Property management is one of the most difficult, challenging, yet rewarding careers in the real estate industry. In today’s fast-paced world, property managers need to be able to handle more than just their regular duties. It’s not just about collecting rent or getting the resident to talk to you when they want something done on the property. If you’re wondering about the qualities of successful property managers, check out this list.
5 Qualities of Successful Property Managers
1. Negotiation Skills
As a property manager, you negotiate with vendors on behalf of your owners and residents on lease terms and renewals. You need excellent negotiation skills to get the best prices on maintenance and repairs while still ensuring you’re getting quality work and materials. At the same time, you want to make sure your owners are happy by ensuring that renters pay fair market rent for the unit they’re renting.
Additionally, a good property manager can help negotiate on behalf of their client in disputes or conflict resolution situations.
2. Friendly or Personable
A people person is a must for any property manager. The role involves dealing with people, from service providers to owners and tenants. A successful property manager can deal with challenging situations such as evictions and emergency repairs with confidence, friendliness, and professionalism.
A good property manager never leaves anything to chance and covers all bases for their job. They always ensure that everything gets done correctly the first time around.
Great attention to detail is a must for any successful property manager. People rely on you to handle their properties in the most efficient way possible. You need to be able to keep organized records of maintenance issues, inspection notes, financial records, and more.
4. Knowledge on Legislation
Legislation is constantly changing. That’s why it’s essential that you stay on top of new legislation and understands how it affects the landlord and tenants.
As a property manager, you must be thoroughly familiar with landlord-tenant laws in your location and any local ordinances applicable to the rental properties you are managing.
If you’re not keeping your landlord abreast of what’s happening with their investment, you are not doing your job. A good property manager maintains regular contact with their owners and sends regular reports on what is happening in the market and with their properties.
Have what it takes to be a property manager?
Being a quality property manager does not come down to just having the skills and knowledge to run a business. You must have patience, an open ear to your tenants, and the will to make your company better.
It takes time and experience to learn what works and what doesn’t. It’s good to keep an open mind and always be receptive to feedback. If success in this industry is important to you, hard work and dedication are key to achieving it.
If you or someone you know is looking for a property manager, Redfish Property Management is for you! Our management team has years of real estate experience and expertise. We’ll use them to provide you with the best service possible. Don’t hesitate to contact us today!