Secrets of being a successful property manager
Being a property manager is not a simple job profile at all. It involves multiple responsibilities. Filling vacancies and looking after properties are just not the only things on your to-do list as a property manager. This profile certainly asks for more. You have to make sure that your tenants are happy, that the contractors are doing their job on time and that your current customers – the owners – are getting optimum returns on their investment. To sum up a long story, life in property management is never dull … or easy. While some asset managers give up after a few years, unable to cope with the long hours, endless stress, and pressing demands of employment, others manage to have everything. Have you ever wondered why? It’s because they have mastered these 7 secrets to be a successful realestate agent. Read on to know more!
1. Right attitude is the key
One thing common for all great property managers is to possess a good attitude. As a property manager you often need to manage a large number of properties, things might happen differently and not go according to plan. But if a property manager wants to be successful he never gives up, he tries to address each and every problem as an opportunity to learn from these problems.
2. Be a people’s person
To be a property manager, you must nail the art of being a people’s person. When you practice a profession that involves interacting with so many people on a daily basis, you must be able to communicate with them, understand them, respond sensitively to their problems, and build relationships based on mutual trust, respect and understanding. As an intermediary between many parties with diverse and sometimes conflicting needs and interests, you need to know how to balance those interests so that everyone is happy.
3. Keep at pace with the technological trends
A good property manager can add wings to his business by learning to use technology to his advantage. Harnessing the enormous power of technology can free you from the hassle of routine tasks, giving you more time to focus on the things that really matter.
4. A property manager keeps an eye on the competition
A property manager always keeps a discreet eye on the competition to compare rental rates and find out where he can improve. He knows that looking for his competition can give him new ideas for growing and improving his business. For example, you can differentiate yourself from other rental properties in your area by introducing new projects of interest to your tenants that are not available elsewhere.
5. A property manager avoids falling into the trap of complacency
With new advancements in the Property management field, it is changing every day. You mustmake sure you continue to learn or take professional refresher courses to avoid becoming obsolete.
6. A property manager is always professional and organized
As a property manager you need to ace at planning and need to have good organizational skills. This quality will certainly help you climb the career ladder in property management. If you have defined clear and well-defined processes, including routine tasks and dedicated staff to handle queries and concerns of new clients or collecting rents, this can reduce confusion and help you and your staff save time and money and work more efficiently. If you know for a fact that you have no real estate management skills and do not know where to start and where to put your head, it may be better to entrust management to a specialized firm. Managing a building understands that you will need to take care of:
- Rental and signing of leases
- Marketing and advertising
- The interview
- The repairs
- Snow removal
- Negotiation with suppliers and subcontractors
Here, you must, therefore, make an objective judgment about your own skills as a “manager”. Do you think that your buildings, your tenants and your financial situation would be better if you take over the management or if you entrust it to a firm? Managing dozens of homes is not necessarily an activity that falls on the ropes of all investors. Sometimes it pays to sacrifice a few dollars in profit to ensure top-notch management, which could increase your tenant retention rate and at the same time lower your vacancy, advertising and marketing. Sometimes investing in one expense item may indirectly reduce another. Nothing is guaranteed, but you have to think about it.
7. Great team building skills is an asset in this profession
If you want to succeed as a manager, you must have a great team working under your command. You should make sure to hire people with good communication skills and share your professional values and professional attitude.