How Successful People Make The Most Out Of Their Property Management


Successful people in property management make the most of their investments and businesses through a combination of effective strategies and practices. Here are some key ways they achieve success in property management:

  1. Thorough Market Research: Successful property managers conduct in-depth market research to identify profitable opportunities. They analyze local real estate trends, rental demand, vacancy rates, and property values to make informed decisions about where to invest and what types of properties to manage.
  2. Property Maintenance and Upgrades: They prioritize property maintenance to ensure that their assets remain in excellent condition. Regular inspections, timely repairs, and necessary upgrades not only enhance the property’s value but also contribute to tenant satisfaction and retention.
  3. Tenant Screening and Selection: Top property managers are selective about their tenants. They conduct thorough tenant screening processes, including credit checks, rental history verification, and references. By selecting reliable and responsible tenants, they reduce the risk of late payments and property damage.
  4. Transparent and Efficient Communication: Good communication with tenants is vital in property management. Successful managers maintain open and transparent lines of communication, promptly responding to tenant inquiries and addressing concerns. This fosters a positive landlord-tenant relationship and helps prevent potential conflicts.
  5. Optimized Rental Pricing: They set competitive rental prices based on the local market, property condition, and amenities offered. Striking the right balance between generating income and attracting tenants ensures a steady cash flow.
  6. Utilization of Technology: Successful property managers leverage technology to streamline their operations. Property management software, online rent payment systems, and digital communication tools make processes more efficient and enhance the overall tenant experience.
  7. Continuous Learning and Adaptation: The property management industry is constantly evolving, and successful managers stay updated on industry trends, regulations, and best practices. They are willing to adapt their strategies and operations to align with changing market conditions.
  8. Financial Management and Budgeting: Effective financial management is crucial in property management. Successful managers maintain accurate financial records, track expenses, and create budgets to ensure they are maximizing profits and minimizing costs.
  9. Risk Management: They proactively address potential risks associated with property management, such as legal liabilities, insurance coverage, and emergency preparedness.
  10. Building a Strong Team: Successful property managers often build a reliable team to support their operations. This may include property maintenance staff, leasing agents, and administrative personnel who work together to ensure smooth management.
  11. Diversification: Some successful property managers diversify their portfolios by investing in various property types or expanding into different geographical areas. This strategy can help mitigate risks and enhance overall returns.

By combining these practices with a strong work ethic and a commitment to excellence, successful people in property management can maximize the value of their investments and achieve long-term success in the industry.

10 Suprising Facts About Property Management

  1. Property management is an ancient practice that can be traced back to ancient Rome, where wealthy individuals would hire “villicus” to manage their estates.
  2. The term “property manager” is a relatively recent one, emerging in the 20th century as real estate ownership and management became more complex.
  3. Property managers handle various types of properties, including residential, commercial, industrial, and even agricultural properties.
  4. The demand for property management services has been steadily increasing due to the growth of real estate investment and the rise in property ownership by absentee landlords.
  5. Property managers often play a crucial role in maximizing rental income for property owners through effective marketing, setting rental rates, and minimizing vacancies.
  6. Property managers are responsible for ensuring compliance with local, state, and federal laws and regulations, including fair housing laws, building codes, and tenant-landlord laws.
  7. In some cases, property managers are required to hold specific licenses or certifications.
  8. Technology has significantly impacted the property management industry, with the introduction of property management software, online rental listings, digital communication tools, and smart home technology.
  9. Property management can be a 24/7 job, as emergencies and maintenance issues can arise at any time, requiring prompt attention and action.
  10. Property managers often act as intermediaries between landlords and tenants, addressing concerns, resolving disputes, and ensuring a positive living or working environment.

10 Key Skills That Most Property Managers Possess


Property managers play a crucial role in the real estate industry, overseeing properties and ensuring their smooth operation. They possess a diverse skill set that enables them to handle various responsibilities efficiently. Here are ten essential skills that most property managers possess.

