Managing Time Tips for Property Managers

Property managers face a burdened workload, constant interruptions, a deluge of information, and tenant issues – in short, there is always too much to do and never enough time to accomplish it.  One of the biggest challenges for property managers is to complete all tasks efficiently and accurately. Given the number of interruptions you get during the day, completing a fraction of must-do tasks is remarkable. 

Property mangers deal with a number of issues including: negotiating leases with existing and prospective tenants, chasing payments, addressing maintenance problems, keeping the property owner up to date, and marketing and networking.    A jam packed schedule has the potential for disaster.  In the midst of all of the activities, moving from one task to another without completing any of the priority issues. 

Build each day around a simplistic plan that allows you to complete priority tasks first thing in the morning.   Handle high priority problems immediately and when possible, delegate work.  Afternoons should be reserved for activities out of the office. This includes meetings with vendors, landlords, tenants, and property inspections.


Simplicity and time management is the key to an effective workday. It is inevitable that you will encounter days when this plan will not be achievable due to some unintended event; however for every hour you devote to planning, you’ll save 3 to 4 hours from poorly managed tasks, so it definitely pays off to stick to a schedule.

Property Manager's Guide to Advertising

Key words and elements included when advertising a rental property can be the difference between good tenants and destructive tenants.   Here is some important information to include in your advertisements:

#1.  Contact information
The more available you are, the more potential tenants will trust you as a responsible and considerate manager.  Be sure to provide a phone number where you know someone will always be able to answer.
 
#2.  Specs and Amenities
Most property advertisements only list the square footage.  At minimum, always list the property’s square footage and the number of bedrooms and bathrooms it has. Expand upon the specifics of the rental with details such as appliances, floor coverings, closet space, and so on. Desirable items you’d want to highlight might be an in-unit washer and dryer, out door space,

#3.  Rental Amount
When advertising a rental property, be careful to only charge the market rent, or slightly less.  This is regardless of what overhead or costs are attached to the property.  Some tenants can be quite familiar with the market, and may not even consider looking at your unit if the price is too high above market.  
#4.  Location
Location is a big priority for most people.  With the technology of GPS, it is extremely helpful for potential tenants to have the exact address.  It is also wise to include the cross-streets.  Some advertisements only include a general area, know your area and keep this in mind when listing your advertisement.

#5.  Pet Policy
Whether or not you allow pets will likely be a huge factor as price and location, studies show a vast majority of renters have a pet of some kind.    If you have breed or size restrictions, say so.  Make your pet policy AS clear as you can in advertisement to avoid confusion or conflict later on.

#6.  Screening Process and Background Check
It can save you a considerable amount of time and money if you are upfront about the fact that you intend to run a background check on applicants.  if you explain that you will require references, you will weed out the tenants with a poor rental history.


 Use your word choice wisely to attract the tenants that are right for you.  You want to include accurate information that isn't misleading or deceptive, the main goal is to make sure your ad stands out from the rest.

Why Choose Landmark?

If you've owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort.

While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks Landmark Group can help you with:

Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, Landmark Group will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.

Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Landmark Group has an efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.

Marketing and advertising your property: Through long experience, Landmark Group will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.

Finding the right tenants: Experienced property managers, like Landmark Group, are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, verifying employment, and collecting previous landlord references.

Managing tenants: In addition to finding good tenants, Landmark will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.

Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only will Landmark Group get you the best work for the best price, they'll oversee any necessary maintenance projects.

Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.

Maximizing the profitability of your money: Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.

So if you own income property in the Omaha area I would suggest you stop by our office or contact us at 402-553-8111 to discuss how we can make your investment easy and hassle fee for you.