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Six Traits All Property Managers Should Have

Traits Property Managers Should Have

Owners of rental properties rely on their managers to act in their place. They give property managers the authority to lease vacant units, collect monies owed to them, and network with vendors like landscaping contractors.

When you have accepted a position as a property manager, you also will be expected to bring a certain level of capabilities to the job. These six property management skills are among the most important that you should master during your career as a property manager.

Financial and Accounting Skills

While some rental agencies outsource their finances and accounting to a CPA, other property owners prefer to keep the management of their finances in-house. The task of staying on top of the owner's rental income will fall to you as the property manager.

You will need to perfect how to collect monthly rent payments, pay bills, outsource cash to vendors like lawn care contractors, and figure out late payment penalties and fees. You will be in charge of balancing the office's books and knowing how much money the owner has on hand at any given time. You also could be in charge of compiling tax documents for the property and its owner.

Responsive Customer Service Skills

As a property manager, you also need to have responsive customer service skills. The tenants who rent from you will expect you to have timely and accurate responses to their questions and concerns. You have to be able to think quickly on your feet and come up with innovative solutions to their dilemmas.

You also have to be ready to take responsibility for tenants' complaints about their units and act decisively and promptly to handle maintenance or safety concerns. You can show your responsiveness to tenants' needs by having a list of pre-approved contractors like plumbers and HVAC techs on hand and knowing their availability and pricing.

Organization Skills

Property managers like you need to focus significantly on organization and detail. You have to be able to handle your everyday tasks like collecting rent and showing vacancies. However, you also need to be able to look at the bigger picture and avoid overlooking security, maintenance, and organizational concerns that could lead to more significant issues to handle later.

Organizing yourself as a property manager can be easier if you establish a routine and pattern for dealing with your regular tasks. You can devote most of the morning to returning phone calls and contacting maintenance or repair contractors. You can then use the afternoons to show vacancies and vetting new applicants for apartments. Having a routine in place can make managing the overall property more convenient.

Marketing Skills

Your career in property management will call for you to market the property to potential new tenants. You need to recognize who your ideal target audience is and then create property descriptions that speak to them.

Marketing the property will likewise call for you to highlight its amenities and showcase the attributes of the neighborhood. You will need to know how to list these property descriptions on websites like rental forums as well as the property's own website. Your skills also will require you to know how to use digital marketing to the property's advantage.

Assertiveness

Property managers like you have to strike the perfect balance between patience and aggressiveness. As an assertive property manager, you will be able to track down late rent payments and hold contractors to their end of the agreements between them and the property owners.

Your assertiveness will also give you the confidence and capabilities to appeal to interested applicants and turn away people who would be detrimental to the property. This skill will benefit the property and its owner by ensuring its profit every month.

Investor Mindset

Your success as a property manager could be linked to your ability to think of the property as your own. With an investor mindset, you will regard the rental property as not just a place that you manage. You will see it as a place in which you have a vested interest to ensure its success.

This mindset will also give you the ability to look at the bigger picture and come up with innovative solutions for managing it. You can make important decisions regarding it and know on what to spend money each week or month to maintain it.

Perfecting these six skills can help you enjoy a successful career as a property manager. They allow you to take care of the property to the satisfaction of its owner. They also ensure the happiness and safety of the people who rent from you.

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