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The Top 5 Qualities Of Successful Property Management professionals?

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The Top 5 Qualities Of Successful Property Management professionals?

  • 23 Jun 2023

You manage properties, but are you a good one? Sometimes we can put so much effort into becoming what we are that we forget to put as much effort into excelling at what we do. Because, as we all know, being too comfortable may ruin a career.

Therefore, if you're seeking for ways to accomplish your work more effectively, these are the traits that I believe successful property managers have in common.

1. You’re organized.

You have a lot of duties, especially if you are in charge of several properties. In a single day, you might have to deal with a tenant who is upset that their security deposit wasn't returned, another tenant who is complaining about a noisy neighbour (so you'll have to deal with two tenants, the noisy one and the aggrieved), and perhaps some residents who are bringing up maintenance issues.

Of course, there are many moving components in every work. Additionally, it is entirely doable to maintain organisation so that nothing is overlooked. However, a property manager's lack of organisation will be the cause of their failure. You need a way to manage all of the information that is coming your way every day, if not every hour. It doesn't matter if it's the people you work with who keep you focused, the organisational software and technology you use to stay productive, or you're going old school with some system you've developed on a notebook.

You will exhaust yourself if you don't.

2. You enjoy property management.

I imagine that very few young children tell their parents and teachers that one day they hope to work as a professional property manager.

That's not a knock on the pitch I chose. I'm merely pointing out that it can appear to be a mundane subject at first. However, as someone who specialises in property management, I can attest that it resembles being a reporter or a detective in certain ways.

Being a property manager involves you in a lot of tales, which is a little like journalism and detective work. You sometimes have to unravel mysteries in those stories. Perhaps one week you have to deal with a mouse or bedbug issue (let's hope not), and the next week you have to deal with evicting someone (again, let's hope not).

While this is going on, zoning laws frequently change, so it's important to keep track of any modifications that might have an impact on the properties you manage. There are frequently deadlines to remember, such as those for paying taxes. Some folks are drifting off here, but property management companies must issue Form 1099-MISC to any unincorporated vendors they've worked with if they were paid at least $600.

3. You’re good with networking.

In reality, a large portion of a property manager's job is making connections with other people who can handle all of your needs.

You should be aware of who to call if you have an electrical or plumbing issue. Working with pest control companies, landscapers, lawn care companies, heating and cooling experts, roofers, general contractors, and who knows who else is likely.

If you know who to call to fix problems — and who you need to hire to inspect and prevent issues — you’re going to be a very effective property manager.

4. You’re business-minded.

A property's management is a business, after all. This is a business, whether you run a franchise for a property management firm like the one I own or you are a landlord with one rental property. Rents may be set by you, and they are undoubtedly collected by you. Additionally, you market to potential tenants, and naturally, a large portion of your time is devoted to satisfying your clients—the tenants. Additionally, you must confirm that the vendors you engage with maintain acceptable and competitive prices.

A property manager who doesn't treat the building they're managing like a business is probably not going to last very long.

5. You’re a positive person.

Or perhaps you're a people person, but positivism, in my opinion, definitely helps. The majority of people who phone you, including the tenants, have a problem they're hoping you can solve. Rarely will someone call you and say, "Hey, for no particular reason at all, I just wanted t

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