors on repairs and upgrades. It is critical to keep all this information straight. Property managers need to do this to keep data clear for employers, and if a property owner is doing their own property management, financial organization, in particular, is crucial for tax purposes.

Adaptable

Good property management is about intelligent multi-tasking. For example, if a property manager is going over the finances for the month, ensuring everything is in order, this might have to be put on pause if a resident calls in with an emergency about a burst water pipe.

The longer a burst water pipe is allowed to flow, the more damage it causes, and the more expensive repairs become, so switching priorities to shutting off water and addressing resident concerns about repairs should now be the primary task.

Committed To Quality

Lastly, good property management is about ensuring that a property remains in good condition. This is only possible if regular inspections occur for various aspects of the property, such as plumbing, HVAC, and individual apartments.

However, this must also be paired with a willingness to maintain, such as cleaning out HVAC shafts if they are found to be dirty or replacing pipes once inspections reveal small breakdowns occurring.

If you’d like to help better manage your property rental investments, contact Occupancy Solutions and let us help.