As a property manager, you have responsibilities that are more varied than you thought possible when you started your career. Along with keeping properties running smoothly, you manage relationships with tenants and owners, and balance a myriad of day to day tasks. A career in property management requires a wide range of skills and behaviors, and here are some important ones to consider.
Property Managers Maintain a High Level View of the Organization
According to the Institute of Real Estate Management, one of the top skills property managers must develop is the ability to "enforce, maintain, establish, and review property's operating policies and procedures." This high-level thinking will help your property management business succeed in the future. For example, if you notice through reporting that you're experiencing a lot of unexpected repairs, you can change the way you inspect properties or the frequency of scheduled maintenance.
Stress Free Property Management Begins with Effective Rules
Managers are also tasked with the human element of the job: working with owners and tenants. With clear communication processes, they need to articulate the property's rules, deadlines for rent payments, and other important details. They're also responsible for following up with owners or tenants if something goes wrong with the property. Great property managers are emotionally intelligent, ethical, and can resolve conflicts to maintain healthy relationships between tenants, owners, and the property management business.
Developing Employees Is An Important Function
Senior property managers are responsible for finding, training, developing, and managing employees. As they develop their skills, they coach new employees on everything from time management to customer service. Property management software helps you facilitate employee development by providing new staff with tools that help them manage their time effectively. For example, they can organize their contacts and integrate that information with accounting to easily connect with contractors and follow up on invoices.
Keep Tabs on Accounting With Rental Property Software
Property managers are also responsible for making sure the company meets its budget goals. Managers need to keep tabs on tenants who have unpaid rent and on the expenses incurred by each individual property. Innovative rental property software can be used for documentation and tracking of cash flow. The system also allows you to create helpful reports and determine patterns and trends to consider when making business decisions.
According to Manage My Property, a property manager must weigh the financial impact of management choices, including those related to rental rates. In order to make informed decisions, the property manager will need to "gather data on rental rates in the area and work with owners to determine the optimal rental rate." Even seemingly minor considerations can have a profound impact on the business, including decisions about investing in home improvements or opening the property to people with pets.
Property managers need a diverse set of skills and strong understanding of property management. Successful managers also need rental property software that backs up their business development. With Propertyware, you'll find an integrated suite of property management tools that are there to support your business. Sign up for a free trial today.