  1. Communication: Property managers excel in clear and effective communication, enabling them to interact professionally with tenants, property owners, and other stakeholders. Strong communication skills are essential for addressing concerns, negotiating leases, and resolving conflicts.
  2. Organization: Property managers possess excellent organizational skills to handle multiple tasks simultaneously. They efficiently manage their time, prioritize responsibilities, and meet deadlines, ensuring that properties are well-maintained and operational.
  3. Financial Management: Property managers have a solid understanding of financial management. They handle budgets, analyze financial statements, calculate returns on investment, and make informed decisions to maximize profitability for property owners.Marketing: Property managers are skilled in marketing properties to attract and retain tenants. They create compelling property listings, employ effective advertising strategies, conduct property showings, and screen potential tenants to maintain high occupancy rates.
  4. Marketing: Property managers are skilled in marketing properties to attract and retain tenants. They create compelling property listings, employ effective advertising strategies, conduct property showings, and screen potential tenants to maintain high occupancy rates.
  5. Maintenance Knowledge: Property managers possess basic knowledge of building maintenance and repairs. They coordinate maintenance requests, hire and supervise contractors, and ensure that properties comply with safety regulations and local codes.
  6. Problem Solving: Property managers are adept at problem-solving. They tackle challenges efficiently, think critically, and make sound decisions to maintain smooth operations and address issues promptly.
  7. Legal Understanding: Property managers have a working knowledge of relevant laws and regulations. They understand lease agreements, fair housing laws, eviction processes, and other legal aspects of property management, ensuring compliance and protecting the interests of owners and tenants.
  8. Negotiation: Property managers possess strong negotiation skills, enabling them to secure favorable lease agreements and vendor contracts. They find mutually beneficial solutions and resolve conflicts professionally, maintaining positive relationships with all parties involved.
  9. Technological Proficiency: Property managers are technologically proficient. They utilize property management software, online platforms for marketing and tenant management, and communication tools to streamline operations, analyze data, and stay updated with industry trends.
  10. Customer Service: Property managers prioritize exceptional customer service. They build positive relationships with tenants, address concerns promptly, and create a welcoming environment, ensuring tenant satisfaction and retention.

Property managers possess a diverse range of skills that enable them to effectively manage properties. With strong communication, organization, financial management, and problem-solving abilities, along with a solid understanding of legal and technological aspects, property managers play a vital role in maintaining and maximizing the value of real estate investments.

Why Owners Believe They Can Do Their Own Property Management


As a property owner, it’s natural to want to keep expenses low and take on tasks yourself whenever possible. However, when it comes to property management, many owners believe that they can handle the responsibilities on their own. While this may seem like a cost-effective solution, it can often lead to problems down the line. In this post, we will explore some of the reasons why owners believe they can do their own property management and why it’s often not the best decision.

  1. They believe it’s easy. Some property owners may believe that property management is an easy job that only requires basic organization and communication skills. However, property management is a complex and multifaceted industry that involves a wide range of responsibilities, including tenant screening, lease enforcement, maintenance, and accounting.
  2. They want to save money. Property management fees can be a significant expense, and some owners may believe that they can save money by doing the work themselves. However, property management requires a lot of time and effort, and taking on these responsibilities can take away from other important tasks, such as finding new tenants and managing repairs.
  3. They don’t trust property managers. Some owners may have had negative experiences with property managers in the past or may believe that they can’t trust outsiders to manage their property. However, not all property managers are the same, and it’s possible to find a reputable and trustworthy property management company that will work in your best interests.
  4. They believe they know their property best. Owners may believe that they know their property better than anyone else and can handle any issues that arise. While this may be true to some extent, property management requires specialized knowledge and expertise that may not be readily available to property owners.
  5. They underestimate the time commitment. Property management is a time-consuming job that requires a significant investment of time and effort. Owners may underestimate the amount of time it takes to manage a property effectively and may find themselves overwhelmed by the responsibilities.

