Property management is a stable and challenging job that requires a certain skill set. Some people are not cut out for this sort of job. However, if you have the right property manager skills then the job can be rewarding and enjoyable.
In this guide, we’ve explained the top 7 property manager skills. Whether you are going into commercial property management or residential.
Innovative and Flexible Mindset
The world of real estate and property management is changing all the time. You need to be willing to innovate and take a flexible approach to the industry. There may be new applications and software that can make your life easier, but only if you are willing to embrace them.
In a world where technology is changing all the time then being flexible enough to embrace it is one of the key skills for real property management. On top of this, you should be flexible regarding what clients and property owners want. Some owners will take a very different approach to others, and want you to understand their needs.
As a property manager, you will have to manage a lot of different aspects of a lot of different properties. Deadlines, upkeep, and even making appointments and meeting people to show them houses or properties they may want to rent. You need to be the sort of person who is happy to take all of this on, and not let any details pass you by, from ensuring rent is paid to booking the maintenance services for the right time.
The state of the property might also be your responsibility. Real estate and property management involve keeping records, and you might need to keep a very close eye on the state the property is actually in before and after tenants.
Real property management involves a lot of spinning plates. You need to be able to keep track of a lot of different people as well as properties. This includes keeping positive relationships with vendors. You will probably work very closely with vendors such as electricians, cleaners, plumbers, and more.
Ask any property manager and they will tell you that it is not a job you can do without a lot of reliable people to help you, and this includes tradespeople. To ensure that you always have someone to call in an emergency, you should keep strong relationships with vendors. This can be even more difficult if you manage properties across multiple destinations. You can see how it helps to pay close attention to detail.
Sadly, a lot of people don’t trust property managers and landlords. Historically, a lot of people have taken advantage of those that need to rent homes rather than buy. There are property managers out there whose ethics are lacking.
In the modern day, this is not something that you can get away with. There are plenty of industry organizations that promote the ethics of landlords and property managers and ensure that the rules aren’t being broken. Each state has its own rules and regulations on properties, and some control rent rates, and the state the house must be in legally, to provide an adequate dwelling.
For all of these reasons, it is a good idea to be transparent with everyone. Only tell the truth and keep everyone in the loop about all aspects of the home. It is far better to tell a potential tenant about issues they may come across and to inform them of all the costs involved with the property, rather than let them run into any surprises and end up being upset or angry.
Proven Operational Procedures
Knowing how to go about things from an operational point of view is vital. A property manager might end up having to do a lot of remote work, and constantly be on the road visiting houses and making appointments with people. That means that you can’t rely on anyone else for the operational procedures.
You need to be able to work independently, and for that, proven procedures regarding property letting, maintenance, and all of the legal procedures around real estate and property management.
If you work within a property management agency then it can be easier to build up these skills, working with someone who is experienced. There are also a number of courses and qualifications in property management which can help you to implement the right procedures.
Having a certain method of doing things can make things a lot simpler for you. If you know the protocol then you will be able to follow it for each property you manage.
You may have deduced this already from the five property management skills we’ve mentioned.
Think of it this way, if something goes wrong in a property, you might have to speak to a lot of people. The tenants may contact you to tell you about it, then you may need to relay this information to the owner of the property. Next, calling a vendor, making an appointment to fix the issue, and then telling the tenant about it to ensure they can be there. This is all assuming no more issues crop up.
All of this means that you need communication skills as part of your real property management skills. As well as keeping everyone informed of what’s going on in all of the properties you manage, communication skills also relate to how you deal with people. You should be able to stay calm, and not get flustered, and speak to everyone in a respectful and generally upbeat way. You are representing a property management company and the owners of the property, so this means that you need to be professional at all times.
It is very easy to fall behind if you are not organized. On top of this, being disorganized when it comes to bills, invoices, and appointments can even cost money. Forgetting to renew an insurance policy or failing to pay an invoice on time can be very costly errors.
If we were to pick out one single skill that is the most important for property managers then the organization may well be that skill. A lot of solo and independent work means that you can’t rely on others to keep everything in order.
As a property manager, you have responsibilities to the owners of the property, as well as the tenants, and you shouldn’t let things go wrong because of simply being disorganized. Managing your diary and your email and telephone communication can be one of the most important things to ensure that you don’t let things slip you by.
Property management is a career that isn’t going anywhere in a hurry. Property owners are always looking for people to help with their needs, managing tenants, or even commercial property.
If you are the kind of person who has a close attention to detail and can stay organized and calm, even in stressful or overwhelming situations, property management might be the ideal career choice for you. You can work on most of the other skills required, such as learning about the industry, but if you aren’t naturally organized and communicative then this is probably not the job for you.