Property management is one of the most sought-after careers in real estate. According to Glassdoor.com, the average annual salary of a property manager is $56,458. As a result, many people are looking for ways on how to become a property manager. However, success in a property management career does not come on a silver platter. Starting a property management company is one thing and learning how to be a good property manager is another.
Many people ask ‘How do I become a successful property manager?’ Well, being a property manager requires a specific skill set and certain traits in order to succeed. If you want to know what makes a good property manager, here are the 10 elements:
1. A Good Property Manager Is a Great ‘People Person’
Rental property management involves interacting with a wide range of people on a daily basis. This could be rental property owners, tenants, contractors, property management leads, and real estate agents. To succeed in this career, you should be able to build strong relationships based on mutual respect and trust. A good property manager knows how to communicate with people and handle their issues with sensitivity. He/she is able to act as an intermediary between different parties with conflicting or varying interests and needs.
2. Good Property Management Leverages Technology
The best property management companies take advantage of modern-day property management tools to make their work easier. Some of the most popular rental property manager software in the market include Buildium, Mashboard, Rent Manager, Re-Leased, Appfolio, and FantasticStay. Such tools can help automate and streamline tasks such as tax management, tenant verification, property maintenance, rent collection, and publishing listings. Technology comes in very handy especially for any residential property manager that is handling multiple rental properties in different locations.
What makes a good property manager? Someone who uses Mashboard! Schedule a demo now to learn how we can help you find investment properties for your leads and clients!
Related: 7 Best Property Management Tools for 2019
3. Good Property Management Requires Professionalism and Organization
One of the most important property management skills is professionalism. A good long-term rental or Airbnb property manager understands the importance of acting professionally when relating to people, whether employees, property owners, tenants or other professionals. They never act rudely or allow their personal biases to influence their decisions or judgment. When relating to renters, they are always friendly while maintaining the necessary boundaries.
Good organization and planning skills are another part of what makes a good property manager. They have a clear, well-defined process for day-to-day tasks such as rent collection, handling repairs and maintenance, dealing with complaints and emergencies, maintaining financial records or finding and screening new tenants. Being organized minimizes confusion and allows you to get things done more effectively.
4. Good Property Management Involves Teamwork
Handling all the tasks involved in property management can be too overwhelming for an individual. Teamwork is a crucial element of how to be a good property manager. After hiring qualified employees, property managers set clear expectations about goals and timelines for the team. Good property managers also motivate their staff by rewarding big wins and hard work. In addition, they are always tracking performance and looking for ways to improve.
5. Good Property Management = Patience
As mentioned earlier, managing rental properties can be very stressful. Dealing with unruly tenants, contractors that are behind schedule, and property owners that have unrealistic expectations is not easy. One of the most important traits or characteristics of good property managers is the ability to be patient in the face of frustrating circumstances. They should be willing to listen and handle stressful situations and complaints from property management clients with grace. Overall great customer service skills are very important for success in property management.
6. A Good Property Manager Is Aggressive
While exercising patience, property managers should also learn to be aggressive when necessary. For instance, aggression is needed when following up on late rent payments or dealing with a contractor that is not delivering. When property managers are too nice to people, they might never be taken seriously.
Related: 10 Property Management Skills You Need to Succeed
7. A Good Property Manager Is Not Complacent
Rental property management is a very dynamic field. To succeed in this career, you must keep yourself updated on the latest trends and laws, especially in major cities and towns where regulations changes frequently. This way, you will also be able to keep the tenants and property owners informed on what is happening so they are not taken by surprise.
To be a good property manager, you must also be a continual learner. This could mean taking professional refresher courses or joining property management events in order to stay updated on the latest developments. This will help you anticipate problems before they emerge and take the necessary steps to avoid them, thus making the lives of renters and property owners more comfortable.
8. A Good Property Manager Has a Great Attitude
When carrying out tasks as a full time or part-time property manager, there are times things will go wrong. As a result, it is very easy to get discouraged and give up. A good manager will not give up or allow such events to dampen their spirit. They see every failure as an opportunity to learn and do things better next time. In addition, they don’t have a pessimistic and rigid mindset that stops them from experimenting with unconventional solutions.
9. Good Property Management Involves Effective Networking
Success in property management requires networking widely with other real estate professionals such as attorneys, agents, brokers, contractors, and insurers. Building strong professional relationships will help you learn new ideas and the best practices in real estate. In addition, you will have a great network to rely on in times of need. Online platforms such as LinkedIn can be very useful for building such relationships. In addition, you should attend industry events such as trade shows and conferences for face-to-face interaction with other professionals.
10. A Good Property Manager Keeps Track of the Competition
Good property managers are always researching the competition to find out what they can improve. This could be through checking their competitors’ websites or even attending their open houses. When you know what your competitors are doing, you can set yourself apart by introducing new schemes for your customers that are not available elsewhere.
Related: 9 Ways a Property Manager Can Stand Out from the Competition in 2020
What do you think makes a good property manager?