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You’re a property manager, but are you an effective one? Sometimes we can work so hard at becoming the thing we are that we forget we need to work at excelling at what we do, too. Because as we all know, complacency can kill a career.
So if you’re looking for ways to do your job better, these are the characteristics that I feel effective property managers share.
1. You’re organized.
Especially if you’re managing multiple properties, you have a lot of responsibilities. In one day, you might be dealing with somebody who is angry because they didn’t get a security deposit refunded, another tenant is complaining about a noisy neighbor (so you’re going to have two tenants to deal with, the loud one and the aggrieved) and maybe you have residents alerting you to some repair problems.
All jobs have a lot of moving parts, of course. And it’s perfectly possible to keep everything organized so you aren’t dropping the ball. But, if a property manager is going to fail, being unorganized will be the reason why. Whether it’s the people you team up with who keep you focused, the organizational software and technology you use to remain efficient, or you’re going old school with some system you’ve developed on a notebook, you need a way to manage all of the information that’s coming your way every day, if not every hour.
Otherwise, you’re going to burn yourself out.
2. You enjoy property management.
Few kids, I suspect, grow up telling their parents and teachers that someday they want to grow up to be a professional property manager.
That isn’t a slam on my chosen profession. I’m just saying that on the surface, it can sound like a humdrum topic. But, man, as somebody who lives and breathes property management, I can tell you that it’s a little like being a reporter or a detective.
It’s a little like journalism and detective work in that there are so many stories you’re involved with when you’re a property manager. And sometimes, those stories are mysteries you have to solve. Maybe one week you’re contending with a rodent or bedbug problem (hopefully not), and the next week, you need to deal with evicting somebody (again, hopefully not).
Meanwhile, zoning laws often change, and you’ll need to stay up on top of changes in regulations that may affect the properties you manage. There are often deadlines to stay on top of, like tax filing deadlines. Property management companies need to send Form 1099-MISC to any unincorporated vendors that they’ve worked with if they were paid at least $600, and here’s where some people are nodding off.
I find a lot of what property managers deal with fascinating, or at the very least, interesting. But not everybody does, and if you don’t, you may have a problem. Or if you’re hiring a property manager who doesn’t seem to be interested in getting into the weeds, you definitely are going to have a problem.
3. You’re good with networking.
If you’re a property manager, you might feel like you’re doing it all, but really, a lot of your job is connecting with other people who can do it all for you.
You need to know who to call when there’s a plumbing or electrical problem. You’re likely going to be working with pest control services, landscapers and lawn services, heating and cooling professionals, roofers, general contractors and who knows who else.
If you know who to call to fix problems — and who you need to hire to inspect and prevent issues — you’re going to be a very effective property manager.
4. You’re business-minded.
After all, managing a property is a business. Whether you’re a franchise owner for a property management company, such as the one I own, or you’re a landlord of one rental that you own, this is a business. You may be setting rents, and you are certainly collecting them. You’re also marketing for tenants, and of course, much of your time is spent keeping your customers (tenants) happy. You also need to make sure you’re working with vendors who keep their costs competitive and reasonable.
A property manager who isn’t thinking of their property that they’re managing as a business probably won’t last long.
5. You’re a positive person.
Or maybe a people person, but for my money, positivity really helps. Most people who call you — certainly, the tenants — have an issue that they hope you can fix. You rarely are going to get a phone call from somebody who says, “Hey, for no reason at all, I just wanted to take a moment out of my day to thank you for being one heck of a property manager.”
A call like that might happen after you fix something, but generally, if there isn’t a reason to call you, most tenants won’t. And, sure, there are all types of people out there, and I’m not saying a world-weary cynic can’t make a good property manager. But if you have that can-do optimism, it’ll carry you a long way.
For one, if you’re showing an apartment to a prospective tenant, it’ll help close the deal if you seem like an optimistic, friendly person. For another, when people do call you with a problem, you want them to hang up the phone or look away from their email or text and think, “My property manager is going to handle this.”
So in my mind, being a property manager is easy. Being an effective one is where the hard work really comes in. But if you enjoy your work and love property management, as I do, you won’t mind at all.