There is no escaping the fact that the daily tasks of running a property management business can be overwhelming. To succeed as a property manager, you have to keep improving and updating your skills, or hire a property manager. A good property manager makes it look easy but in fact property management can be complicated and an inconvenience.
In this article, we will reveal 27 habits of highly successful property managers. They include:
- Improve your approach to technology, reporting and communication
- Create a killer playbook
- Stay organized and check tasks off your To-Do list one by one
1. Make communication a core competency
To begin, you need to create templates for everything. As templates automate communication, they reduce the need to redo the same thing time and time again. With experience you can tailor these templates to be the most efficient they can be. Creating property management templates on a website, for example. Tenants can download and submit maintenance request forms whenever they need them.
2. Successful property managers do not procrastinate
A successful property manager gets things done when they need to be done. They are also experienced enough to know which parts of their work are more important than others. In order to succeed in the industry, you must have good work habits.
3. Get up to speed and stay current on all things related to property management
You should stay current on changes to rules and regulations, rent rates in your area, and other trends in real estate. You want to assure the owners of the property that the manager you’re dealing with is knowledgeable, so be constantly learning.
4. Positive attitude
It is imperative that you maintain a positive, can-do attitude at all times, considering what you will be dealing with on a daily basis. There are going to be landlord-tenant issues, and you’ll also have to remain calm when things don’t go as you expected.
5. Develop a system to find the right tenant
It is crucial to have a system for screening and finding quality tenants to prevent landlord-tenant issues. You can use the system to automate background checks, security deposits, and related paperwork. However, you don’t want to eliminate the human element entirely, so it’s crucial to find a balance.
6. Be a forward thinker
Property management is undergoing rapid changes thanks to technology. Property management processes are becoming easier and more efficient using software, mobile, and cloud solutions. These changes have to be adapted and embraced to stay relevant.
7. Have a long-term strategy and set goals
Many property managers fail to do this. When you have a long-term strategy and set goals, you are thoroughly focused and motivated.
Here are some questions you need to ask before setting a long-term strategy.
- In terms of tenant retention, how has your property management performed?
- Could procedures be improved to better serve property owners and tenants?
- Are there ways to reduce expenditures?
- Is your service satisfactory to tenants and owners?
- Have you been efficient in collecting rents and deposits?
8. Be decisive
No matter what decision you make, stick to it. Any consequences should be addressed right away.
9. Successful property managers are curious
Curiosity is a habit of successful property managers. In order to achieve their goals, they are always seeking out better and more innovative ways of doing things.
10. Engage your residents
Learn about your residents personally. Get to know the people who live in the properties you manage. What you will learn from a quick chat might surprise you.
Other ways property managers can improve resident engagement are:
- Implement engagement strategy basics.
- Aim for transparency.
- Provide consistent, high-quality service.
11. Create a Playbook for Growth
12. Present a well prepared, clean and tidy property
First impressions last. Whether a client says “Yes” or “I won’t” depends on how you present the property, both online and in real life. You should inspect the property thoroughly before your client moves in. If there are any issues, you can identify them in advance.
13. Be self-driven
Successful property managers have a strong desire for success. Most focus on growing and improving as professionals and avoid distractions. They work hard to achieve their goals.
Professional property managers should:
- Dedicate themselves to discovering innovative solutions.
- Join associations.
- Conduct research.
- Attend seminars.
14. Complete quarterly inspections
An experienced property manager conducts regular inspections of the properties he or she manages. In addition to voiding insurance coverage, failing to do so will result in unhappy clients.
Other reasons to conduct regular inspections of rental properties are:
- Preserving and increasing the value of the property
- Identifying areas that need repairs and maintenance
- Confirming that no illegal activity is taking place on the premises
- Increasing tenant retention
15. Get your paperwork in order
Having a file management system in place will save time and you will be able to handle things like legal disputes, audits, and Fair Housing complaints better.
For example, you’ll be handling tenant files like:
- Property maintenance notices
- Rent payment records
- Move-in and move out inspection paperwork
- Security deposits and security deposit refunds
- Correspondence regarding approval
- Eviction paperwork
- Lease violations and corresponding action records
16. Identify opportunities where others see obstacles
Having the ability to solve problems that others are unable to is one secret of success. This is especially the case in management of property. Be proactive at all times.
17. Learn, from mistakes, colleagues and your network
It takes a lot of knowledge to be an effective property manager. It’s not necessary to be an expert in every field, but you should have a basic understanding of the fundamentals.
Managing a property isn’t enough. Additionally, you should be well-versed in marketing, accounting, and other real estate-related fields.
18. Be organized
Good organizational skills will enable you to handle any situation. Technology makes keeping things organized much easier.
In a survey conducted by Buildium, 81% of property owners said property managers should utilize technology. Property managers can use technology to perform tasks like finding good tenants, resolving maintenance issues, and tracking landlord-tenant disputes.
The following tips will help property managers stay organized and plan ahead.
- Create a communications protocol.
- Know which tasks you should outsource, and which ones shouldn’t.
- Always have a contingency plan.
- Minimize paperwork as much as you can.
19. Have clearly defined expectations
A property manager wants a good relationship with his or her tenant. In order to ensure this, boundaries must be established. A rigid approach can cause tension, while a casual attitude could be misinterpreted.
20. Managing your time is key
Managing your time is important. You become more productive and efficient when you know how to make the most out of your time (and how not to waste it).
Create a schedule and stick to it to manage your time. Prepare your workstation for tomorrow by making a large, visual to-do list.
Don’t be tempted to sit at your desk all day answering emails. Break up your day into chunks devoted to a single task at a time.
21. Successful investors act with integrity
A positive reputation will be built by acting with integrity. Integrity implies that what you do matches what you say.
22. Be proactive
It’s easier to avoid problems if you’re always one step ahead.
You can send out surveys. You can enable recurring payments. Send tenants a reminder five days before rent is due. Ensure tenants are insured. Be prepared for problems before they arise.
23. Be confident
It takes hard work to become a successful property manager. This requires a lot of practice. Nevertheless, if you become a trusted expert in your field, you deserve to be proud of yourself.
24. Avoid falling into the complacency trap
Property management is constantly changing. Keeping up with the latest trends is important to avoid complacency. It will make you more prepared for any situation.
25. Be dependable and available
Being available to landlords and tenants when they need you is crucial. This requires you to work with different types of people, and it’s your job to keep them happy. Regardless of how you resolve the issue, show them you care about getting it resolved as soon as possible.