In conclusion, while it’s understandable why owners may believe they can handle property management on their own, it’s often not the best decision. Property management requires specialized knowledge, expertise, and a significant time commitment that can be difficult for owners to handle on their own. By hiring a reputable and experienced property management company, owners can ensure that their property is well-maintained and their investment is protected.

The 5 Tell-tale Signs You Need a Property Manager


Believing in ourselves is such an amazing quality to have, but we also need to know when we have bitten off just a little more than we can chew. Being aware of your own limitations as a landlord is extremely important as this can have a massive affect on your investment property.

This post points out the five signs you need a property manager and can help you to identify when the management tasks are becoming a little too much for you to handle on your own.

The property begins to show signs of neglect:

There are multiple tasks you have to attend to on each property and nine times out of ten, these involve long hours of labour, extensive paperwork and a substantial amount of money.

One property can be hard enough to manage efficiently, but if you have three or four to look after, you may barely have time to look after yourself. If your property is suffering from neglect, the repairs and maintenance will be piling up and may end up costing you a lot of money.

Spending a lot of time travelling:

If you own multiple properties in different cities you will be travelling back and forth a lot. This is in no way, shape or form cost-effective. There may even be a point where you wait until their are multiple issues to be solved at once before making the trip to a property, and this is very indicative of inefficient property management. Your property can end up paying the price for this and by doing so lower the return on your investment.

Incomplete Maintenance Records:

Keeping track of any maintenance on your property is crucial as this can help you get a good deal on your insurance premium, help you deal with bad tenants, and much more. If you don’t have these you can lose out on rent and possibly end up paying a higher insurance premium.

Elongated Vacancies:

Property managers have access to a lot of resources that landlords don’t. A landlord will spend a lot of time drafting a listing, sorting through potential tenants, conducting interviews and allowing potential tenants to view the property.

It can be a lot of work and if this is not your job, you may end up “slacking off”. Elongated vacancies can lower the properties rental value and give future tenants an edge during negotiations.

High Property Management Costs:

For any investment to be profitable, the owner must conduct a cost-benefit analysis. Many think the property managers’ fees will add to their expenses when in actuality, it reduces overall costs through efficient management. 

Debunking 7 Common Myths about Property Management


If you are a Landlord, you know that managing your own property can be a lot of work. Between finding suitable tenants, collecting rent and managing repairs, there is a lot to keep track of. This work is definitely not easy, but can be made a lot more manageable by working with a professional property management company.

However, there are a lot of myths surrounding property management and these can end up costing you time and money.

Here are the 7 most common myths surrounding property management:

  1. Property management is expensive: The truth is if you are with the right company, hiring a property manager should save you money in the long run! They can help you find high quality tenants, save you money on repairs as they have connections with local suppliers around town and they also deal with all of the costs to market your property.
  2. Property managers do not care about their tenants: The could not be further from the truth! Property managers want their tenants to be happy and stay in the property they are renting for as long as possible. Most companies go above and beyond to make sure their tenants are taken care of.
  3. Property managers are lazy and do nothing apart from collecting rent checks: They are responsible for the care and upkeep of rental properties, and they work hard to ensure that the property is in good condition. As well as this, whenever tenants have issues with anything in their property, it is the property management company that they call.
  4. Property management is only for large buildings or complexes: Most property management companies look after a wide variety of rental properties including, but not limited to apartment blocks, houses, boarding houses and units. Property managers bring a wealth of knowledge to the table and they can help to ensure that your property is well-maintained and safe for the occupants.
  5. “I can manage my property on my own, so I don’t need a property manager”: Property managers exist to help landlords maximize the return on their investment. There are some big differences between property managers and landlords. Firstly, as part of the service they provide, property managers will have the resources that are required to carry out tasks like screening tenants, handling maintenance and keeping up with the forever changing laws and regulations.
  6. My tenants won’t respect me if I don’t manage my own property: Property management companies are typically very professional and responsive to tenant needs. In addition, property management companies have the resources and staff necessary to effectively maintain a property and as a result, tenants can feel confident that their landlord is upholding their responsibilities. Landlords who have chosen to hire a property management company are also more likely to be accessible and responsive to tenant concerns.
  7. Property management takes the fun out of being a landlord: By taking on the day-to-day tasks of property management, landlords can free up their time to focus on the things they enjoy. Whether it’s spending time with family, pursuing hobbies, or simply taking a well-deserved vacation, property management can help landlords to achieve a better work/life balance. With property management, you can relax and enjoy your property without having to worry about the day-to-day tasks of being a landlord.

