Often times, people look at property management as a necessary evil – that is, something that has to get done but something that they do not want to do themselves. As a result, more often than not, property owners will hire professional property management firms to manage their asset(s). But what differentiates a great property manager from a good property manager? Below are five traits that ALL great property managers must possess in order to thrive in their industry.
1. Be available 24/7
Property management is all about being available for your client or your client’s clients when there is an issue. Dealing with problems in a timely manner goes a long way to ensuring that all parties know you are working for them.
2. Know who you are working for
As a property manager, your key obligation is ultimately to the landlord since the property owner is paying for your service. Notwithstanding, you deal with tenants on a daily basis and need to do your utmost to ensure that they are happy and successful, striving to achieve the perfect balance between smoothing and minimizing operating costs while ensuring first class maintenance of the property asset. Always keep in mind that successful tenants make profitable properties.
3. People person
Property managers continuously deal with different stakeholders. Be it a trade, a tenant, the landlord, or just a tenant’s patron. Special attention must be paid to the context of the interaction. The most successful property managers are those that are able to wear multiple hats and take on various roles.
4. Attention to detail
The more organized you are, the greater the likelihood that you will excel as a property manager. More often than not, an individual property manager is responsible for multiple properties. As a result, in order to keep on top of all issues and keep all stakeholders happy, strong attention to detail is essential.
5. Know your team
Numbers four and five work hand in hand with each other. The property manager must be able to disseminate their teammate’s skills and know who excels at certain roles. This will allow them to delegate certain tasks and in turn be more focused and organized. As a result, often times the leading property management firms are those that have the capacity to hire the most skilled support staff such as Property Administrators and Property Accountants.
Additional attributes of a great Professional Property Manager/Property Administrator:
- Manage properties as if they were your own
- Budgetary compliance
- Leadership skills
- Maximize revenue and appropriately minimize expenses
- Industry knowledge
- Multi tasking/problem solving skills
- Dependable & reliable
- Time management/organizational and communication skills
- Initiative, patience & flexibility
- Ability to work independently and in a team setting
There are intangible skills that a great Property Manager and Property Administrator possess that are honed only through experience. Property Management is not an exact science and a great Property Manager/Property Administrator should operate with an open mind to allow him/herself to continually grow as a professional.
With the information provided, it should prove useful when evaluating your options for a property manager. Selecting a great property manager as opposed to a good property manager will ensure that your asset is managed effectively, ultimately maximizing your returns.
Shindico prides itself on utilizing industry leading technology and best practices; however, it is truly the human element that sets us apart. Our people make the difference.
For 40 years, Shindico has been constantly striving to offer our clients innovative and effective business solutions with superior service that sets us apart.
Because our mission is “Succeeding by Helping Others Succeed”.