Tips for Managing Residential Real Estate Properties

David Raminfard is the CEO of Kaslen Textiles, a fabric distribution firm in California. He is also the president of New Point fabrics, through which he locates and supplies superior textile materials from international trade shows to various clients. In addition to his work in the fabric industry, David Raminfard operates and manages several commercial and residential properties in the United States.

Residential property management involves more activities other than owning or investing in residential real estate. For example, it entails leasing complexities, rent collection, marketing, and building repairs or maintenance.

Every property manager needs to understand residential building management basics, including managing finances, taking care of the property, and tenant management. It also encompasses finalizing agreements/contracts and ensuring that the building is in excellent and safe living conditions.

Since every manager has to relate with tenants and owners, they need to understand basic communication rules like talking politely and in an unambiguous manner. It is also essential to have all contact details available either on a website or in a directory from the buildings you supervise. Furthermore, every manager should learn how to receive and respond to queries and requests.

Being an excellent property manager means staying abreast of information like real estate trends, marketing tips, new local tenancy by-laws, and rules. Knowing these helps you deal with clients and provides tactics that ensure success.

As a property manager, you also have to maintain and repair faulty building components. Use routine building inspections to pinpoint problem areas and also make timely repairs. Doing this will increase the value of the building and improve tenant retention.