Beat the myths! Work with a professional property management that suits your needs and requirements as a landlord. If you are looking for somebody to look after your property, get in touch with one of the team at T and T Property Management today!

Changes to the Building Act 2004


The Building Act 2004 repealed the Building Act 1991 and introduced several new changes to the law governing building work. The changes were introduced in stages between 2005 and 2012.

The Act has been subject to many reviews and amendments since it was introduced. This was to make technical adjustments and introduce improvements in building controls for the sector. Whilst reading the act is important to take these amendments into account.

A link with some of the changes that came into force on the 31st August 2020 is attached below for your viewing:

15 Questions to Ask Before Hiring A Property Manager


Property management is an extremely fast -paced and complicated business, so it’s crucial to find the right property manager for you and your property. Some qualities to look for in a potential property manager could be:

  • A positive attitude
  • Excellent communication
  • Detail oriented
  • Organized
  • Honest
  • Passionate about what they do

There is more to being a potential manager than these traits, but this should give you a rough idea of the person you should be looking for to fil this job. However, the real question is, how do you find a top quality property manager?

You want to find somebody you trust, so we have attached a link to the top 20 questions to ask each potential manager during an interview, that should hopefully guide you to the correct choice for you.

Your Ultimate Spring Cleaning Checklist


There are only a few things spring offers that are more satisfying than the annual deep clean. However, for many this satisfaction only comes after all of the work is finished. This task will never be effortless, but there are ways that it can be more manageable and even enjoyable!

Create a realistic schedule and focus on one task at a time. Please keep in mind that one weekend for this huge clean simply will not suffice. You will need several more days, along with the help of family members to complete this huge task.

The tips below will outline basic techniques that will help you clean almost every surface or object, in any room, leaving your home refreshed from top to bottom!

  • Restock cleaning supplies
  • Wipe walls and ceilings
  • Reseal grout lines
  • Vacuum and shampoo rugs
  • Dust books and shelves
  • Clean upholstered furniture
  • Polish metal door and window hardware
  • Dust your home thoroughly
  • Wax wooden furniture
  • Ensure fire safety
  • Wash window screens
  • Clean window treatments
  • Wax non-wood floors

For more information on the tips above please click the link below

Healthy Homes – changes to ventilation standards


he ventilation standard now allows properties with certain continuous mechanical ventilation in kitchens and bathrooms to meet the ventilation standard.

If your home was built with a continuous mechanical ventilation system, to meet the standard it must:

  • be designed to vent extracted air continuously from residential property to the outdoors, and for a kitchen or bathroom, extracts the air directly from the room, and
  • have been installed in the property or a tenancy building that first received building consent on or after 1 November 2019 and was part of that original building consent, and continues to meet the requirements of the building consent.

Alternatively, if your home has been renovated and now includes a continuous mechanical ventilation system, to meet the standard, the system must:

  • be designed to provide ventilation for multiple rooms and to continuously vent extracted air to the outdoors, and
  • extract air directly out of the kitchen and bathroom, with an exhaust capacity of at least 12 β„“/s in the kitchen and 10 β„“/s in the bathroom. The actual flow rate may be varied (manually or automatically), in response to the demand for ventilation.

Recirculating systems (products like HRV and DVS systems), or fans that do not extract to the outdoors are not suitable to meet the ventilation standard.