Advice from a property manager

I'm putting together some information to help people get a better understanding of property management. Not marketing copy but information that someone could take and either be able to manage their own properties or know what their property manager is or should be doing.

Problem is I'm too far removed from basic basics and assume a level of starting kbowledge that may not be realistic for some people just starting.

If a PM were to read an info pack put together by a professional PM, what kind of stuff would you like to see in it?

 

A PM who thinks they are skilled probably wont want to read info from a PM who says they are more skilled ........Im confused. Who is the teacher and who is the student ?

 

We can all learn from peer review.

@Xenia, here a few for starters:

• Issues like key management, remote controls (garage, air cond, auto gates etc) - recording copies, locksmithing
• Pool maintenance
• Reporting issues (maintenance, damage, unruly neighbours, strata issues)
• Recording payments (obligations)
• Bond lodgement (obligations)
• Release of bond
• Importance of ingoing/outgoing inspections & photos
• Record keeping

 

What to look for in a property inspection (ongoing)
When to issue a breach notice and when to give a verbal warning
How to follow up on a breach

My neighbours got a written breach notice for toothpaste on the mirror during an ongoing inspection. Ridiculous!

 

It's always useful to get a feeling for a "typical week" - what actually does get done, how long it takes, etc.

 

That is 99% of PMs in my experience. The industry would be far better if "this is the way I've always done it" or "I've been doing it for X years so I'm great at my job" wasn't the prevailing attitude when it comes to changing the way things are done. Skill is funny word when it comes to PM as skill plays a minor part. It's a predominately a customer service role using time and task management.

Whilst knowing how to lodge a bond and complete an inspection are examples of skill based tasks within the role, that's not what makes a good PM. I would bet that 99% of PMs haven't read their state's tenancy act from front to back as true professional would. This is the basis on which the whole technical skill set is founded. Knowledge can translate directly into skill if one puts in the time to understand it but it's usually a patch work of tasks derived from years of doing it a certain way and it's the wrong way to go about it.

What is really needed are outside training days focusing on the elements of PM that are done so poorly. Things like understanding management broadly, how to effectively and efficiently manage time and tasks, why accountability, communication and empathy are so important in customer service. All things that pertain to any industry and could be trained by specialist providers who don't need to know anything about PM. This is why it's generally done so poorly - the easy technical aspects are focused on too heavily whilst the bigger picture as to what investors really want is lost.

 

Teaching PM's not to treat tenants with disdain would be top of my list.

 

Majority of PM tasks are really really basic, literally anyone could do them.

If you have 100 different owners they have 100 different personalities, and so do the 100 different tenants. Managing those relationships, along with managing time, and all the while understanding property investment goes along way. Majority of PM's can not get all 3 of those, lucky to even get 2.

 

@D.T. Bingo!

 

The material will be written for investors and landlords as the target market.

I may get into rent roll growth training somewhere down the line but not yet. I'm too busy doing it to teach it

 

I wonder what is happening at a tribunal. For example, if you need seize a vacant possession. Do you need a lawyer ? How long does it go for ? Any fees involved ? Are there tips and tricks to help win the case ?

Self managing here and never had to go to one so far..

 

A day in the life would be interesting. Show the days are pretty full on with repairs, inspection, paperwork etc. And the whole 20 hours a year spent on an account if they run smoothly with no dramas

 

The main difficulty I see is that rules, regulations and procedures regarding rentals can vary between states.
Marg

 

May they all be 20 hours a year.
Then I can do videos of me sunbaking at the beach without my phone ringing - I wish lol

 

Wouldn't it be nice! Perception is definitely not reality in this regard!

 

I thought each PM juggles quite a hefty portfolio, 100+. Unless theres a open house, repair or drama the day to day on any given client should be light touch? Or this is not the case. Never thought to ask my PMs tbh

 

It varies a lot

 

It does vary a lot but when you add up every email, call, ledger enquiry, maintenance issue, tenant enquiry, inspection, disbursement, and a multitude of other tasks it add up to many hours per property per year than most people realise. There is no real hard and fast rule and yes, some properties are much easier than others.

I've actually considered writing a book on PM - how it should be approached as an investor and how to manage your managers, the inner workings of a good agency, what to look for, good and bad signs, etc. I personally would have found something like very useful when I was starting out...or even now!

 

Whoops! Fixed...thank you!