The ability to multitask is a skill that any property manager (aspiring or otherwise) must possess. As the bridge between owners and tenants, they must know how to juggle both parties’ needs for a long-lasting and mutually beneficial relationship. These professionals are also responsible for maintaining a property’s attractiveness and preserving its real estate value.
While a high school diploma is the minimum requirement for this career path, clients prefer to deal with those who have a background in real estate, business, or finance. Make no mistake, however: property management is a very viable, lucrative career path (property managers earn anywhere from $45,000 to $60,000 annually, depending on the properties they manage), especially for people who love continuous learning experiences and working with a diverse demographic. It just takes some grit to establish yourself in the industry.
Property managers are expected to handle assignments for houses, condominiums, apartment buildings, hotels, office buildings, and even vacant plots of land, among others. With such a high degree of responsibility, there are several qualities required to pursue a career as a successful property manager.
Knowledge and Experience
Though a degree is not mandatory for a property management career, it still gives others an edge over the competition when it comes to the accounting aspects of the job. Considerable knowledge in finance, real estate, and business equip aspirants with the basic tools to succeed in this field. Experience in assisting a property manager also helps develop familiarity and other qualities for the job.
Good Communication Skills
Working well with people from diverse backgrounds, cultures, personalities, and income groups are a must for any property manager. The ability to rationally negotiate complaints and other issues from irate tenants, as well as convince owners to invest in renovations for increased property value all factor greatly in an outstanding property management career.
Furthermore, building relationships, maintaining old ones, and attracting new clients all hinge on a friendly and pleasant attitude. Being calm, level-headed, articulate and professional also solidifies a positive reputation in this business.
Strong Organizational Skills
When handling multiple properties and tenants, being organized helps sort and prioritize all its required tasks. Important details like the contact information of tenants, owners, maintenance crew, contractors and such should always be on-hand to a property manager. This way, they can respond to various situations and requests promptly. An exemplary property manager also keeps due dates for lease payments, inspections, and bills listed and organized in a calendar so that none are overlooked, and all tasks are accomplished on-schedule.
Detail- and Research-Oriented
Protecting the interests of both client landlords and tenants rely on rigorous attention to detail, especially where laws on fair housing and handicap accessibility are concerned. Real estate laws are ever-changing, and property managers should always be up-to-date on any amendments to federal and state laws, local building codes, ordinances, as well as other legal requirements that affect the properties he or she manages.
For those interested in pursuing this career path, finding a first-class property management franchise is an excellent place to start. A job like this — helping people take care of their real estate needs — is always a worthy and rewarding endeavor, so be sure to find the support you need to do it well.