4 Habits of a Successful Property Manager

OlufisayoApril 19, 201901,100 views

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Carving out a career as a property manager can be an exciting, challenging and lucrative goal with plenty of room for growth. In fact, according to the Bureau of Labor Statistics Occupational Outlook Handbook, related property management employment is expected to grow 10 percent from 2016 to 2026. That figure accounts for a faster than average growth across all occupations. But how to actually grow is the real question.

Successful property managers are tasked with staying competitive and attracting top-notch clients and retaining happy tenants. Although there isn’t one right way to be a successful property manager, there are several habits and skills to hone to stay at the top of your game. Here’s how to get started.

1. Prioritize security

Practicing sound security habits and protocols is a must for property managers striving to keep the safety of both their clients and tenants in mind. Changing out locks when a tenant leaves, performing background checks on new residents and installing gate access protocols is a must. And although most property managers likely rely on security camera systems, it’s wise to make an upgrade to a nocturnal security system. For example, the Lorex 4K Nocturnal system is ideal for properties that require security around the clock. Property managers can monitor activity and revisit recorded footage to investigate issues or security breaches. The goal is to provide 24/7 safety and security for residents and workers, and can also have the added benefit of attracting security-minded tenants looking for peace of mind.

2. Focus on proactive communication

An effective property manager is tasked with being a people person who can effectively manage a wide range of personalities. But it’s not just something you’re inherently born with. Property managers who focus on proactive communication, are readily available to answer calls and texts, and follow-up with tenants and clients can create the persona of a people person. Set up a system whether through a simple spreadsheet, Evernote or customer relationship management tools to keep notes on any repairs, conversations and property issues. It’s also wise to set up a system and process for submitting a repair request or an online portal where residents can get in touch with concerns, suggests Upkeep Media.

3. Build an amazing team

Successful property managers know they can’t do it all on their own. From making repairs to working on landscaping and finding new tenants, property managers need a seasoned team to create a seamless customer experience, says Propertyware. Focus on building a team from a personal network or referrals and assign small, detail-oriented tasks and slowly build upon the responsibilities to test out the new hires. Property managers can also focus on the work they love to do and thrive at, like sorting out an appliance issue while relying on a project manager to coordinate all of the other business details for them.

4. Mind your marketing

Property managers aren’t just managing properties, they’re actively looking for the best tenants to create a winning environment. That’s why focusing on marketing is a big part of property management. Working with a Facebook ads consultant, throwing an event and setting up a booth at a festival are all ways to get more exposure for a property and incite some intrigue. But successful property managers also know that their existing residents often have the best leads. Offer a referral fee to existing residents who can score an approved tenant to create a desirable, fun environment that everyone loves living in.

From focusing on top-notch security to finding the best tenants, learning the techniques and habits of successful property managers can quickly kickstart a thriving business. Start by creating a checklist of best practices and prove your worth to keep adding more clients and build up your reputation.

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