Property Management Systems

Do you remember PEMDAS? Parenthesis, Exponents, Multiplication, Division, Addition Subtraction. PMDAS is a pneumatic device to help you remember a system for completing math problems in school. Is it perfect or infallible? The internet would say no. But was it enough to help you pass that Algebra 1 test and move on to bigger and better things (like owning investment properties)?

This system gives you basic rules to fall back on when solving a complex math problem. This small set of rules quickly tells you where to start, where to go, and how to solve the problem entirely. Without this system, you can get several answers for the same equation.

So how does that relate to your investment property? First, establishing systems for property management is one of the most helpful tools you can use. Then when a tenant has a problem, you know exactly how to help them. It may take a little extra time to establish helpful systems, but once they are going, you can spend less time worrying about day to day of your property.

Systems don’t have to be complicated; honestly, you’re probably already using a few. I would encourage you to take some time to write out the life cycle of your rental – from the tenant giving notice to listing and showing, applications, approvals, and move-ins. What triggers each of these events? Do you have to do the work manually to move things to the next life cycle stage? Is there anything that you can automate? These answers will help improve your systems and create more time for you in the future.