Generating leads, handling tenants, and overseeing other employees are just a couple of the tasks that come with the job of being a property manager. In a constantly growing industry, property management companies are competing to be the best in the markets they cover. Why do some property managers make it in the industry while others never really progress in their career? The job’s the same for everyone, but not everyone does the job the same way. Your personal characteristics can determine how successful you are as a property manager and how successful your business is in growing to be a top competitor. It’s not an easy career, but successful property management is possible if you have these characteristics.
8 Common Characteristics of Top Property Managers
1) People Person
Top property managers are renowned for their ability to work and communicate well with people. Your entire business is based on maintaining positive and professional relationships with everyone you work with- from clients to tenants to contractors. This characteristic is especially important when the news you’re passing along to someone isn’t the greatest like when you are evicting a tenant or letting a landlord know some major repairs are required. This is when you need to make sure you have a good attitude so that you deliver the information using quality customer service skills.
This isn’t a 9 to 5 job. Managing rental properties means always being alert and available. The property owners of the rentals you’re managing are relying on you to meet any tenants’ needs or answer any of their questions. Top property managers respond to any complaints quickly and decisively. Show the tenants that you’re taking their concerns seriously and respond in an appropriate fashion.
A successful property management company is an organized one. Since you’re the head of the herd, you’re in charge of making sure operations flow smoothly. When managing a number of rental properties for multiple real estate investors, things could easily become overwhelming. You should have a database with all the contact information of your landlords and tenants to make communication easier. Top property management also requires you to be capable of coordinating several projects and setting up a sustainable timeline for their tasks.
It isn’t a requirement for all top property managers, but having a degree and specialized knowledge in one aspect of the industry (like accounting, management, or marketing) could really help you out. Some property owners might be more confident in your abilities knowing you have a degree in these fields, so use that to your advantage.
College degrees aside, there are many property management books to read and courses you can take to adapt new skills and grow as a professional. You can find multiple helpful programs provided by the National Association of Residential Property Managers, the Institute of Real Estate Management, and the National Apartment Association.
5) Knowledgeable About the Real Estate Market
This is one of the key property manager skills you need to have if you want to make it to the top. Not just initial knowledge, but continued learning is important too. The rental market changes very quickly and as a property manager, you need to be able to respond accordingly. To succeed as a property manager, you should know everything there is to know about the real estate industry and don’t stop asking questions. To get started, you should know things like:
- Stong markets and submarkets within your geographic area
- How competing property managers are performing
- Amenities and services a rental property should offer
- What the high-value rentals in that real estate market look like
- What tenants look for when choosing a unit to rent
An impressive characteristic top property managers have is the ability to pick up on the small details which could indicate future problems, therefore preparing you for what’s to come. This could be in regards to anything. Learning from personal experience is the main factor for honing this skill. But if you’re still in the beginning phases of your career or still wondering how to become a property manager who is successful, researching and learning from others can help.
Don’t disregard success stories from the best property managers. Often times, the same scenarios replay themselves in multiple rentals, and if one course of action was successful before, you can try to implement it in your business. Simple research can help you get started as well. For example, paying attention to the details of the local landlord-tenant laws will help you protect both of their rights.
Today, there’s a digital tool that can make any task easier and the top property managers know that. Good property management is using the right tools to enhance a rental property’s performance or the company’s operations. For example, when trying to collect rent payments, instead of chasing down each tenant, you can set up a tenant portal in which tenants can easily and digitally make their rent payments or any utility bills. There are also property management tools that give renters the option to submit complaints and requests online to better streamline communication.
One of the more difficult and long-term things you’re tasked with doing when it comes to investment property management is preserving and even increasing that property’s value and income-producing ability. If you don’t know how to evaluate a property, say goodbye to rolling with the top property managers. Luckily for you, Mashboard makes assessing investments and real estate markets easy. With this tool, you can easily analyze investment properties for your clients and ensure you’re generating as much rental income as possible.
8) An Eye for Opportunities
The top property managers of the industry have made it to where they are because they knew how to grow their business. Knowing how to find promising and potential leads isn’t the simplest thing. Spotting opportunities is a skill which comes to you with time.
But if you want to quickly rise up the ranks, there is a tactic you can use: spotting new opportunities for your current clients. There is a tool the top property managers use to grow their business in this way and that’s Mashboard. Easily identify top-performing properties and share detailed reports with your clients. Presented with a full return on investment analysis, real estate investors will quickly make a move and you’ll have another rental property to manage. Check out what else it can do for you and start your 14-day free trial now.