As a property manager, you are responsible for overseeing the residential, commercial, or industrial rental property. This means handling tenant relations, maintenance, accounts, and legal issues. It can be a rewarding career, but it also comes with significant responsibilities and challenges.
To be successful in property management, here are some basic things you need to get right:
1. Property management accounting software
Managing the financial aspects of a property portfolio requires robust accounting software to track income, expenses, taxes, and profitability. Look for software specifically designed for property managers that can handle trust accounting and provide detailed reports. Good accounting is key to the success of any property management business. It helps you stay organized and meet legal requirements.
2. Maintenance team
Handling maintenance issues promptly and effectively is critical to tenant satisfaction and retention. Assemble a reliable team of contractors to handle plumbing, electrical, HVAC, and other common maintenance needs. Create a detailed maintenance checklist and schedule to ensure all required work is completed on time. It’s also important to have an emergency contact in place for after-hours issues. Many property management software options help coordinate and track work orders as well. It’s worth investing in tools that make it easy to manage this important aspect of the job.
3. Strong leasing and marketing
To keep properties occupied, you need a solid leasing and marketing strategy. This includes showcasing available properties through professional photos and videos, utilizing online listing services, and conducting in-person showings and open houses. You’ll also need to have a streamlined leasing process to move qualified tenants through the application and signing process as quickly and efficiently as possible. Staying on top of leasing and marketing is key to the financial health of the properties under your management.
4. Legal compliance
Property managers must ensure properties comply with all local ordinances and regulations regarding safety, fair housing, and maintenance. This requires keeping up to date with the latest laws and regulations and conducting regular inspections to identify and address any issues. It’s a good idea to work with a real estate attorney to understand all legal requirements and have professional guidance should any disputes or issues arise with tenants, contractors, or property owners.
5. Strong communication
Open, responsive communication with all parties is essential to property management. This includes communicating with tenants, providing property owners with regular updates, and coordinating with your maintenance team and contractors. Look for tools and processes that help streamline communication to avoid misunderstandings and keep everything running smoothly. Making communication a priority will lead to better relationships and results.
6. A passion for the work
While property management can be challenging, the rewards of helping others find homes and investment opportunities can be very fulfilling. If you have a genuine passion for the work, you’ll be able to provide great service to tenants and property owners and build a successful business. A positive attitude and commitment to professionalism are key to thriving as a property manager in the long run. Some people are drawn to the variety and problem-solving aspects of the job. Determine what motivates you and find ways to stay passionate about the work.
Why is it important to get these basic things right?
Doing so helps ensure tenants are happy, properties are well-maintained, rent payments are collected on time, legal requirements are met, and property owners are satisfied. When the fundamentals of property management are handled effectively, it leads to stability and profitability. While it can be a demanding job, getting the basics right makes it more manageable and rewarding. If you’re new to property management or looking to improve, focusing on these key areas is a great place to start. There’s a lot to learn, but also much to gain from doing the job well.
Can anyone become a property manager?
While property management does require certain skills and knowledge, it is a career that is achievable for many people willing to put in the necessary work. Some of the key attributes of a good property manager include:
- Strong organizational and time-management skills. There are many moving parts to keep track of.
- Attention to detail. Noticing and addressing issues early is important.
- Problem-solving skills. You’ll need to troubleshoot various problems and find solutions.
- Knowledge of real estate laws, regulations, and best practices. Ongoing learning is required to keep up with changes.
- Communication skills. You’ll be interacting with people frequently via phone, email, and in person.
- Patience. Managing properties and people can be challenging, requiring patience and persistence.
As we saw, working in property management requires strong organizational and communication skills, attention to detail, and the ability to juggle many responsibilities. By implementing robust systems and processes and focusing on providing great service, property managers can gain satisfaction from helping clients achieve their goals. So, if you’re detail-oriented, enjoy working with people, and want to help others with their real estate needs, property management could be a rewarding career choice.
