Are you wondering how to be a successful property manager in 2020? Whether you’re just starting to build your property management career, or whether you’ve been in the industry for years, it’s important to learn the habits of successful property managers as well as the property management tools and property management skills you need to acquire in order to succeed in the New Year. Yes, success does come with hard work and perseverance, but the recipe for becoming one of the top property managers is more specific. Continue reading this blog to learn the 7 tips to be a successful property manager.
This may seem like a no brainer, but it’s an essential step in property management, especially if you manage multiple rental properties. Plan out 2020, and set your professional goals and resolutions for the year. Furthermore, create a working process if you don’t already have one- this is key to being a successful residential property manager. A working process is a standard action plan to follow, a detailed check-list that will allow you to provide the same high-quality service for all of your property management clients. This can make all the difference in your organization and the management of your property management business.
Assemble the Right Property Management Team
There is no doubt that you can be a successful property manager with your own set of skills. But a successful property management company can’t be complete without the right property management team. This is especially true when you begin to scale your business and grow your operations. Say you start with a small property management company and have two team members on board. It’s true that the three of you can handle managing rental properties. But as you grow your portfolio, your clients, and network base, you’re going to need a bigger, more specialized team.
To do so, you need to vet, interview, and hire the right team members, train them as needed, and manage effectively.
Work on Your Communication Skills
A good property manager should have excellent communication skills. Being a property manager means you will be dealing with rental property owners, property management clients, tenants or Airbnb guests, as well as cleaning and maintenance staff, etc. You can start by reading different self-help books on communicating in the business world. But a good tip is to listen carefully when communicating and use simple, straightforward language as much as possible.
There are also several online tools that can help you with managing your client base and to better communicate with your real estate network. Look up the different communication management options, and choose the ideal tool for you.
In addition to the above, you’re also managing a whole cohort of individuals – the staff or the team at your property management company. It’s thus important to ensure that your team has open communication channels, and that information is running clearly and smoothly between team members. Even the strongest teams can suffer if they don’t communicate well.
Become More Knowledgeable
We live in an information age. So the best way to be a successful property manager in 2020 is by acquiring knowledge and becoming a source of knowledge in the industry. This is the best way you can aid your clients as well as grow your property management business. You need to know all about the competing rental properties and management companies in your area, the rental properties you manage, and general real estate market information.
Additionally, as a residential property manager, you need to have extensive knowledge about laws and regulations in your housing market. This will help you avoid any legal issues that may arise with traditional or short-term rental properties.
Use the Right Property Management Tools
Using smart real estate tools is vital in 2020. This is one of the best ways to be a successful property manager and distinguish yourself from other companies in the property management industry. After all, it’s a competitive market for property managers.
Mashboard is an interactive tool used by property managers, real estate investors, and real estate agents. For a property manager, the tool can grant you access to data you need on property owners to qualify leads. It will also help you find investment properties for clients. You’ll get access to property analysis reports and data that can easily be shared with clients to get more properties under your management. Offering this extra service to clients will be the edge you need to succeed as a property manager. Sign up now and try it out for yourself.
Never Take Good Marketing for Granted
Never underestimate the power of marketing, especially in real estate. Today’s market is very different than what it used to be a decade ago – and so are property management marketing strategies. To keep up with the market, and marketing trends, do some research and go ahead and outline a marketing strategy.
This year, aim to enhance your presence on social media. Many property managers are employing social media marketing for real estate, using social media platforms like Facebook, Instagram, and LinkedIn to promote their services. Using social media marketing can give you more visibility and exposure among clients. This can then boost the number of properties under your management, and ultimately – your profit. With a market saturated with property managers, a good way to stand out is through marketing.
Evolve and Develop
Our last tip to be a successful property manager in 2020 is to evolve and develop professionally. Successful property managers constantly work on developing their businesses as well as their careers. You can do this by continuously asking for feedback from your clients and improving accordingly. A simple “How could this experience have been better?” can go a long way. Moreover, keep up with market trends by using the latest property management tools available in real estate. Finally, learn from your network, and continue to explore options to evolve. Resistance to change can be valid, but not when it comes to real estate management!
Summing Up How to Be a Successful Property Manager
Have you got your New Year’s resolutions in check yet? If 2020 is the year you hope to succeed as a rental property manager, you have to go the extra mile. Follow our above tips for success in the property management business.
Did we miss any tips on what to do to be a successful property manager? Tell us about any other tips you may have below!