Good vs. Great: How to Be a Great Property Manager
Being a property manager is a great career option, but if you really want to succeed in the industry and keep customers happy for the long term, you need to know how to be a great property manager. Of course, that doesn't mean you can't have any success as a "good" manager, but being "great" can help you grow beyond where you are today.
Moving from good to great isn't necessarily that difficult when you know what to do. If you can make the move from the good property manager you already are to the great property manager you want to be, you'll be able to dominate your local market and increase your company's value.
Fortunately, there are some simple things you can do to improve what you bring to the table for property owners and tenants. Here's what you need to know when you're focused on achieving greatness as a property manager.
What are the Characteristics of a Good Property Manager?
To be a good property manager, you need to have important skills. For example, being efficient and organized is extremely valuable. Without organizational skills, too many things will get lost in the shuffle. Likewise, if your property management company isn't efficient, problems won't get handled, and tasks won't be completed on time.
Strong efficiency and organization also require good attention to detail, and that's another important skill that all good property managers possess. Conversely, missing details can cause big problems for property managers, property owners, and tenants.
Additionally, all good property managers have strong communication skills. They know what to say and how to say it. More importantly, they know when to say it and have the ability to get information across in a kind, clear, and tactful way.
Not only do good communication skills help property managers get things done, but those same skills also give managers a better chance to build relationships with property owners, tenants, vendors, and the community.
Maintaining strong relationships helps good property managers keep moving forward and contributes to happier tenants and owners. Coupled with a good understanding of the financial and legal aspects of property management services, these characteristics help define a "good" property manager.
What Makes a Great Property Manager (Not Just a Good One)?
Separating the great property managers from the good ones is a matter of the skills and abilities those managers have, but also how they handle clients, vendors, and the business overall. Following some valuable tips for property management can help you move forward into being a great property manager.
First, be sure you're providing customer service on an exceptional level. The more your customers get from you, and the more you provide quality and value for them, the more likely they'll be to continue to use your services.
Second, be proactive with any problem-solving. Understanding how to be a great property manager comes with time, but it also comes with experience and paying close attention to what customers expect. Solving their problems is a vital part of what customers want and need from you.
Also, make sure you know how to handle a crisis. Managing properties where something has gone drastically wrong might not be easy or enjoyable, but doing it well is extremely important. Whether it's a broken water heater that flooded an apartment or a home that was vandalized while the tenants were away, you need to know what to do.
Additionally, successful property managers are always learning and improving. The more you focus on personal and professional development, the more value you can provide to your clients. That may not always be easy to do when you have other commitments, but it's worth taking the time to continue to learn and grow.
Lastly, being a strong leader matters. That doesn't mean you have to be authoritarian, though. Great property managers know how to lead effectively, so their tenants, property owners, vendors, and employees will follow their lead and feel confident in their choices.
How Can You Develop Yourself Into a Great Property Manager?
To move from a good property manager to a great one, invest in yourself and your business. One of the ways you can do that is with help from property management consulting services. Working with a coach makes it easier to see what areas need improvement.
You'll also want to network with the people around you and get to know vendors, property owners, and others in your community. When you do that, you let people know who you are, what you do, and that you're available to help them.
Market conditions are always changing, and one of the biggest tips for property management professionals who want to be great is to pay close attention to that market. You'll need to focus on improving and adapting. To do that, you have to know what the market is doing.
Getting involved with innovation and technology also matters when you're focused on being a great property manager. You don't want to be behind the competition in the things you can do and the services you offer. Without strong technological abilities, you could end up losing ground in the property management industry.
Property Management Consulting Can Help You Become a Great Property Manager
By embracing the changes in the property management industry, learning and growing, and working with a consultant, you can become a great property manager in the long term. Property management consulting is one of the often-overlooked ways to get that extra edge property management professionals need to help them accomplish more.
Almost anyone who is the best at what they do in business, sports, or leadership gets there with expert help from a coach or mentor. Working with a consultant like Real-Time Consulting Services helps you see areas of your business or leadership approach that need additional support. We provide an outside perspective of where you are in your property management career and where you want to go next.
Ready to focus on being the best property manager you can be? Download our white paper, "Property Management Business Insights."