Property management is a career profession. The industry allows for job growth, continuous learning experiences, and the opportunity to work with diverse individuals and income groups. The property manager may work directly for a real estate owner or for a property management company, contracted by an owner or legal entity to care for the real estate property for a specified period of time.
The property manager has a fiduciary relationship with the management company and the property owner. A fiduciary relationship is one that is based on mutual trust and complete mutual trust.
The Property Manager is provided with a portfolio of the owner’s real estate to manage its “highest and best use” in exchange for a contract of employment or salary. Property manager real estate assignments include apartment buildings, condominiums, hotels, storage facilities, shopping malls, office buildings, government-subsidized properties, guest houses, abandoned buildings, and vacant land, to name a few. .
I have managed almost every type of property above for over twenty years. I have managed public and private housing, for non-profit organizations, for the federal government, and for private developers and real estate investors. I also owned my own property management company for eight years. I now teach, speak, and write about property management standards and techniques. Here are some crucial skills, which I know from first hand experience, should be accepted as required attributes and learned skills to be a good property manager.
1. You must know and stay current on local ordinances and state laws
Managers are obliged to carry out their work in accordance with the laws of the country. The government (city, state, and federal) dictates how real property should be managed, from the requirement for a real estate license (depending on the state) to the use of real property (such as rent control laws). From proper garbage disposal to how and where we should keep security deposits, the manager must keep abreast of the many legal requirements of real estate management. If a mistake is made or a task is forgotten, it could cost the owner their property and/or a management company’s reputation, the loss of the account, or even the loss of real estate licenses.
2. Must be highly ethical and honest
Property managers work by the Code of Honor when handling other people’s money. By collecting rent, security deposits, laundry money, and more, the property manager maintains a fiduciary relationship with the property owner and/or management company. The owner entrusts the property with thousands of dollars each month, plus the value of the real estate itself. The manager is hired to perform at his highest level of integrity. On a daily basis, the property manager’s good judgment and sense of right and wrong are called into play.
3. You must be detail-oriented and organized
Managers collect rent on a daily basis and must ensure that each rent is paid and posted to the tenants account as received. Financial records detailing each and every rental transaction are maintained, either via rental cards or on the computer. Lease expirations and renewals, rent increase letters, and rent bills must be mailed on time. lines must be maintained for court appearances and clients must receive their monthly written transaction report. A qualified property manager can multitask, keep site files organized, and prioritize repairs and assignments.
4. You must have good communication skills
Managers must be able to communicate with people from all walks of life, cultures, ethnicities, and personalities. Managers need to be able to articulate their cases in front of the judges, speak to the landlord, negotiate with vendors, and properly speak to tenants, who are often frustrated, upset, or angry. A good manager must be able to remain calm and communicate in a professional manner. Familiarity speaking in other languages is always a plus.
5. You must have good computer skills
Computer literacy is a technical skill, like driving, typing, etc. Using email, mail merging, and computer faxing is at the heart of property management today. This is especially true if the property is in a part of the city or state, and the head office is far from the site. If a manager does not have a strong command of the computer and its basic programs, such as Microsoft Word and the Excel spreadsheet, they may find it difficult to find an administrative position in this field.
6. I would like to work with the public
If everyone paid their rent on time by the fifth day of each month, the manager would have no job collecting rent. If a property never had problems, such as toilet overflows, lost keys, or faulty smoke detectors, there would be little for the property manager to do. Therefore, it is important that a manager enjoys dealing with people with problems. A manager should at least like to help tenants with dignity, and in a responsible manager. If you don’t like being interrupted multiple times a day with a dilemma to solve, this type of job may not be for you.
7. You must be patient and have a sense of humor
There is some pressure involved in working with the public. There are days when nothing seems to be going right, and if you have a headache that day, it could be a long 9 to 5 job. An easy-going personality or a good sense of humor will go a long way in property management. If you tend to be very nervous, anxious, angry, or impatient while working to tight deadlines or with people with problems, you may want to reconsider taking on this profession.
8. You must like to read and do research
There are many types of leases, agreements, forms, and other legal documents that must be signed between the tenants, the manager, government agencies, the property attorney, and/or the landlord. Changes in government and real estate regulations; the manager must be willing to read about them and keep up to date. Documentation should be read and verified before being sent to tenants, agencies, landlord, etc. If you don’t like to read to keep up with the latest trends, industry and legal changes, and the terminology used, you won’t be able to do your job properly.
9. Must have a strong sense of duty and commitment
Ensuring that the tenants under their control are treated with respect, have heating and hot water, are not subjected to or commit illegal activities or disruptive behaviors of their neighbors, are some of the functions of the administrators. Tenants depend on the manager’s sense of obligation to the property and the families or professionals who live in it. The manager may not always have the funds to do everything all the time, but what he can and should do, such as keeping the building clean and having a sense of urgency to complete the job on time.
10. You should be flexible-minded
Property management is a fluid profession, following the economic, governmental, industrial, and social changes that affect the way property is managed. Managers who still like the “good old days” of mistreating tenants and putting rental applicants through unnecessary hoops to get an apartment (or the opposite, by failing to verify anything), will find themselves out of touch. , and maybe outside of a job. The ability to accept changes in the law, obey fair housing laws, have a positive, or at least neutral attitude toward people who are different, and above all, have an open mind, is a key element of a successful manager. .
11. Must be an excellent follow-up person
A manager can never assume that a repair or rent payment plan will take place on its own. Our mantra is: “Follow up, Follow up, Follow up!” This is one of the most critical skills of a good property manager. The ability to multitask, keeping multiple balls in the air without dropping any of them, is challenging and sometimes difficult. The ability to multitask successfully is often rewarded both financially and in promotion decisions.