Property management equates to challenges and rewards. Compared to some professions, the skills needed for successful property management aren't as straightforward.
The best property managers have a variety of skills and habits in their toolbox. In this post, you'll learn all about the various aspects that make up the skill set of an amazing manager.
Skill #01: Keeping a professional mindset
When dealing with tenants, emotions may go up and down, but property managers need to retain their professional demeanor. That's a skill that every manager needs to perfect over time.
Many situations, especially those involving different types of tenants require you to navigate between being friendly and firm. This balancing act can only be successfully pulled off when it’s based on purely professional behavior.
In other words, you need to know the boundaries to stop and take a breath before sounding too strict or friendly.
This professional attitude has another side. It's absolutely essential to think professionally as well. This means a structured, proactive, and ethical way of making your decisions on the fly.
Sometimes situations don't have clear solutions that are determinable right away. In these cases, you have to keep in mind the interests of all the parties involved. It's not easy but developing the skill of acting and thinking professionally goes a long way.
Skill #02: Delivering great communication
So many misunderstandings, conflicts, and problems are avoidable by ensuring clear communication from the start. Successful property managers know how to express themselves in a clear, concise way.
Sure, communication skills can be built up by taking courses. Still, the best way is to practice it in as many situations as possible. Solid communication is needed in many situations: from delivering bad news to negotiating the contract details.
Arguably, a property manager with meager communication skills won't last long on the business. One of the ways to develop good communication skills is actually watching and listening. Some managers meet with others in the same field just to see how they act and speak.
It's always smart to stay humble and learn from the best. Only this way you are able to guarantee that you truly are trying to reach the heights of communication skills.
Skill #03: Knowing the ins and outs of marketing
Property management isn't only about maintenance and clear and constant communication. A property manager also needs to take responsibility for marketing the properties as well. These marketing activities include building property manager websites, writing the listing descriptions, and picking the best photos or videos.
Marketing carries many skill subsets. One of these subset skills involves understanding the needs of potential tenants. They need to make sure that the highlighted amenities need to reach the right target group.
In this age, it's important to understand the digital marketing game. While traditional marketing channels still exist, digital solutions are seriously blooming.
That's why successful property managers know their way around social media channels, custom websites, popular listing directories, and other potential marketing channels. Furthermore, photo and video editing as property marketing skills are invaluable.
Skill #04: Understanding the economy and investing
All properties exist as part of the wider economic reality and the real estate market. Ingenious managers know when to raise the rent, what kind of financial contracts to create, and other decisions related to the economy.
In the end, almost all of the decisions made by the managers have something to do with finances. All the choices create a complex reality that a savvy property manager can easily navigate.
Another aspect of this skill involves thinking like an owner. Just doing what you're supposed to' is definitely not the path to ultimate property management success. Acquiring the owner mindset means taking responsibility and focusing on long-term investment results.
In return, the actual owner might offer more properties or financial bonuses when they can see the manager's proactive and investment-conscious attitude.
The bottom line: what skills do property managers need?
Property managers need a variety of skills to successfully compete with others. In this post, we highlighted four key skills: professional mindset, communication, marketing, and knowing the economy.
A professional mindset allows you to build all the other skills on a solid foundation. Great communication skills allow the property manager to effortlessly get things done.
Marketing, especially the digital one, is necessary to keep the properties under the spotlight and find the right people for tenancy. Finally, freely navigating the economy and thinking like an investing owner is essential to construct a sound financial ground for the properties.