Did you know that over 70% of the homes in Idaho are owned? And the vacancy rate of these homes is 1%.
The rental vacancy rates are only just above 3% which means that property management is a booming industry in Idaho.
Managing properties is no easy task though, but it can be rewarding if you do things right. If you're considering becoming a property manager, or are already one, then keep reading. We will give you the top three tips every professional should know.
Tip 1: Go Back To Basics
Property management fundamentally is a simple job, you manage the property, it's that simple. Sometimes, the lines can be distorted as to what is a property manager's responsibility and what isn't.
Going back to basics is a tip that's going to help you fully understand what your duties are and what is required of you.
This is true whether you're a landlord, property owner, or professional property manager.
Tenants need to know from the beginning what needs to be done by you and what falls to them. A basic explanation fo all the property requirements with this will help you in the long run when it comes to after-hours calls and additional costs.
Tip 2: Find Your Tribe
You won't believe how much knowledge you can pick up by simply interacting with people in the real estate profession and networking. The best property management advice is always available from other property managers.
You'll perform as a property manager more effectively the more inquiries you make and the more you try to study. It's not necessarily about enrolling in classes and learning everything there is to know about real estate. It's more about being open to asking those who face similar challenges and fill similar roles.
Having a foundational understanding of topics like accounting and online marketing will advance your career in property management. Speak with other local management agencies or property managers or even try looking up the technique online if you're considering trying something but are unsure, this is also a good idea to create an open forum or online community where property managers can chat openly with one another.
Tip 3: Outsource Outsource Outsource
You cannot conduct your business in its entirety from start to finish, at all times! There are instances when you simply lack the time to do tedious or mundane tasks. While some states forbid it, the majority allows you full control over some property management activities.
You'll save time and money by outsourcing tasks that don't require in-depth training or difficult judgment calls. You might assume that you can just go out and change a lock when it comes to property maintenance, for instance, but if it keeps happening, you're losing valuable time that could be used for other aspects of your property management company. Call a locksmith instead!
Property Management Perfection
Okay, let's be honest, there really is no such thing as perfect property management! As a closing pro tip though, it's important that you understand how far outlook and attitude can take you.
Tenants and suppliers will enjoy working with a positive property manager. Work relationships will also be pleasant as a result of this!
If you're looking for any property management service in Boise, you're in the right place, contact us now so we can help you.