What Makes a Successful Property Manager?

A successful property manager is similar to a cool dad in that he needs to possess a specific set of characteristics as well as other, more difficult-to-define skills.

In addition to being proactive, involved, up to date, and knowledgeable, a property manager needs to be able to listen and communicate. Additionally, he or she should be sensible, resourceful, approachable, and well-spoken. The list of "and's" goes on and on for all the property managers who are tirelessly working to succeed.

However, the majority of those who operate in the management sector concur that the most fundamental quality a competent property manager should have is the capacity for interpersonal interaction.

Being a property manager involves more than just maintaining properties and filling vacant positions. You must ensure that your tenants are content, the contractors are performing their duties, and your real clients—the property owners—are reaping the financial benefits of their investment.

Short version: Working in property management is never boring or simple.

Some property managers quit their jobs after a few years because they can't handle the long hours, constant stress, and demanding workload, while some succeed. Ever questioned why? It's as a result of their mastery of these property management secrets. Look at this!

Communication is Essential

Good communication is the lubricant that keeps a structure moving. The responsibility of the property manager is to ensure seamless operations, and this calls for communication between all parties involved in the building.

Conflict typically results from a misunderstanding, which is frequently caused by a breakdown in or lack of communication. A successful property manager must be able to understand other people's viewpoints, hear what they have to say, and find solutions.

The property manager must comprehend and weigh the opinions of various interested parties.

A Side Order of Knowledge

A good property manager keeps the board of directors updated on several levels, both financially and otherwise, in addition to communicating properly.

All correspondence between management, tenants/owners, the board, etc., as well as any other material pertaining to the building's activities, should be included in the second report. The manager can ensure that the board is educated and ready and less likely to be caught off guard by any unpleasant shocks by providing monthly updates to the board of directors.

Professional Decorum, Staffing, and More

A property manager must not just be focused on the future but also physically present, going to each building in their portfolio at least once or twice a week—without following a predefined visitation plan. A flexible visiting schedule helps prevent a building from slipping into disarray during the times when the staff understands that there won't be any drop-ins from a manager. Managing the building's personnel entails keeping them on their toes.

The manager is responsible for supporting the staff and building supervisors. if a hiring arrangement doesn't work out. The manager's responsibility is to help the super, explain what needs to be done and provide them enough time to handle things properly. A property manager must ultimately act in the interests of the entire building and neighbourhood. It depends on your point of view, but the outcome is the same whether management fires a staff member or the employee fires themselves.

A good managers must also conduct themselves properly while speaking with other professionals involved in running a building, such as lawyers, accountants, or other service providers. The same fundamental interpersonal and communication skills required to interact with everyone, together with knowledge of precisely what a professional must do, are essential to dealing with lawyers and accountants.

In terms of accountants, an organised property manager makes the accountant's job easier by keeping the building finances in order and providing the board of directors with the financial reports on a monthly basis rather than an annual basis. The required materials should already be complete and nicely organised if the manager followed up with documentation and handed it to the board.

The attorneys' duties, on the other hand, consist of collecting back payments and carrying out the board's rules. The managing agent is better able to support attorneys in their work by being present at every board meeting.

Tips to be a successful property manager

Get Organized

Although it might seem obvious, this is a crucial step in property management, especially if you oversee several rental homes. Establish your professional resolutions and goals for 2020 by planning ahead.

The key to becoming a good residential property manager is to establish a functional procedure if you don't currently have one.

A working procedure is a set of guidelines to adhere to, a thorough checklist that will enable you to offer the same high level of service to all of your clients that need property management services. This could significantly alter the way your company is run and how your property management company is run.

Assemble the Right Property Management Team

Without a doubt, you possess the talents necessary to run a property successfully. But without the ideal property management staff, a property management firm cannot succeed. This is particularly true as you start to expand and scale your activities. Let's imagine that you launch a tiny property management business with just two employees. You three are capable of handling the management of rental properties. You'll require a larger, more specialised crew as your portfolio, clientele, and network expand.

To do this, you must thoroughly screen, interview, and hire the correct team members, then adequately manage and train them.

