Property managers are expected to do a lot. When they say they are busy, that’s almost certainly an understatement. From collecting payments to creating a communication system for the condo or HOA to advancing improvement projects, property managers take on multiple responsibilities to ensure their community is at its best.

Every property manager should have a system in place to help them successfully manage their property. A detailed checklist should be a part of that system.

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Table of contents

• Communities need property managers
• What to include in your checklist
• Work smarter, not harder
• Additional tips to help you manage your property

Communities need property managers

Property management requires a lot of time and effort, and boards don’t usually have enough time to run a property on their own. Instead, they look to qualified property managers to help them complete essential tasks. Though every property management company functions a little bit differently, most governed communities will expect companies to deliver the following services:

Collect payments. Collecting payments in a timely manner is important to maintaining cash flow. You need to have a tried-and-true system in place to effectively collect fees or dues and other payments. Property management software can assist with this tedious process. Residents can make payments online, which means property managers don’t have to collect and process so many checks.

Maintain the property. The appearance and functionality of your client’s property is, in part, a reflection of your abilities as a property manager. Yes, things will break and damage does occur, but it’s your job to ensure regular maintenance is scheduled and completed. Furthermore, many property managers are expected to help enforce rules and bylaws, meaning they must take action if they notice an owner isn’t properly caring for their home or if they are damaging a common area.

Build the community. You’re not just running a community, you’re making it better for the people who live within it. Experienced property managers understand how to facilitate communication between residents, board members, and anyone else who has a stake in the community.   

Maximize efficiencies, minimize costs. Ultimately, HOAs and condos hire property managers because they want to increase efficiencies within their community and explore opportunities to minimize the costs that come with managing a community. This could mean streamlining service requests, securing a vendor who charges less, or even reducing money spent on printing and mailing documents. Not all boards want a lot of input from managers, but some welcome advice since they tend to have a lot of wisdom to share.

What to include in your checklist

Your checklist should help you achieve the major tasks that you are responsible for by breaking them down into smaller steps. The list below should give you an idea of what to include in your property management checklist.

Collecting fees and payments

• Create system for issuing/collecting payments
• Create system for returning deposits
• Learn and follow the community’s process for collecting late payments

Maintaining property

• Ensure operating and reserve funds are adequate
• Complete walkthrough of property
• Schedule regular maintenance repairs
• Learn and follow the community’s process for addressing violations

Building community

• Establish process for communicating with residents
• Give residents a regimented way to share ideas and concerns
• Establish a process for receiving and responding to service requests, complaints, and reservations
• Have an accessible events calendar for residents
• Explore interest level in social events

Attracting qualified buyers

• Have CC&Rs and financials available
• Develop a set of questions to ask all prospective buyers
• Set open house date if necessary

Regulating rentals

• Ensure the community is complying with existing rental requirements
• Create standard applications
• Collect any necessary fees to cover processing costs

       
Marketing plan

• Consider a community website
• Have professional photographs taken if needed
• Use social media if appropriate

Work smarter, not harder

A checklist is an excellent tool to have. It can help property managers get a clearer understanding of what their big tasks are, and what steps need to be completed in order to achieve their goals. Checklists can be created and updated online as well, which means they can be edited and revised as needed. You can even share this list with your team or your client if necessary.

However, a checklist can only do so much. To ensure success, property managers need to create a comprehensive system that helps them complete the tasks on their checklist. In other words, they need a strategy that will help them tackle the “how” as well as the “what”.

Create files. You should have separate folders for finances, repairs, tenants, rules and regulations, communications, etc. Being organized is essential. Instead of spending time searching through stacks of papers, you can locate the item you need within a file and move on with your day. It’s recommended that you create a separate folder for each unit or home within the property. Digital files are best, and a cloud-based document storage system will allow you to access information from any computer.

Standardize processes. There are several tasks that tend to be repetitive in your day-to-day operations. Therefore, property managers should set up standardized processes for routine things to save time and make sure everyone knows what to do and expect when these reoccurring items need to be taken care of. Create a database that contains important documents such as templates and forms and have a procedure in place for processing and documenting requests or issues.

Use technology.  Several property managers prefer using property management software because it helps them stay organized, and allows them to perform some of their duties from their phones. Property managers can send important messages to board members, individuals, or their entire community. Technology can reduce the money spent on print costs, and it helps the environment, too.

Schedule your time. You may have a plan to accomplish three or four things from your checklist in a day, but if you don’t budget your time, you could easily spend all day taking care of service requests or responding to residents. Use a calendar or planner and allocate a specific amount of time to a certain task. When you put it on your calendar, you don’t have to constantly worry about what’s coming up next.

Additional tips to help you manage your property

• Make use of social media. If you need to attract buyers, social media can be a cost-effective advertising platform, and it’s relatively easy to set up ads on your own. You can even target a specific audience.
• Use high-quality photos when advertising your property online. If you’re taking the photos yourself, try to use a camera as opposed to your smartphone. Nicer photos can attract more selective renters or buyers.
• Make property rules and processes clear from the beginning. Be it monthly fee collection, violations, or pet restrictions, make sure expectations are clear to new and current residents. When the community understands what is expected of them, they are much less likely to commit violations or do things that harm the community.
• Stay on top of repairs. Take proactive measures to maintain elevators, doors, gym equipment, etc. A well-maintained property means its value will remain high, and it’s much more expensive to pay for something that has broken down than pay for a small repair.
• Last but not least, get to know your community. This is something that will take time, but it’s well worth the investment. When your residents feel comfortable talking to you, they are more likely to voice concerns, and share ideas. It’s much easier to manage a community when residents want to be actively involved.

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Download our free property management checklist template