Surviving and thriving during the first few weeks of a new portfolio: A guide for Property Managers

property management tips Mar 13, 2023
Survive and thrive in a new PM portfolio

✍️ AUTHOR: Terri Handy       ⏱️ READ TIME: 3 minutes

Starting a new job as a Property Manager can be an overwhelming experience. Regardless of whether you are experienced or a newbie, it takes time to develop positive relationships and understand the dynamics of your new portfolio. There will always be challenges, and you will have to deal with spot fires that may have been left unattended by your predecessor. Poor onboarding of new team members is one of the reasons why the property management industry has high turnover rates. Therefore, to help new property managers avoid being blindsided when they start a new role, this article outlines three areas they should focus on to bring themselves up to speed as quickly as possible.

  1. Creating thoughtful connections with your clients

    One of the crucial areas to focus on as a new property manager is creating thoughtful connections with your clients. While it's essential to introduce yourself and speak to the owners on the phone wherever possible, it's best to do this gradually over the course of the first month. Don't try to make all the introductory calls in the first few days or the first two weeks. Doing so will exhaust you and create a bad first impression with your clients. Instead, pick up the phone for each situation, have a purpose to speak with the owner and demonstrate that you are the right person to be caring for their property. This approach is more impressive and less awkward than calling them out of the blue to say hello and interrupting their day. For renters, send an email introducing yourself and invite them to let you know of any unresolved issues so that you can address them quickly. This approach will help you establish positive relationships with clients, and you'll be better positioned to address any issues that arise.

  2. The gold in the previous PM’s inbox

    Another area that new property managers should focus on is the previous property manager's inbox. There is a lot of valuable information in there that can help you get ahead of potential issues. Skim through old emails to find notices of intention to leave or owners giving the go-ahead for a rent increase, for instance. Not all the information you need will be in the property management system where it should be, and you can't rely on it to be accurate. Spend some time going through old emails, and you might save yourself a lot of drama and headaches because you'll get a heads-up about a potential issue before it becomes a big problem.

  3. Six plus six equals high performance and a happy boss

    The third area to focus on is a review of the last six weeks of move-ins and the next six weeks of move-outs. Follow this up by calling these renters and owners. This is a priority because you'll be able to identify and address any potential issues before they become a problem. If you're proactive in dealing with these situations, you'll be able to prevent complaints and keep your clients happy.

In conclusion, starting a new job as a Property Manager can be a daunting experience. However, focusing on these three areas, creating thoughtful connections with clients, checking the previous PM’s inbox, and reviewing the move-ins and move-outs, can make a massive difference. By doing so, you'll be better positioned to address potential issues before they become major problems. Additionally, you'll establish positive relationships with your clients, prevent complaints, and ensure high performance, making your boss happy. Remember, it's the little things that can make a big difference in the world of property management.