Being a property owner in 2022 comes with a lot of rewarding days… and a lot of stressful ones. It can be difficult to keep track of tenants, paperwork, and everything else that goes into being an informed and effective owner.
Here are a list of 12 property manager tips we’ve compiled to help you succeed in 2022!
Tips for Property Managers
1 – Teamwork!
We are on your side and are ready to work for you. Protecting your investment is why we exist, so don’t worry about calling us up for health or advice.
Things to regularly review:
2 – Your investment portfolio
Today may be the time to make some changes! Before you do- give us a call. We can give you a realistic rental value before you take the plunge and we can help make sure your portfolio is well-positioned for the coming future.
3 – Current tenancy
No one likes negative surprises! Let’s touch base and check in on which leases are up for renewal or even if you need to go through an eviction. We have a great deal of experience looking at current tenancy statistics and being able to look for potential liability.
4 – Property insurance
You do not want to be the person who gets hit with expired coverage or inadequate coverage. The way to ensure this is to make sure you review your insurance at least yearly. There may be legal changes that go into effect on your policy that you may not have noticed.
5 – Your ROI
Another one of our tips for property managers is to regularly review your ROI.While many things in our lives have deadlines, it’s important to stop and make sure our ROI is pacing property. Each year review your return on investment (ROI) for each property. Knowing where you sit financially will ensure you can make changes to cut expenses or new investments to increase income. We calculate ROI every day and can make this an easy process for you.
Things to Plan for:
6 – Tax information
Keeping your investment tax information organized and at hand will help you avoid a huge amount of stress every year. Your records are your protection, as well as the documentation of your deductions! Prepare for your tax season regularly so that when the time comes, you don’t have to stop doing your important day-to-day tasks to get tax information ready.
7 – Being preventative
Property repairs are as consistent as gravity. Having a yearly, quarterly, and monthly schedule will help you make improvements or maintenance before costly emergencies arise. Be sure there is an appropriate amount budgeted for maintenance in your master budget.
8 – Long-term maintenance
Real Estate management is not a quick money endeavor. While preventative maintenance will help keep emergencies at bay, some issues are longer-term that must be taken into account. This means water heaters can give out, carpets will wear, roofs will age, and more. We can help you appropriate the proper amount as well as be a guide to know what needs to be replaced…and when!
Things to Keep in Mind:
9 – Risk management
All of the above points are elements of risk management. Our job as your partner is to help you minimize all risks as a general way of life. For some people, risk management is a hat you wear. For us, it’s the lens we look at EVERYTHING through.
10 – Changes in Legislation
This is one of those issues where you may not have much happening…until it does. We keep our ear to the ground and listen for any subjects that need your attention. When a new issue arises that might address your properties; we will contact you.
11 – Always follow Fair Housing
Violating Fair Housing laws and regulations can be very costly for investors. That is where we come in. Following Fair Housing is a huge key to a successful property management business. Fair Housing affects many areas concerning investment property, such as advertising, showings, applications, renting, etc. And violating them can cost you fines, tenants, and your reputation. Allow us to help you keep on the right side of this issue.
12 – Never retaliate
Tenants are people, and people can do very frustrating and difficult things. The natural inclination for an owner is to want to get back at the offending tenant. As your partners, we can help you keep a cool head during tough times to ensure a court cannot perceive any action as being retaliation. Before this ever gets to that phase, bring us into the conversation to keep everything going in your favor.
We hope these tips for property managers help you.
Are you a property manager in over your head? We help owners accomplish these tasks everyday – it’s what we do. We do more for our owner clients then we don’t. Ready to hang up your hat managing properties and let a professional management company provide you the peace of mind you deserve? Do you want your weekends back? We want to give them back to you! Email us at mark@spinnakerpm.com or call our office to schedule an initial consultation – 253-830-5160. Our team as Spinnaker Property Management would be honored to serve you.
