Property management is a great way to get involved in the real estate industry, and suits individuals who work well with others, are motivated, and are disciplined. With that said, it’s important to understand that the market is often subject to sudden shifts that could impact the earning potential of the properties you manage. On the flip side, property management can be a strong career choice when things are going well.
Property managers are tasked with operating a property when the owner is unable or unwilling to do so. This can include anything from scheduling repairs, collecting rent, evicting tenants, maintaining the yard, and checking mail. The job can be exhausting, but gets easier over time once systems, processes, and relationships are put in place.
Not everyone can be a great property manager. If you slack off on the job, the owner will likely terminate your contract and find someone better fit. With that said, here are five traits that make a great property manager.
As a property manager, you’ll be tasked with, among other things, dealing with tenants, collecting money, and reporting to the property owner. You need to understand how to manage properties the right way.
You must know the local, state, and federal real estate laws inside and out, especially if you’re managing multiple assets. It’s valuable to be familiar with each property you manage in order to answer any questions that may be asked of you.
Property managers are trusted figures in the world of real estate, and acting irresponsibly can jeopardize that trust. To be a great property manager, you must act professionally, and ensure you are using your time wisely to please all stakeholders.
Being responsive is essential for any property manager that wants to be taken seriously. When issues arise, the best property managers get to work so that the issue does not become a long-standing problem. For example, if there’s a ceiling leak in one of the properties that a property manager is overseeing, leaving the problem for too long could be disastrous, leading to more expensive repairs down the road.
Being slow to respond doesn’t only reflect badly on you, but also the company you represent and your client. The faster you can respond to problems, the better.
From hounding tenants for their late rent payments to following up with plumbers, electricians, painters, and other contractors, persistence is a key trait of any great property manager. Owners need to be confident that you will be successful in renting their property to a quality tenant. While tenants want the peace of mind that you’re working hard behind the scenes to make sure their experience as a renter is positive. This will likely lead them to either renew their lease or provide references for others in the market for housing.
Persistence goes a long way in the real estate industry, and is a trait that many realtors use to close deals with potential homebuyers. By showcasing this trait, you’ll easily work your way towards a successful career as a property manager.
Property management requires a lot of multitasking, with many of the tasks involving a lot paperwork, emails, and electronic documents. To ensure nothing slips between the tracks and that records are kept for future reference, property managers need to be organized.
Creating folders for specific documents, making spreadsheets to track numbers, and saving important emails are simple tactics to staying organized as a property manager. In many situations, you’ll be required to track down and pull specific information in a moment’s notice for clients, tenants, repair workers, and other stakeholders. Staying organized makes this task easy, and makes you look good in the process.
Last, but certainly not least, property managers need to be able to communicate clearly and effectively with all stakeholders. They must always have an open line of communication, so that they can be reached when disasters occur. If, for whatever reason, you are unavailable, it’s essential to provide those impacted with a notice and an alternate point of contact while you’re away.
Much like being responsive, be ready to answer queries as needed. If you want to really show your skills as a property manager, take the initiative and reach out to tenants and clients on a regular basis to make sure everyone is satisfied and on the same page.
Bonus: Keep Learning
The moment you pass your property management exam and receive your license to operate shouldn’t be a sign that you’re done with your personal development. Your success will always be closely defined by your knowledge of the market surrounding you.
If you’re considering specialization in real estate, you must know as early as now that it’s not all easy selling. A career in real estate can be very satisfying, but only if you have the knowledge and discipline to consistently improve and adapt to the highs and lows of the market.