Being a property manager can be quite demanding. Juggling landlords, tenants, neighbours, property maintenance technicians, contractors, someone always needs your attention.
On top of that you require a wide range of skills, and need to balance your daily responsibilities and tasks. Luckily, property management can also be extremely rewarding if you can prioritise and manage your stress levels.
To help you minimise stress levels to maximise productivity on the job, we've put together a list of the top property management secrets to help you become more successful in your career.
1. Know your property like the back of your hand
It is essential to be informed and to know everything about all your properties. This will enable you to answer questions from potential tenants and offer additional details.
Knowing your property's unique features or issues will also help you give more information to potential tenants. They might even be more inclined to trust you if they see that you are extremely familiar with the premises.
Knowledge of the neighbourhood and general area is also very valuable. This will allow you to offer prospective tenants information about shopping centres, transportation, parks, venues, restaurants. Tenants can decide whether or not the area is good for them.
It’s a good idea to avoid discussing sensitive subjects like churches, schools, crime rates, or racial population. Giving unsolicited information about these topics can be considered illegal steering.
2. Be reliable and available
In the real estate industry, being reliable is extremely important and can make a difference between being successful and failing.
Communications such as emails and phone calls should be answered in a timely manner. If you manage several properties simultaneously, you’re busy. But, being available to landlords and tenants should be a top priority.
Keep your personal life separated from your work. It’s recommended to have a personal cell phone number and a business one. As long as your clients have your email address, and they are familiar with your work schedule, everything should be fine.
Being able to manage your time efficiently and organising your work can help you be more reliable. Make sure that you do not spread yourself too thin. Your meetings should be scheduled according to your clients’ needs.
Lastly, a vital quality needed in real estate; people skills. There’s no doubt that you will interact and work with a lot of people and you have to ensure that they satisfied with your services. Making everyone happy is impossible, but you should do your best to provide a good customer service experience.
3. Apply good marketing techniques
To be successful, property managers must be able to convince property owners of their capabilities and skills. Additionally, they must also spike the interest of tenancy applicants.
Owners have to be confident that their property manager will find good tenants and be able to manage their properties fortuitously. Tenants, on the other hand, must find the property interesting. This is precisely where the manager’s marketing skills come in.
A large number of people who are on the lookout for rental properties will use the internet to find them. Some of the most popular Australian rental listing websites are realestate.com.au and rent.com.au, but you can also promote your property on Facebook. Be sure to include high quality photos, a good description, and all useful information in your listing.
To learn more about managing properties successfully, you can check out our article ‘The Ultimate Property Manager Checklist’.
4. Work with team of talented professionals
It may sound like a cliché, but in real estate, good teamwork is extremely important. There are so many responsibilities that come with managing properties and one person cannot handle all of them. Having more resources can enable property managers to offer a wider range of services.
The most popular system used by property management companies is the tier system consisting of a property manager, an assistant property manager, and a leasing agent.
Within the tier system:
- Property manager - handles the owner-related matters that are more delicate and complex.
- Assistant property manager - represents the main contact point for all existing clients and tenants.
- Leasing agent - handles all the property showings and the rental inquiries.
The main advantage of this system is that the property manager will be able to focus on the difficult aspects of the job, while the assistant and leasing agent will handle the rest.
To grow your property management business, you will also need an accounting department, a maintenance department, and an insurance department.
In order to be successful in the real estate industry, a property manager should focus on satisfying the clients. Having happy clients will always mean more business, and growing a business will lead to success.
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