Tuesday, February 28, 2012

A usual day in Property Management

9:00am - Get into work and start computer up. Check to see what has appeared in your in tray since you were last here. Sort out the crap and put the important stuff somewhere where you can deal with it later. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

9:10am - Delete all the spam from your inbox, and start making your way through the real emails. Responding where required and making notes of things you need to get to later. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

9:30am - Return phone calls that you missed while you were out of the office. Make notes of any jobs that this creates. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

10:00am - check to see who's behind on their rent and text, email, send letters our call them to find out when it should be coming in. If there's any one who is substantially behind, call the landlord to update them on what's happening. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

10:30am - Go through applications that have come in and either call, email our fax for reference requests. Give all applications that are either incomplete or have been filled out incorrectly back to the receptionist so she can call the applicants back and tell them that we do need answers for all of the questions on the forms, not just some of them. If there are any suitable applicants try and contact the landlord to get them approved. Send text messages or call any of the dodgy applications to let them know they've been declined. Put aside any applications that are waiting on return phone calls. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

11:30am - Call landlords about repairs that need to be done on their properties, argue with them that while TV is not considered an essential service, the tenant rented a property with television reception, and therefore they need to get the antenna fixed so it works again. Also explain to them that you use your tradespeople because you've found that they are reliable and reasonably priced, and no you don't feel comfortable getting their nephew to do it for half the price. Agree with them that owning a rental property is supposed to be an investment, but point out that most investments also cost money, and they should have expected repairs when they bought it. Tell them you really don't have time to go over to the property to check to make sure the leaking tap they've reported hasn't been intentionally damaged, but your plumber would let you know that anyway. Enforce that just because their neighbour once stopped their hose from leaking, doesn't make him a licensed plumber, and he's really no better then the nephew. Agree to call them back to let them know how much the repair cost and what the problem was.

Action all repairs that you can by calling emailing or faxing the trades people. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

12:00pm - Check through all final inspections that were carried out the previous day and call the tenant to inform them what needs to be done, such as cleaning, carpet cleaning, lawns and gardens, damage, outstanding water accounts, missing keys and outstanding rent. Explain that you're sorry they believe the place looks better now then when they moved in, but according to the condition report that they had for 7 days back when they first moved in, there were no stains on the carpets, the walls weren't all grubby, the kitchen was clean, the lawns and gardens were done, and there were no holes in the walls. Email them copies of photos you took from the beginning of the tenancy proving this to be the case. Agree to meet them at the property to show them what cleaning was missed. Schedule it for later in the week. Calk the landlord to keep them updated. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

12:30pm - Print off your calender, and collect the required keys for all afternoon appointments. Do all this while taking phone calls that come in and seeing people who have come to the office to see you.

12:45pm - Leave the office for your afternoon appointments, first one is at 1:00pm.

1:00pm - Your appointments usually start around this time, and you try and spend only 10-15 minutes at each property, using the last 15-20 minutes of the half hour to get to the next property, which is usually over the other side of town. Answer all the same questions at each property; Q - "What do I do now?" A - "If you're interested in applying for the property pop into the office to pick up an application form, answer all questions and include copies of ID and proof of income, then we'll process it for you." Q - "does the property allow pets?" A - "if you have a good application, the landlord will be less likely to say no to a dog or cat." Q - "how long does the application process take?" A - "that depends, if your references are easy to get in touch with then it can take maybe 3 business days, but if we have trouble getting in touch with any one, it takes a lot longer." Q - "Is the owner planning on putting the property up for sale?" A - "They haven't said anything to me about it, but peoples conditions can change at any time, so I'm not sure what could happen down the track." Q - "What happens if I move in and the house sells?" A - "You would still have the property for the length of your lease, regardless of whether the property sells, after your lease is up they would either give you 30 days notice to vacate, or if the new owners are investors then you wood stay on at the property." Etc.

Do all this while taking and returning phone calls that you've missed.

5:30pm - Go home. Remember to leave your work behind you at this time so you can get some rest and prepare to do it all again tomorrow.

**note** On top of your daily calendar, you also need to include a 2 hour meeting once a week, 3 hours of routine inspections twice a week, and any ingoing or outgoing inspections that are required, which take approximately 1 hour each.