Top 5 Qualities of a Great Property Manager
It may be an overused phrase but it’s the number one thing that all property managers need to have. Excellent communication! This doesn’t just mean communicating with their tenants, but also with clients, vendors and even internal communication. Let’s say a tenant calls with a maintenance request, this now immediately puts you in the situation of needing to communicate with 3 different people: the tenant about their request, the owner to get approval and with the vendor to get everything scheduled appropriately. One miss-step and this whole situation can become a nightmare. Plus, if you don’t keep the rest of your office abreast of the situation, then they could be calling a different vendor, or updating the owner/tenants with inaccurate information. Great property managers recognize this and strive to keep the lines of communication open with all their contacts.
Great property managers think about things from multiple options and question every situation they are in. Whether it be investigating why a long-term tenant has suddenly given notice, or looking at their current marketing strategies and looking into other options to see if they are getting the most bang for their buck. “They’re not afraid to ask questions, do research, and delegate to others the task of finding solutions” (Courtenay, 2017). It’s in the nature of most people in this field to want to understand why some things work and others don’t so that they can make sure that all of their clients and tenants are getting the absolute best options available.
Humility is one of those traits that often gets overlooked or misconstrued as a lack of confidence. “With their humility comes a sense of altruism and a desire to know they are making a positive contribution to society” (Courtenay, 2017). This is a trait that great property managers have because if they don’t they often come across as over-confident or even condescending when trying to explain things. Property Managers can’t be driven by their egos or we would never be able to bite our tongues when a tenant or a client pushes us to the edge. We must be able to admit responsibility for mistakes and sometimes take the brunt of a tenant’s frustration even when we have no control over a situation.
Organization is very import throughout all aspects of our lives, but it’s also one of the most important traits that property managers can have. We need to have information readily available for clients, owners, vendors and realtors depending on who we are working with at the time. Without organization, something important will fall through the cracks. Luckily, the era that we’re currently in encourages use of technology to assist in staying organized. It allows us access to cloud based storage of information and property management software. As well as, general access to all the information on our properties. Sure beats having to search through paperwork or binders to find. Technology is a property manager’s best friend when it comes to staying organized.
Flexibility.. and the lack thereof
As a property manager we must be flexible and be able to go with the flow. When an owner or a vendor calls with a last-minute change to a long-term project, you have to be able to jump on board and start assisting them. You need to get the situation resolved in the most efficient way possible. On the flip side of that coin, we need to know when we can’t be firm. It is okay to allow some leeway for a long term, good paying tenant if they have a ‘situation’ come up. However, when it becomes a habit you have to know when to put your foot down. It’s a balancing act that having too much of one or the other can cause you to topple. A great property manager knows just the right balance of flexibility to have. They also know when someone is trying to take advantage of that.