Work on Your Communication Skills

Good communication skills are essential for a property manager. Dealing with landlords, clients for property management, tenants, or Airbnb guests, as well as cleaning and maintenance personnel, is part of the job of a property manager. You can get started by reading a variety of self-help books on business communication. However, smart communication advice is to listen intently and utilise basic, simple language as much as you can.

Additionally, there are a number of internet resources that can assist you in managing your clientele and improving communication with your real estate network. Look into the various options for communication management and select the best one for you.

In addition to the aforementioned, you are also in charge of a large group of people: the team or staff at your property management company. Therefore, it's crucial to make sure that your team has open lines of communication and that information is flowing freely and effectively among team members. If they don't communicate effectively, even the strongest teams can struggle.

Become More Knowledgeable

The age of information is upon us. The greatest method to succeed as a property manager in 2020 is to learn about the business and become an expert in it. The greatest method to help your customers and expand your property management company at the same time is to do this. You must be completely knowledgeable about the local rental properties and management businesses that compete with your own, as well as the overall real estate market data.

Additionally, you must have an in-depth understanding of the rules and legislation governing your local housing market in order to be a successful residential property manager. This will assist you in avoiding any legal problems that might develop with conventional or transient rental properties.

Use the Right Property Management Tools

In 2020, using clever real estate technologies will be essential. One of the best ways to succeed as a property manager and set yourself apart from competing businesses in the property management sector is to do this. After all, the market for property managers is competitive.

Never Take Good Marketing for Granted

Never undervalue marketing, particularly in the real estate industry. Ten years ago, the market was considerably different from it is today, and so are property management marketing methods. Do some study and develop a marketing strategy after keeping up with market and marketing trends.

Aim to increase your online presence this year. Many property managers use social media marketing for real estate, promoting their services on sites like Facebook, Instagram, and LinkedIn. You may increase your customer visibility and exposure by utilising social media marketing. This will ultimately increase the number of properties you manage and your profit. Marketing is an excellent approach to stand out in a crowded field of property managers.

Evolve and Develop

The final piece of advice we have for 2022 property managers is to grow and develop professionally. Successful property managers are always growing their companies and advancing their professions. You can achieve this by soliciting customer input frequently and making necessary improvements.

A straightforward "How could this experience have been better?" can make a big difference. Utilize the newest property management technologies on the market to stay abreast of market trends. Finally, take advice from your network and keep looking into ways to improve. There are times when it makes sense to resist change, but not when it comes to real estate management!

Here is an easy checklist of the top qualities to look for in a full-service property management company.

Leadership

The ideal property management business can assist in directing your neighbourhood towards a prosperous future. Ask the prospective property management businesses who your manager will be as well as who will be working with him or her when conducting interviews. Each property manager is supported by a knowledgeable team of professionals in a variety of disciplines, including HR, engineering, training, and accounting, who provide guidance and best practises in order to provide the finest service for your property.

Standard Operating Procedures

The top property management firm should have tried-and-true operational practices that it has developed through years of expertise. Make sure the business implements standardised procedures in each neighbourhood or structure it serves.

These operational procedures should include preventive maintenance plans, a comprehensive audit of all contracts and vendors, a transparent financial system and budget, and solutions that raise the property's value and the quality of life for its residents.

Contact us today at (03) 9998 1940 or team@klearpicture.com.au for a consultation!

Financial Stewardship

Look for a home management firm that has a staff of professional accountants leading its internal financial management. The best management firms will adhere to stringent internal auditing and accounting procedures to support the financial stability and health of your association.

Vendor Relationships

A property management business will be able to negotiate savings like discounts on community purchases and reduced prices for routine maintenance, while still maintaining a higher level of service if it has solid, long-standing relationships with reputable service providers.

Communication

One of the most commonly criticised aspects of property management is poor communication. Find businesses that offer a 24-hour call centre and other technological tools that let you speak with a specialist who can address your inquiries or fulfil your requests in a timely manner.

