Being a Property Manager is a constant juggling act, having to balance landlord responsibility with tenant expectations. The job requires a special set of technical and social skills that allow a Property Manager to navigate challenging situations. Without this skill set, it can become difficult to excel in the job.
Every property manager understands that industry background and local knowledge are essential to success. But, no matter how many real estate and property management courses you take, there is nothing that can truly prepare a person for dealing with the challenges of being a Property Manager.
With that in mind, there are the 5 essential skills that every Property Manager should possess if they want to successfully handle everything the job has to throw at them.
1. Patience is a virtue
You may have often heard it said that patience is a virtue. In no industry is this phrase more applicable than in property management. When your job involves dealing with and relying upon many different people and the personalities that they bring to the table, things can get stressful. In most situations, that is an understatement.
When you work in Property Management, you will inevitably be on the front lines, dealing with contractors, tradespeople, tenants, landlords, and many more. These individuals will come to you with a problem, high expectations or unruly deadlines. That is when you will need to find your moment of Zen.
As a property manager, you will have to act as a mediator in many situations. It will take great patience to help everyone involved overcome roadblocks and come up with reasonable solutions. Patience is an essential element of the strong communication and organization skills that every successful Property Manager must possess.
2. Assertiveness is key
In the world of Property Management, things do not always run as smoothly as we would like. There will be many situations where you will need to act quickly and decisively. Although it is always important to treat others with kindness and respect, you need to be assertive when the situation warrants it.
Whether dealing with difficult tenants or unresponsive contractors, you need to know when to be accommodating or assertive. You need to know when to be lenient and when to show strength. As a Property Manager, it is up to you to make the appropriate decisions in difficult situations. If you allow people to walk all over you, you will never achieve long-term success.
3. Accountability and reliability
Although this should go without saying, being accountable for your actions must be a top priority. Honesty and transparency are the cornerstones of accountability. Displaying these traits is the best way to earn a solid reputation as a Property Manager with integrity.
A Property Manager should be someone that landlords and tenants can trust. One of the best ways to earn that trust is to practice rigorous honesty and transparency in every situation and come clean about any mistakes you make. It's not always easy to be accountable, but doing so will go a long way toward strengthening your professional relationships.
Sure, you are a Property Manager, but you are also a human being. As we all know, humans are not perfect. When you can accept and admit that, particularly about yourself, others will too. It will make your job a lot easier.
4. It’s all in the details
Property ownership is essentially a business, and, like any business, the main objective is to turn a profit. Therefore, each penny earned and spent is going to count. As a Property Manager, it is your responsibility to document and account for every one of those pennies. Your attention to detail will go a long way toward your ability to be successful in protecting your client’s investment.
It is up to you as the Property Manager to focus on the details and organize all relevant documents associated with the property. The accuracy of those documents will ensure maximum profit and investment protection for your client.
While you must keep this skill sharp, it also helps to have good Property Management software in your toolbox.
5. Be proactive, not reactive
A Property Manager must indeed be prepared to respond quickly to unexpected challenges and situations that may arise. However, maintaining a proactive stance can help to avoid these unwelcome surprises.
A good Property Manager always looks at preventative measures to avoid tenant impact or costly consequences for the property owner.
These measures may include regular maintenance, upgrades, or safety checks.
There you have it, the essential building blocks of any good property manager. Master these, and you should excel in the world of Property Management.
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