Managing a property portfolio can be exhausting, especially if you run several different locations.
Throw in multiple tenants, be that student housing or HMOs, you could soon find yourself swamped chasing rent, answering queries, and planning for renovations and repairs. Your housing stock must remain habitable and in good shape, and each of those tenants will have needs and requests that possibly require filtering.
As a landlord, you may have only your own properties, but a management company may have multiple landlords and multiple properties to oversee and manage effectively. Simply Business explains how you are responsible for assessing every request from a tenant and react accordingly. Productivity is key here – if you spend too much time on the wrong areas, or do not work effectively, then people's lives will be adversely affected.
In our article 20 Minutes a Day productivity Increase, we explained how not only must you find methods to be productive, but also to maintain quality and efficiency in your work patterns. How can you achieve that? By following these five handy tips.
One Thing at a Time
Do not try to do too much at once. You may well find yourself spinning plates for much of the day, but you can only positively impact one problem or task at a time. Even if the phone rings constantly for an hour, once you get time to be productive you can only achieve goals by taking one step at a time. If you try to juggle three or four tasks at a time, you could suffer mental exhaustion remembering what stage each task is at.
If you are doing one task at a time, you will need a clear record of what else needs doing, so make a list. This is important for tracking calls coming in as well as ones you have made, so try to note down every call, with a time, incoming or outgoing. It will help you assess urgency further down the line, knowing when one problem was reported, or when to chase up a call you have placed.
Having a standardised process for most tasks will ensure productivity as everyone will understand what stage a task is at, and can pick up where you left off. This is especially important in a property management company with multiple employees. With a standard onboarding procedure for new tenants, if you happen to be pulled to another task, someone else knows exactly what needs doing going forward for existing projects. It will also help with scheduling repairs too, if there are standard points at which each project arrives – reporting, scheduling, implementing, inspecting etc. If everyone is working to the same process, the job becomes much easier to understand for the whole team.
Property management is a career which always brings the unexpected – that is the nature of the job. Nobody expects a pipe to burst, or a drain to become blocked, but they occur regularly with multiple properties under your watchful eye. Being prepared for those eventualities is hugely important. You may prepare by carrying out 'services' of these key aspects of a property, checking drains and plumbing regularly, but that could impact productivity negatively in taking up too much time. Insurance is a good way of staying one step ahead of any unpredictable variables. An overview of the landlord insurance policies on HomeServe, details that tenants can deal directly with the insurer in the event of a problem, cutting out the need for landlords or property managers to intervene. Not only are you prepared for a problem, but when it does occur it is not something that steals your attention away from the other day-to-day jobs you have to fulfil.
Leave the Office
Leaving your desk is a vital part of improving productivity, according to this post on Medium. It helps stimulate the brain and by switching off, you make it easier to switch back on. Stepping out for half an hour might sound counter-productive, but it is proven to improve concentration and application. Want to be more productive? Stop working for a short time and rest your mind.