Property management is more than simply finding tenants and renting out space. In order to thrive as an effective property manager, organizational skills and the ability to pay attention to detail are a must. Adopting positive traits and cultivating essential skills can help with working as an effective property manager whether you are managing two residential homes or hundreds of commercial buildings. Paul Turovsky, a real estate professional with more than 15 years of total experience in the industry, shares key points on how to become an effective property manager, no matter where you are in your real estate career.
Define Your Role
Defining and understanding the ins and outs of your specific role is essential as a property manager. Working for yourself and managing your own properties versus working as a property manager for someone else will require multiple sets of skills and abilities. The more familiar you are with the responsibilities you are taking on, the less likely you are to feel overwhelmed once you assume your position.
Communication is Key
Anyone working in real estate or property management knows just how vital communication skills are, whether you are making sales and closing deals or simply meeting with prospective clients. Without the ability to communicate effectively, you run the risk of making poor deals or finding yourself stuck with unnecessary costs and expenses. As a property manager, you will not only need to communicate directly with tenants but also with potential third-party companies and service providers helping you to manage the properties themselves.
When working directly with a tenant, keep the following communication tips in mind to help streamline your conversations and negotiations:
- Always maintain a positive, optimistic, and professional persona
- Attempt to solve the issues your tenant(s) are experiencing ASAP
- Provide concise directions, outlines, and results for tenants who are experiencing issues within their property
Time Management Matters
As a property manager, procrastinating or putting off deadlines is simply unacceptable and often untenable in both the short and long term. Managing properties requires consistent updates and servicing that may be requested 24/7, depending on the tenant’s needs on the property. For those who are thinking of going into the field of property management, procrastination is not a trait that is viable or that will pay off over time. Those who work as property managers must have the innate instinct to manage their time as effectively as properly, from sun up to sundown.
Related article: How Close Your Rental Properties Should Be; To Effectively Manage Them
The Desire to Learn
Learning and growing are part of life and it is also part of management positions, such as working as a property manager, says Paul Turovsky. Property managers should not only maintain a positive and optimistic attitude while managing their buildings and tenants, but they should also maintain an open mind with a willingness to learn at all times. Displaying eagerness and willingness to learn will not only help to motivate and inspire surrounding employees, but it can also help to boost the morale of anyone you are managing as a property manager.
Maintain a Positive Outlook
Having a positive outlook and attitude can go a long way in many roles in life, including whenever you are working in property management. Because property managers are required to not only communicate with tenants, but also with utility companies, third-party service providers, and even local officials, property managers need to hone their communication skills while maintaining a positive attitude. A positive attitude and outlook can go a long way when establishing new relationships and prospective business connections in the property management field.
Cultivate Your Marketing Skills
While it is not always required to possess marketing skills as a property manager, marketing skills will help you to stand out in the competition. As Paul Turovsky states, cultivating your marketing skills can help you to truly shine, especially in oversaturated markets and regions. Some marketing tips to keep in mind as a property manager might include:
- Establish a professional online presence with the use of an official website as well as professional networks such as LinkedIn.
- Build and launch an official website to highlight your skills and past experience in the real estate industry.
- Consider the audience and target demographics you intend to reach, both online and off.
- Target specific keywords and phrases that are relevant both locally as well as organically for the purpose of boosting SEO (search engine optimization) rankings within top search engines.
- Use social media to garner a following to share updates, helping to spread the word about the work you do.
Working as a property manager does not need to feel intimidating and overwhelming, even if you are entering the market for the first time. The more familiar you are with the ins and outs of the role of a property manager, the easier it will be to work as efficiently and effectively as possible.
To learn more about property management, check out Paul Turovsky’s Blog or Paul Turovsky’s Website.