5 Tools A Property Manager Needs to Succeed
Property management requires a unique set of skills that can be challenging to master. To succeed in this highly competitive field, property managers need to possess certain qualities and develop a specialized toolkit.
Having a natural curiosity to learn is an important skill that property managers should always maintain. This can help them stay up-to-date with market trends, landlord/tenant legislation and other industry information that may impact their building.
1. Software
Property management software automates back-office tasks like rent collection, maintenance requests and tenant queries. This frees up time for managers to focus on marketing their properties and attracting new tenants.
Managing properties with multiple units can be difficult without the help of property management tools. Software allows managers to keep track of all the tenants and their specific needs with a few clicks of the mouse.
Many of these tools are online and allow for tenants to pay their rent via etransfer or credit card, as well as storing leases and other important documents online in secure storage. Another helpful tool is a lead qualification tool that automatically emails or texts warm leads, so the property manager doesn’t have to manually contact them. This saves time and money in the long run.
2. Technology
Good property managers use their technical skills to implement efficiency across multiple aspects of their business. This can include rental property management software, channel management tools and automation solutions. Proptech helps them replicate optimized workflows for growth and improve the overall quality of service to their clients.
They also have a high level of professionalism. This is especially important when dealing with unhappy tenants or vendors. A professional will remain calm and courteous during even the most stressful situations.
Finally, a strong property manager will be able to keep their client relationships on track by staying current with local fair housing laws and other industry updates. A disorganized property manager may come off as frustratingly unresponsive to their tenants, which can affect lease renewals and client retention.
3. Communication
A property manager needs to be able to communicate effectively with tenants and owners. This involves delivering information clearly and concisely, as well as establishing a professional demeanor. Having excellent communication skills can help you build trust and loyalty among your clients, as well as help ensure that all aspects of the building are running smoothly.
Tenants and owners depend on clear communication about building policies, maintenance updates and other important details. For example, they often need to be updated about upcoming construction projects or renovations. Additionally, residents expect that the property manager is open and honest about any issues that may arise. Creating a protocol to share information regularly with tenants and owners can help prevent any miscommunications. This could include a weekly meeting or a shared spreadsheet where you divulge important property information.
4. Time Management
From addressing resident requests to negotiating contracts with trash removal providers and janitorial services, property managers are constantly dealing with multiple issues. This makes it vital for them to have solid time management skills in order to complete their daily tasks.
A good property manager knows how to use the latest technology tools to increase efficiency. They also know how to set a schedule that allows them to be productive throughout the day, without becoming distracted by other work or social activities.
Effective property managers know how to utilize automation tools, such as Contact Junkie, that allow them to automate some of the most time consuming processes such as marketing. This helps them reduce the amount of work they put in on a regular basis and improve their efficiency and reliability.
5. Organization
As a property manager, you will be juggling multiple tasks simultaneously. This requires excellent organizational skills to ensure important tasks do not fall through the cracks. Additionally, digitalizing your paperwork is a great way to improve organization and prevent losing documents.
Forming a strong team of property management staff will save you time and money. Create “squads” that consist of a property manager lead who handles client relationships, a property manager assistant who deals with tenant issues, and a maintenance coordinator who assists with maintenance requests and inspections. This ensures your clients have a single point of contact and allows new employees to quickly get up to speed.
Make your residents feel like they’re part of a community. This will increase the likelihood of them renewing their leases and recommend your property to others.
