Property management is one of the more demanding jobs, but if done right, it can become a very rewarding career choice. Being a property manager is financially very rewarding plus it offers a lot of opportunities to learn and establish new connections. But as with any field, there are certain things to keep in mind if you want to be successful. Here are a few tips that could help you decide if it’s a career worth pursuing, or improve your skills if you are already invested.
Know your craft
Being successful at any job is knowing what you are doing – the same is true for property management. The term “property management” is very broad and can mean lots of various activities. Some of the activities involve setting and collecting rent, acquiring and screening potential tenants, property maintenance etc. Which of those activities you will be involved in depends mostly on the market opportunities in your region. Big companies that offer property management services usually have a more divided workforce with specific people focusing on a particular task. Also, not all companies offer the same range of services. Some include all the activities in their service but more often a company will decide to specialize in one aspect of property management. For example, there are firms who take care of collecting rent and maintenance of the property but outsource the marketing of the property and the search for tenants to other businesses who specialize in that area.
For someone just starting out, it’s recommended to first gather some experience in such companies, as trying to focus on all the aspects of the job at once can be overwhelming. Experienced property managers can seek the more challenging but also much more rewarding path of acquiring clients on their own and building up their private business.
A successful property manager needs to be informed about innovative technologies that can improve their work. There are a lot of tools that will help you stay ahead of the competition, so use them. A quality camera is always a worthwhile investment. Even if you own the best real estate, no one will come to visit it if the pictures you show them are bad. As a property manager, you will need to keep track of your assets, contacts, bills, scheduling and a lot of other information. Office tools are a good solution but in the long run, you should consider property management software as they offer a more specialized approach that can save you a lot of time and money.
As a property manager, you will be busy answering calls and emails from owners and/or tenants. Time management is, therefore, one of the most essential skills in the business. Make sure you answer calls in a timely manner so that your clients know you are available and dependable. The people you represent will put a lot of trusts in you and it’s important that they feel secure. When setting up appointments, you need to be at the property ahead of time as being late, especially at the first meeting, can quickly cause you to lose the trust of your clients.
Know your property
Detailed knowledge of the properties you manage is crucial. Take the time to learn more than just the basic information about every real estate. When you present a property to potential tenants, chances are they already know the basics from the presentation or over the phone. Your job is to show them all the little details that make your property unique and therefore special to them. Make tenants feel at home and have them experience that pleasure of living in your property.
Know your clients
Knowing the clients you work with is just as important as knowing the property. Take the time to really know the needs of the people that you represent. Being a good property manager is all about matching the right property with the right people and making sure they stay together and happy for a long time.
Skills, knowledge and the right tools are essential for anyone interested in property management. But those are just the basics, a successful manager that wants to stay ahead of the competition needs to be focused on the needs of the clients and maintain a reliable and trusting relationship.