Attention to Detail

The ideal residential management business will give you a manager that pays close attention to detail, from your house itself to the residents who live in it. You likely are aware of the distinctive qualities and peculiarities of your neighbourhood; a property manager who inquires about them and attempts to comprehend what makes your property tick will be able to offer you the best service.

Responsiveness

In a community association, a number of problems could occur, therefore it is helpful to have a management business that can point you in the proper route. Real estate professionals invest the time to learn about the neighbourhoods and structures they manage. They are equipped and ready to respond to any problems that may emerge.

Commitment to Training

Only a competent, cohesive, and exceptionally trained workforce can deliver expert property management and great customer service. Look for property management businesses that are dedicated to offering their managers ongoing training, development, and education programmes, including hands-on, in-person, and online platforms. Your manager will be able to provide board members and residents with the best possible service since they will be up to date on industry and product knowledge.

Transparency

It's crucial that your residential property management firm does business completely openly. You should be able to request transparency from the business regarding any linked firms it conducts business with. An internal ethics hotline for reporting and documenting unethical behaviour is another beneficial resource that your property management firm should make available to its employees.

Focus on Sustainability

A business that is dedicated to being green will assist in lowering the carbon footprint, energy consumption, and operational costs in your neighbourhood to produce a healthier (and more cost-effective) living environment.

Accountability

Great property management firms shouldn't be complacent about their successes. They must to be flexible, cooperative, and constantly striving to enhance both their product offers and client support. Inquire as to whether your company will regularly receive frank board member input on how they are doing and whether they will act on that feedback to improve how well they serve your community.

Ability to Listen

Although it might seem elementary, it is crucial—and frequently a flaw of many highly skilled property management firms. Some businesses might believe that because they have been around for a while, they already know what your community needs. The full-service association management solutions and value-added services of a firm that can communicate effectively with your board and listen to their demands will be able to help you fulfil your objectives and realise your community's vision.

The phrase "teamwork makes the dream work" may sound cliche, but it is true. It takes more than one person to handle all of the duties associated with being a property manager. Owners and tenants will be more satisfied the more resources you have available for them to use.

The tier system, which consists of a leasing agent, an assistant leasing agent, and a property manager, is one particular system you can use. All owner-related and delicate issues will be handled by the property manager. For all current tenants, the assistant property manager will serve as their primary point of contact. The leasing agent will plan all property showings and respond to all requests for rentals. In this approach, clients may speak with a specific person and problems are treated much more quickly. In order to address various concerns, it is also crucial to have departments for maintenance, accounting, and insurance.

Your major objective is to satisfy the client. More business comes from satisfied customers, and greater success comes from more success!

Summary

A property manager must be proactive, involved, up to date, and knowledgeable. He or she also needs to be sensible, resourceful, approachable, and well-spoken. Good communication is the lubricant that keeps a structure moving. Some property managers quit their jobs because they can't handle the long hours. A property manager must not just be focused on the future but also physically present, going to each building in their portfolio at least once or twice a week.

Good managers must conduct themselves properly while speaking with other professionals involved in running a building, such as lawyers, accountants, or other service providers. A working procedure is a set of guidelines to adhere to, a thorough checklist that will enable you to offer the same high level of service to all of your clients. This could significantly alter the way your company is run and how your property management firm is run. In 2020, using clever real estate technologies will be essential for property managers. Never undervalue marketing, particularly in the real estate industry.

Develop a strong online presence and stay abreast of market trends. The ideal property management business can assist in directing your neighbourhood towards a prosperous future. Each property manager is supported by a knowledgeable team of professionals in a variety of disciplines, including HR, engineering, training, and accounting. The best management firms will adhere to stringent internal auditing and accounting procedures. Real estate professionals invest the time to learn about the neighbourhoods and structures they manage.

An internal ethics hotline for reporting and documenting unethical behaviour is another beneficial resource that your property management firm should make available to its employees. A business that is dedicated to being green will assist in lowering the carbon footprint, energy consumption, and operational costs. It takes more than one person to handle all of the duties associated with being a property manager. The full-service association management solutions and value-added services of a firm that can communicate effectively with your board and listen to their demands will be able to help you fulfil your objectives.