5 Qualities of A Great Property Manager

Have you ever wondered whether you have what it takes to make it as a successful residential property manager?

It should come as no surprise that most jobs require a certain set of skills and qualities in order for you to be successful.

And, being a rental property manager is no different. However, not all the qualities that are required for success in this industry come naturally.

Thus, today we are going to share the qualities that make for the most experienced and knowledgeable property managers, so that you can work on improving the areas that you feel you need to reach the success you’re after.

Let’s see if you have what it takes.

Top Qualities of a Great Property Manager

1. Strong Communication Skills

Rental property management companies should aim to hire property managers that excel in communicating with many different types of people.

Tenants, property owners, vendors, and co-workers are just some of the people that you as a property manager will come into contact with on a regular basis.

Forging solid relationships with all of them starts with being able to listen, understand, and communicate concerns, praise, and friendly dialogues every single day.

These skills have the potential to set you apart from all other property managers.

2. Professionalism

Great property managers know that they are in the business of managing rental properties.

This also means they understand that while handling rental property matters, there has to be a certain level of professionalism in everything they do.

Being able to separate your emotions from decisions and situations will put you ahead of other of property managers that you compete with.

There’s no denying that it is challenging to remain conscious about staying professional at all times, despite what may be going on.

No matter what the situation, always aim to do right by your client, stay firm when it comes to abiding by the rules, and don’t ever let your property owner or their tenants take advantage of you.

3. Organization

Handling multiple property owners, properties, tenants, and any administrative work you are responsible for can become overwhelming quickly.

Thus, one of the most crucial qualities an exceptional property manager has is the ability to stay organized.

And, with organization comes the qualities of being detail-oriented, calm under pressure, and able to multi-task.

Here are some tips to help gain confidence, and be successful, in handling many things at once:

• Create a list of three important tasks to finish every single day
• Make sure these three things are of significant importance, meaning they will make a difference in the outcome of your day
• Aim to finish those three tasks, and do them well
• If there is time at the end of the day, focus on something new
• If you finish those three things and nothing else, consider yourself well-accomplished for the day

Now, there is always the chance you will not finish those three tasks every day.

And, that does not make you a “bad” property manager.

However, aiming to achieve those three tasks every day will give you focus.

It will force you to prioritize daily the important things, push you to do your best, and help fulfill your obligations as a property manager.

Utilizing this system of organization and multi-tasking will shape you into a great property manager in no time.

4. Education

When it comes to being successful in any business, even the rental property business, education is a great way to help you succeed.

A degree in accounting or business management would be helpful in dealing with the administrative side of the rental property business – an area that many inexperienced property owners fail at.

And courses or certificates in real estate will add to your foundation, as well as help you gain skills to grow your property management business.

However, if you do not have the formal education backing your title as property manager, don’t worry. You can aim for experience instead.

This type of “education” can sometimes prove more helpful than what you learn in courses and books.

Experience as a previous real estate agent, broker, or even property manager’s assistant can give you the much-needed knowledge to make it in the world of property management.

5. Honesty

One quality that is never to be underestimated in any business venture is that of honesty.

Holding true to your word, following through on what you say you will do, and always following the rules and regulations will help you achieve the success you’re after.

You should also have a strict follow-up procedure when it comes to dealing with your property owners or their tenants, no matter how minor their concern may seem at the time. This element of customer service will do wonders for your reputation, and help build your business more quickly.

If you’re looking to become a property manager, or are already one and want to improve upon yourself and thus, your business, take a long hard look at yourself and see how you measure up to the above-mentioned qualities.

By putting in the time and effort to excel in each of the categories above, chances are you’ll find yourself with a highly profitable business that puts you into rank with some of the greatest property managers around.