Advice for Novice Property Management

Based in Miami, Florida, Dean Galasso previously oversaw operations at Allstate Power Vac as the president of the company from 1990 to 2009. A dedicated real estate professional, Dean Galasso serves as the president of Mannahatta Properties, a property development and management company.

Being successful in the property management industry requires a combination of knowledge, skill, and experience. If you are new to the property management industry, consider the following helpful tips for advancing your career:

Establish a network of contacts.

Property management professionals benefit from forming a wide range of business partnerships with other professionals working in various industries, including interior design, construction, and finance, since they often need assistance to develop and maintain properties.

Ask clients for referrals.

Encouraging clients to refer your services to others can help to promote and grow your business effectively and quickly. Using referrals to gain business clients also helps you save expenses on marketing your business.

Focus on developing a wide range of skills.

Rather than solely focusing on your ability to market your real estate properties, ensure you develop skills in areas relevant to real estate and property management. For example, consider expanding your knowledge of photography and learn how to write persuasive and intriguing property descriptions.

Important Tips for Property Managers

With expertise and a decade of experience in property management, Dean Galasso serves as president of Mannahatta Properties in Miami Beach, Florida. His company provides various services including monthly financial reports, lease drafting, and legal consulting services to property owners. To best serve clients, property managers like Dean Galasso can develop a set of skills to enhance their performance.

Prioritize your client: Property managers need to focus on their clients without multitasking or risk losing their credibility as professionals. One of the most important aspects of the manager-owner relationship is communication. Property managers should always share the latest property information with clients.

Know your strategy: The success of property management is based on an effective long-term strategy. Property managers must work toward the right goals. For example, they need to find potential clients and also screen tenants to make sure they’re a good fit.

Keep learning: Taking a property management course can be the right step to gain more knowledge about the field but property managers need to continue learning throughout their career. They can stay up-to-date by attending seminars or enrolling in additional online courses to further advance their skills.

Essential Steps to Take When Screening

Dean Galasso is the president of Manhatta Properties, a property development and management company he has led for over a decade that now has a portfolio of 10 prime properties. Focused on the South Florida market, Dean Galasso offers management services to property owners, renting out their properties to good tenants who pay their rent on time.

 

A good tenant is capable of reliably paying rent. When screening prospective tenants, take time to figure out their financial abilities. Ask applicants to provide copies of their pay stubs or bank statements, and make sure that their income is at least a certain multiple above rent, say three times rent.

Next, conduct a credit check. You can ask applicants to accompany their applications with a credit check fee. Ascertain whether they pay bills on time and look for previous bankruptcies or costly civil judgments. You also want to check a prospective tenant’s outstanding debt. If his or her monthly debt payments are high, he or she may find it difficult to pay rent.

Afterward, contact the prospective tenant’s past landlord. Ask whether the tenant paid rent on time, was respectful to neighbors, took reasonably good care of the property, and communicated well to facilitate routine maintenance.

Finally, perform a background check on the tenant. Watch out for past evictions and a history of convictions for serious criminal offenses. Also watch out for tenants who move or change jobs often, as they may rent for short periods of time.

Note, however, that some states prohibit landlords from denying renters with certain convictions on their records. Furthermore, property managers and landlords are prohibited by federal laws from barring renters because of their sex, race, religion, ethnicity, or disability status. Some state laws even prohibit discrimination on the basis of sexual orientation, age, or marital status. Check your state and local laws or consult a lawyer for guidance.