Property management is a many-faceted role, requiring managing tenant expectations, as well as managing the client and what they need to understand as a landlord.
The best Property Managers are more or less managing the client as much as the actual property.
To truly become a great Property Manager, they have to be knowledgeable, efficient and innovative, as well as understanding these key points below.
Dealing with tenants, landlords and contractors everyday brings forward an obvious need for good communication skills. Being an organized, professional communicator goes a long way to bridging that gap between a Property Manager and those who they’re dealing with.
Good communication also allows the opportunity to reduce any disputes between the opposing parties, resolve any issues related to the property and potentially liaise with the property owner and any items that are required.
Understanding the local market
An important quality to have is a keen understanding of the local market, as it allows the Property Manager to understand the possible rent and value of a property. Local knowledge of the market is also essential as Property Managers need to be well-versed on certain rules that are regulated by the local council.
Keen investment interest
A great benefit to an owner is a Property Manager who has an investment mindset, as they are able to understand where changes need to be made in order to potentially raise a rent.
While not a trait that will immediately come to mind, having a mind for investment can often assist clients greatly, as they’re able to be proactive with making recommendations to owners, both for the betterment of the tenants and the landlords.
Protecting all parties
Strong legal protection can assist with a sense of trust for both landlords and tenants. Understanding of the state laws that are relevant to property management is a top quality for Property Managers, as it shows the tenacity to take that step further to look out for any potential legal issues and limit them, as well as potentially save all parties involved from any potential disputes in the future.
A Property Manager is essentially a Problem Manager, as they are looking at ways to solve things that go awry. Whether it be tenants going missing in action or tradespeople no-showing, a great Property Manager needs to be able to take control and solve the issue and not burden someone else.
Thinking outside the box helps greatly and is considered a great asset to have in a Property Manager.