Why are you in the property management business? You might come from a background in property maintenance, or you might have experience in real estate. Chances are, this has prepared you with the in-depth knowledge and experience to excel in a few aspects of your property management business. However, it's a rare person who has property management skills needed for their business to take off.
According to the Bigger Pockets blog, "successful business owners know they are not good at everything. Rather than trying to fix all the things they are not good at, they focus on maximizing the things that they are." To develop a successful property management business, you need to develop a strong set of skills.
What Do Property Managers Know?
As a property manager, you're experienced in a range of areas. You know about the local rental markets and the amenities of particular neighborhoods, and you can use your data management systems to understand how rental trends are changing. You have knowledge of real estate and are thorough with your property inspections and maintenance schedules.
Property Management Skills
Managing a business isn't just about handling properties. Those with a passion for properties also need strong business management skills to develop to help grow your property management business. Here are some helpful steps you can take to get started:
Define your objectives: You need to understand how to set objectives with your employees and work toward the outcomes you desire. Know how to say "no" to areas that do not contribute to your business objectives.
Develop your communication: As a property manager, you must constantly work to develop your skill at communicating with different groups of people. Remember to practice your ability to listen as well: this will tell you a lot about the needs of your tenants, owners, and employees.
Hone your financial understanding: You need to be able to work with your accounting staff to set a financial plan and work within your financial limits to grow your business. You must also have a diligent way to document your financial management.
Review the way you make decisions: Is your property management company using strategy to make decisions? You must be able to weigh decisions that will impact your employees and consider how each one will benefit or detract from the success of your organization. You need to be able to reflect on past decisions and make changes depending on the success of past choices.
Take responsibility: An exceptional manager takes ultimate responsibility for decisions made and practices undertaken by the business. Work to bring employees together to improve business practices in the future and grow your business.
Truly connect with your customers: Successful property managers know that property management isn't just about properties, it's about people. Successful property managers know how to draw in tenants and owners using the internet, traditional advertising, community connections, and word of mouth. They maintain a connection with their customers using ongoing solutions such as owner and tenant portals that provide a point of contact for tenants and owners.
Business management skills are critical to growing a property management business. Complement the growth of these skills with software that can help you track outcomes, communicate with tenants, and manage the details of your business. When you're looking for support to make your property management business successful, turn to Propertyware. Our software is here to support the logistics of your business, so that you can focus on achieving success. Sign up for a free trial today.