September 12th, 2018
Why property managers leave
It’s no secret that the property management industry has a higher turnover rate than other industries. This doesn’t just apply to property managers moving from one agency to another, but also to landlords moving their portfolios from one agency to another.
This means that there are two scenarios where you might be the new property manager. As with any change, it is crucial that you lay out the foundation to ensure a smooth and successful transition.
To help you out, here are four things you must do as the new property manager:
You only have one chance to make a good first impression. That’s why it’s crucial that you proactively introduce yourself to your new landlords and tenants as the new property manager, rather than have them find out when something goes wrong. This will help set expectations, ensure transparency between all parties and kickstart the relationship on the right foot.
If your landlord has moved their property portfolio under your management, you or your agency should send a change of management notice to your new tenants. This notice should:
Similarly, if you have moved to a new agency, you or your new agency should send a letter of introduction to your new tenants and a letter of introduction to your new landlords. Both letters should:
After you’ve sent your clients the change of management notice or letter of introduction, it’s a good time to pick up the phone and give each client a call just to touch base and make sure that they’ve received the letters.
Not only does this show that you’re a proactive property manager, but it also helps establish rapport, build trust and strengthen the relationship from the get-go.
Whether you’ve moved to a new agency or you’ve gained new properties under management, you should learn the details of each lease. This is a good way to learn more about your new clients and their preferences.
This is made easy in PropertyMe. Simply navigate to the property and you will be able to see property information, owner and tenant information, rent and invoice arrears, inspection due date, rent history, activity history, documents and more, all in one screen.
Every property management agency does things slightly differently, so if you’ve just moved from one agency to another, it’s a good idea to get up to speed with the new agency’s policies and procedures. This might include familiarising yourself with the agency’s Tenant and Landlord Handbooks, tenant induction process and checklists for routine inspections, just to name a few.
Knowing all about the agency’s policies and procedures and what documentation, letters and templates are available to you can help ensure consistency, operational efficiency and even protect you from legal complications in the long run.
Here are four things you must do as the new property manager:
1. Introduce yourself to your new clients
2. Call and engage your new clients
3. Familiarise yourself with each lease
4. Learn about the new agency’s policies and procedures
Thanks for reading! Hopefully you’ve picked up some tips to ensure a smooth and successful transition as the new property manager.
You might also be interested in Why Property Managers Leave, How To Help Your Landlords Boost Their Rental Yield and 7 Habits of Highly Successful Property Managers.
Did we miss anything in 4 Things You Must Do as the New Property Manager? Please let us know in the comments below.