As profitable as real estate is, not everyone has the time or energy to manage it efficiently. For owners that fit this profile, the solution is obvious. Rather than miss out on a lucrative investment opportunity, you can hire a property manager to do the grunt work.
While this article doesn’t detail how to become a property manager, we will flesh out some of their most important requirements. Join us to outline the top 5 skills every property manager should know.
Property Management Skills
Communication is a non-negotiable skill for a property manager. These professionals act as an intermediary between landlords and their tenants. Thus, they’re constantly in a position where they have to relay messages between the two parties. Dropping a reminder to pay rent, updating their boss on the accounts, or serving an eviction notice, are all communication examples.
This skill set closely ties in with customer service because property managers have to make themselves available. After taking out a substantial home loan, the last thing any investor needs is a professional that struggles with listening and relaying messages appropriately.
Efficiently managing a property takes a lot of work, so property managers almost always have their hands full. Their job description covers various tasks requiring different skill sets, from marketing vacancies to handling tenant complaints. With so many duties to perform, organization is vital to keep up with such a demanding role.
Without a tight schedule or the ability to multitask, the workload will weigh down on any professional. That’s irrespective of whether the property manager knows your state landlord-tenant laws from cover to cover. Well-organized specialists can meet their deadlines without letting the job stress overwhelm them.
Sales is an essential skill for any property manager to have in their arsenal. Since vacancies go hand-in-hand with real estate, these experts need to be familiar with the most effective marketing tools. They need to know how to target the right audience, stage a successful viewing, and compel prospective tenants to put in an application. Further, they have to effectively screen the candidates to reduce tenancy turnover and find well-behaved tenants.
Besides, freelance property managers also have to market their skill set to prospective clients. Even companies have to think of innovative ways to draw in new clients that will hire them.
Another essential role property managers have to play is that of account. Every professional must have some basic knowledge of property finances and how they work because they’re responsible for the profit and losses of a rental. Even if you have the latest property management software to help, you still need to input the correct data. Property managers need to accurately track the incoming funds and outgoing expenses of the units they manage.
For example, you could upset your books without a valid account of who has and hasn’t paid rent. That confusion could result in avoidable arguments with your tenants and cause friction that affects their tenancy.
- Attention to Detail
Finally, every property manager must have a keen eye for detail. For instance, if a professional can’t spot the early signs of mold infections, it might have profound implications. Firstly, it could affect the health and general wellbeing of the tenants, who could, in turn, sue their landlord. Next, it might compromise the integrity of the building and cause the owner a lot of money trying to fix the issue in its later stages.
Also, tenant damage that goes unnoticed during an inspection will cost the landlord repair expenses. Without enough attention to detail and some technical property know-how, a property manager could miss several crucial things.
Property Management Training
- Earn a relevant degree
Property managers must undergo an intense training course to attain the multiple skill sets we’ve outlined. One of the first steps towards this goal is earning a relevant degree. Although some might not consider this stage necessary, it certainly gives relevant degree holders an edge. If you’re looking to get a higher education, relevant courses include those related to real estate, management, accounting, or business.
- Attain the right certification
Next, you have to attain the proper certification. Most states require that reputable property managers register with a state control board that monitors the profession. To that end, you might look into enrolling in these mandatory courses and completing them in the allotted time. Further, property managers might also upgrade their skillset by attaining higher distinction certifications like Master Property Manager (MPM) or Certified Property Manager (CPM).
Property Management Jobs
- Apply for an entry-level position
If you’re looking to start a career in property management, you should look into entry-level jobs. These are especially great if you have no previous employment history as they rarely require experience. You could opt for job descriptions like the assistant [property] manager or try other positions such as maintenance support.
- Consider non-traditional options
If you’re having difficulty landing an entry-level job, seek out other non-traditional roles. The crucial thing to remember is that it has to have transferrable skills that can push your [property] management career. For example, a resort assistant has to communicate with the guest, facilitate cleaning and maintenance of rooms, and keep bill and payments records. These tasks are pretty similar to a [property] manager’s and make career transitioning more fluid.
Property managers are more relevant than ever with the real estate industry growing. However, the success of these professionals depends on their arsenal of skills essential for completing their jobs. This article outlined the top 5 skills every [property] manager should know. Without communication, organization, sales, accounting, and attention to detail, a rental business indeed suffers. Thus, it would be in your best interest to seek a professional [property] management company with skilled experts who can ensure your success.