So, you landed a new job in property management – congrats! Your first day on the job will be here before you know it, and it’s normal to feel some level of nervousness. However, as you make the transition into your new position, there are some things you’ll want to be prepared to tackle head-on. Property management jobs are multifaceted by nature, which can commonly cause feelings of stress and anxiety for new managers. By having a clear vision of what will be expected of you, you can begin to feel more comfortable and prepared to tackle your first day on the job. Here’s how:
Educate yourself about the property you’ll be managing.
As a property manager, you’ll need to know every aspect of your property so it’s maintained and kept in top condition. In terms of physical management, adhering to all safety regulations is critical for ensuring your property is up to code and functioning at its best. When you gain a full understanding of your property’s maintenance issues – such as a roof leakage or cracked flooring – you can take action to ensure that all repairs are addressed in a timely manner so tenants are not affected.
Get ready to supervise.
As soon as your first day in the role, you’ll be expected to lead a team, including concierge and security personnel, maintenance workers and administrative workers. You must be comfortable asserting yourself over others to make sure they understand their responsibilities and are equipped to perform their jobs. In addition to managing personnel, you’ll need to manage tenants, which includes finding and screening prospective tenants; managing tenants’ complaints and questions; and handling tenant evictions when necessary. While it can be overwhelming to start immediately managing so many people, the sooner you become acclimated with this part of the job, the better off you’ll be!
Know your numbers.
Property managers where many hats, one of which is budgeting. You must be prepared to start maintaining your property’s budget and set aside enough funds for emergencies. This involves keeping organized records regarding every aspect of your property’s finances, including tracking all income and expenses; signed lease agreements; and records from repair cost, maintenance projects, rent collection and insurance costs. Getting your budget system organized will allow you to keep tabs on all financial activity of your facility so money is managed in the most effective way and taxes can be filed appropriately.
Start Your Property Management Career Today
Are you in search of a property management job? Contact The Liberty Group, with locations in major cities throughout the United States!