Why is it called Property Management?
I have been involved in property management since 2009. The industry calls it property management yet we often forget the most important fact regarding property management. I have never spoken to properties about renting themself out and how that works. Properties don’t interview prospective tenants to determine if they are suitable for the property. Properties don’t miss rental payments, they don’t complete repairs to the properties.
Property management is the management of people. People own properties, people rent the properties. People complete repairs at the properties.
A property manager's role is to manage all the people involved in the transaction of managing the rental property. When the people are managed effectively, the property manages itself. Technology is a great tool to assist in managing properties, but it can not eliminate personal interaction. Having open communication with tenants and owners is important for a positive tenancy for your investment property.
How can a property manager be more effective at managing a property through people management? Interview owners of the property to clearly understand their expectations of managing their property, ensuring theirs and your expectations match is very important.
Never rent a property without meeting the people who are applying to rent the property. This provides the opportunity to interview the prospective applicants. Calling references and asking detailed questions allows interaction to verify the information provided by the applicants. Many services offer the ability to perform an online check of prospective tenants. I have found it better to speak to people and verify the information provided before using online services to verify applicant details. The online information does not always tell the entire story.
“Property Management” is about the management of people.
Need assistance managing your people? contact us for an evaluation of your needs.
Cartref Properties specialises in managing rental units located within Strata Corporations.
www.cartrefproperties.com
