Feb 25, 2010
Systems – the Keys to a Successful Property Management Business
In the eBook The Property Management Start-Up Guide How to Start a Property Management Business and Still Keep Your Life we have identified several systems that once implemented, will drastically reduce the time and headaches of property management. Here are a couple systems that will help you keep your life while owning a property management company.
Rental Unit Key Managementstrong>
In profession of property management managing house keys can be very confusing if a good system isn’t used. Below are the two types of key management.
- In office key management
- In field key management
In office key management
Purchase a lockable key cabinet to store keys in your office. Keep at least three sets of keys. One set needs to stay in your office for the use of you and your employees/vendors. The other two sets can be given to the tenants. Make sure the property owner keeps a set as well.
In office keys should always be kept in a locked cabinet. When writing the address on the key tags never write the entire address on the tag. Should the key get lost or stolen, you won’t need to worry about uninvited guests entering the unit. For example, the address 1234 Fake St. Apt A should be written on the tag as either 1234 A or Fake St A. This will ensure that no the property will be recognizable to someone not associated with your office.
As your property management business grows larger and employs more office staff you will want to incorporate a key checkout system. Have one employee (perhaps the receptionist) be responsible for the checking out of keys. The checkout person will write the employee’s name and the date/time they took the key. This system will ensure that keys that go missing will be easily traced back to the last person who had the key.
Field key management
Keys outside the office are best controlled by the use of contractor key boxes. These key boxes have a combination lock and a shackle so the lock can be hung from a doorknob or locked onto something like a metal post. For the sake of convenience set up an easy to follow key box combination system so everyone in the office knows the combination to each lock. You can set all the combination numbers to the last four digits of your company phone number or set the combination to be the first four numbers in the property’s address.
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Frequently question about property management
How do you become property management person?I would like to open property management company. Where do I learn and how do I do that? Is there any school in Gorgia state?
About Author
Ryan Windley coauthored The Property Management Start-Up Guide – How to Start a Property Management Business and Still Keep Your Life in order to introduce entrepreneurs to property management as a viable business.
If you would like to know more about starting your own property management company you can purchase the book @ http://www.propertyprof.info
So you want to be a Super— your best bet to get your feet wet is take take a live in position–check Craigs List–or watch the papers. You will need an understanding of buildings and it certainly helps to be handy.You need to be organized–because you may have to collect rents and keep books, You need a solid understanding of Landlord-Tenant Law in your state—Most of all you need the patience of a Saint in dealing with irate and impossible tenants. Like I said watch the listings—sometimes a larger complex may be looking for an Assistant.
It depends on the landlord. For some, being a landlord is their job, so they manage it themselves. Most, however, hire property management companies. Property management companies have standard policies and procedures the really automate the whole process, from rent rolls, finding and screening new tenants, move ins/outs, etc. Makes life easier for everyone.
Type in "property manager" houston and you'll see a listing of several companies.
A property manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so. Typical jobs include finding/evicting and generally dealing with tenants, home repair, home improvement, cleaning, garden maintenance, landscaping and snow removal, to be coordinated with the owner's wishes. Such arrangements may require the property manager to collect rents, and pay necessary expenses and taxes, making periodic reports to the owner, or the owner may simply delegate specific tasks and deal with others directly. A property manager may arrange for a wide variety of services, as may be requested by the owner of the property, for a fee.