Being a property manager is a tough job. Tenants, owners, coworkers and maintenance technicians are just a few of the people you'll have to handle and deal with on a daily basis. Also, the hours can be long, and the job demanding and stressful.
Still, if you're set on it being your full-time career, here are the keys to being a successful property manager.
Of course, as a property manager, you need to be an expert in your field. Not only will this help you answer any questions prospective tenants may have, but it'll also help you position yourself as an authority on property management.
You need to know about things like:
• The general qualities of the properties you manage (no. of rooms, bathrooms, facilities, etc.)
• Information about the surrounding area (location, nearby restaurants, shopping centers, freeway access)
• Landlord-tenant laws
• Other regulations related to real estate
Being timely when responding to emails and phone calls is extremely important. If owners and/or tenants can reach you whenever they need you, you're already head and shoulders above your competition.
Have a great attitude.
If you're managing multiple properties, chances are some things won't work out as planned. A successful property manager views challenges not as obstacles, but as opportunities to make things right. With a positive attitude, you're more likely to succeed in life.
Be detail oriented.
Local building codes, ordinances and state laws are always changing. You need to stay abreast of them if you want to properly address any issues such as landlord-tenant disputes.
Also, you need to perform regular inspections on the property. This is extremely important as safety hazards on a property can lead to injuries and lawsuits.
Being organized is essential to successful property management. For one, you need to sort out contact information for tenants, owners, contractors, maintenance staff and vendors. You also need to maintain a calendar of due dates for recurring work orders, lease payments, inspections and reports.
Use the power of technology to make your job easier. Technology can, for example, help you store and organize your owner and client communications, work orders, reports and leases. With the right tools on hand, you'll have more time to spend on things that really matter.
Be good at marketing.
A property management company cannot be successful if nobody ever hears about it. It's therefore important to know how to market your company to those who need your services.
Nowadays, most tenants use the Internet to search for rental properties. As such, you should leverage the World Wide Web to create and expand your customer base. For example, Zillow, Craigslist, and Facebook are some of the best websites to advertise property listings.
When you practice good marketing techniques, you're more likely to intrigue prospective tenants. You're also more likely to give owners the confidence that you'll be successful in renting out their property to quality tenants.
There's a fine line between being personable and being professional. When dealing with employees as well as tenants, colleagues and vendors, it's essential that you maintain a certain level of professionalism.You must be able to treat everyone impartially and separate your emotions from business decisions.
Cultivate a great network around your business.
Every city has a community of individuals involved in renovations, real estate, rentals and development. Building a solid relationship with these people can help you get your operations running smoothly and efficiently.To be successful as a property manager, you need a great network of people to rely on.
As a property manager, client satisfaction should be your top priority. Satisfied customers mean more business, and more business means better chances of success.