Martin LaMar: How to Thrive as a Property Manager
The idea of becoming a property manager may seem exciting on the surface, but when you start to dig deep beneath the details and paperwork involved, it can quickly become overwhelming. But that doesn’t mean it isn’t worth it, according to real estate expert Martin LaMar. Research shows that the average salary of a property manager in the United States is upwards of $94,000. Here are a few tips for preparing for and excelling in a new property manager role.
Develop Multiple Areas of Expertise
To be an effective property manager, it pays to know a little bit about everything, ranging from the maintenance of lights to sales and accounting. For this reason, you should learn the proper method of balancing your books and predicting cash flow so that you stay abreast of your properties’ financial health. At the same time, having a toolbox on hand to fix appliances or door knobs that are faulty generally isn’t a bad idea.
Pay Attention to Who Your Tenants Are
The quality of the renters you choose will either make you or break you in the property management world. For this reason, it’s absolutely paramount that you pick the right renter each time so that you protect your business’s cash flow and keep your turnover low.
For starters, ask your prospective renters for their landlord references, as these landlords will give you an idea of what types of renters they were. For instance, did they take good care of their previous landlords’ properties, and did they pay their rent on time? Also, ask your possible renter for a small deposit that you can use to complete a background check, which will tell you if he or she has ever been evicted or criminally charged/convicted. You can also find out his or her credit history. The small deposit will oftentimes scare off reprobate tenants or those who aren’t serious about renting from you.
Brush Up on Your State’s Rental Law
The more you know what your state’s real estate and rental laws say, the more competent you will be when it comes to fielding tenants’ questions or settling disputes with tenants. You’ll need to know what the law says about maintenance repairs or breaking a lease, for instance.
Also, avoid hiring contractors who are not licensed to complete jobs such as plumbing or electrical work. The more you look out for your best interests from day one, the more profitable you can be each year as a property manager.