Tips on creating and maintaining a successful property management business

I am often asked how can we create and maintain a successful property management business. I don’t know if there is a secret as such but I do believe there is process to follow in order to achieve the goal of a productive, efficient and compliant business.

Property management is not hard; however I know that is not easy either. People are our core focus and our core business so having people skills is requirement number one; with this is also the need to ‘like’ dealing with people. Customer service is the core focus of all property management businesses.

Property and management come a very close second after customer service. I have always been of the belief that you cannot create systems and best practices without knowing the relevant legislation surrounding the procedure. It quietly fascinates me (always without ever judgement) of how many people create and develop best practice systems for their offices without actually having referenced the legislation in order to build the foundation.

I believe that in order to create and maintain a successful property management business need to have the following

· Understanding of all relevant legislation and train on this often

· Create and maintain a culture of customer service - customer service is not a 'department'

· Have a system for all procedures and everyone follows it

· Ensure there is always a team environment full of support and understanding

· Everyone in the team has a voice and is heard

· Weekly staff meetings that include staff training and development

o Develop the understanding of demanding and commanding respect

o Understand what being a manager means

o Negotiate, communicate and educate tenants and landlords

o Nothing is your problem; unless you created it or want it to be your problem

o All you can do is your best and remain professional

· Have the understanding and culture in your office of the following for procedures

o Task - DO

o Follow up

o Follow through

o Outcome

o All property management tasks should ‘end’ and not be left open. For example outstanding routine maintenance requests should be closed at some point with an outcome such as a work order, owner said no, owner didn’t respond. Tenant advised and provided advice to contact the RTA for more advice. (This is just a sample of advice I would actually provide however for purposes of a short blog has been kept brief)

If I can help your business with systems, best practice, support or anything else property management, please contact me. www.realestateexcellence.com.au - Stacey Holt