Managing one property is manageable (we’re not saying easy, but it’s doable). The real headaches only start coming in when you throw in a couple more properties.
Multi-portfolio property management is no joke. It takes a special kind of person (hi, property managers) with great time-management skills to successfully manage multiple properties at the same time.
Between the daily resident complaints to geysers bursting, signing off quotes for maintenance, calling suppliers to first get the quotes and the endless back-and-forth with property insurance agents. There’s a lot that goes into your day.
And your ‘to-do’ list probably has more steps than a Masterchef pressure test recipe!
If you’re going to stay on top of absolutely everything on your ‘to-do’ list, you’re going to need to call in additional back-up. Extra support in the form of property management systems.
How to simultaneously manage multiple properties
Multiple properties mean multiple points of contact, multiple problems, multiple monthly payments, and multiple daily queries. To name a few of the tasks getting thrown at you.
To manage multiple properties successfully (and without losing your sanity), you’re going to need to follow a few best practices. Including:
- Prioritizing organisation. You can’t afford to be disorganised – losing track of important documents can lead to disaster. This is where property management systems come in handy (more on that later).
- Developing a communication plan. Put strict protocols in place with your clients on how you communicate, and stick to it. In this business, it’s important to keep track of all discussions to avoid any ‘he said, she said’ later down the line.
- Following consistent processes. When looking after multiple properties in your portfolio, you’ll find that there’s tremendous value in repeatability. The more you can repeat processes from one property to the next, the more time and energy you’ll save.
- Having good time management skills. With a lot to stay on top of, it’s important to be able to prioritize certain tasks and properly manage your time to not fall behind.
- Expecting the unexpected. You never know when one of your properties will encounter maintenance problems. Be sure to have a contact list of contractors readily available – from plumbers and electricians through to a general handyman and locksmiths. When you require their services, it’s usually in a hurry so make sure that you’re not the one slowing down the process.
These are just a few important practices, but the most important is organisation. It’s the difference between good property management businesses and poor ones.
So, what’s the best way to stay organised when managing multiple properties?
It’s simple: you need to use the right property management systems.
Let’s dive in with how property management software can make you look like the superhero of property management.
Go digital with property management software
It’s an unfortunate reality that the more properties you manage, the more paperwork comes your way.
What this results in is stacks of paper on your desk that just add to your stress. Be honest – you’re never going to file them, are you?
It’s the year 2020 and you should be caring more about the environment than filing away a signed copy of that quote you once accepted.
Instead of misplacing printed sheets of paper, you need to get more organised with a property management software that is designed specifically for property management businesses.
Online management software allows you to easily:
- Manage your workload by having an online ticket-based system listing all outstanding tasks in order of importance.
- Do online approvals.
- Track outstanding projects.
- Set up reminders for regular maintenance.
- Store all important parties contact details – from contractors through to property owners and tenants.
- Communicate with third-party service providers.
- Create online support portals to track queries from for trustees, residents, tenants and other relevant parties.
- Pull reports to analyse your team’s performance.
These will help keep you and your team members all on the same page, without letting anything fall between the cracks.
10 Habits of a good property manager
Multi-portfolio property management requires certain skills. A good property manager, who can easily manage multiple properties will need to have specific characteristics as well as practice a few good habits within their work environment.
Here are 10 habits of successful property managers:
- Makes communication core to their daily processes.
- Doesn’t procrastinate to get things done.
- Does it right the first time – rather than getting the quick-fix now, do it properly from the beginning so that you don’t have to come back to it again in a few months.
- Has a positive attitude – maintains a positive, can-do attitude at all times when dealing with clients.
- Is forward-thinking – open to evolving with the times, including adopting technology that is going to make their job easier.
- Is decisive – however you make your decisions, stand by them.
- Is curious – always on the lookout for better ways to do things.
- Is organised by nature – has a good system in place that keeps everything from finances through to queries and contacts all in order. This not only saves time but makes sure that nothing is forgotten.
- Is proactive – being one step ahead means that you’re more likely to avoid problems.
- Is open and honest – transparency is key to making sure that your clients trust you and feel confident in your services.
Property management is a fast-paced, highly stressful job. To be on top of your game, it’s important to have the skills and abilities to keep you ahead of the rest. There’s a lot of self-discipline and sheer determination involved. Incorporating the above habits will make sure that you’re providing a good property management service.
That, along with using the right tools in your business.
Unity property management software
Unity is a cloud-based property management software, designed specifically with property management businesses in mind.
It’s your answer to following all of the above-mentioned best practises for successfully managing multiple properties at the same time. Your ultimate back-up buddy, cheering you on and making you look like the best property manager around.
Try our software out for a month (for free!) to see what it’s all about. We’re pretty sure that your life will be changed, and you won’t look back.