New property managers can easily feel overwhelmed when they start juggling a portfolio of properties. It becomes even more of a challenge when the properties are similar or use the same vendors for similar jobs, such as landscaping and maintenance. The following is a guide intended to help new property managers handle the chaos that managing multiple properties brings.
Organize By Property
Whether you do this in digital files, a physical binder, or a combination of both, one of the best ways to keep multiple properties straight is to separate your information on each one. For example, keep all invoices for landscaping work on a particular property in a single folder dedicated to that property. Rental applications should also be kept strictly separate. This organization can be done through email as well. Create folders for each property and be sure to sort emails that have been replied to into each respective folder. Keep your inbox clean so messages from different properties can be sorted quickly. Create subfolders on each property for specific conversations, large projects, and recurring maintenance.
Have An Assistant
If possible, hiring an assistant can make managing multiple properties much easier. An assistant can be tasked with administrative duties as well as helping to keep your schedule and agenda organized. Tasks such as filing, answering phone calls, and collecting bids from vendors can be easily handled by an assistant, allowing you to focus on important aspects of managing property. An assistant can also be nice to have available when you need to take time off. Once trained, they will be familiar with the intricacies of the properties you manage and be able to take over some of your duties when you are gone. Make sure your assistant keeps you from letting stacks of papers pile up on your desk and stay focused on your strengths as a manager.
All property managers should be using mobile devices to help them in their work. Mobile devices not only allow you to be contacted while on site, but they make managing your day much easier. Sync your calendar across multiple devices with google calendar to receive notifications about upcoming deadlines from anywhere. Have your email on hand to quickly respond to issues while away from the office. Utilizing cell phones and mobile tools helps keep you organized, ensures clients can contact you, and makes mix-ups and confusion less likely.
Ask For Help And Advice
Most property firms have an overseeing manager that should be available to you if you have questions or need help. Many times, they may offer to act as a mentor figure to share their experience and advice. Be sure to go to them if you are feeling overwhelmed and need guidance. They will do what they can to help you, because they want you to grow into an excellent manager that clients enjoy working with. Books and websites on property management, as well as professional property management organizations, can also be excellent resources for information and help.
Do not worry - with time and practice you will become more adept at juggling the needs of multiple properties at once. Follow the tips mentioned above and always ask for help or advice when you need it. You will become a seasoned property manager in no time.
If you need Boise property management assistance, contact us here at Summit Property Management