Best Traits for a Property Manager in 2023
Here are some key traits of a good property manager:
- Communication skills: A good property manager should have excellent communication skills, both verbal and written. They should be able to effectively communicate with landlords, tenants, and other stakeholders involved in the management of the property.
- Organisational skills: Property managers must be able to keep track of important deadlines, documents, inspections, and appointments. They should also be able to manage multiple properties efficiently.
- Problem-solving skills: Having an ability to identify and solve problems related to the property, such as maintenance issues, tenant complaints, and legal issues is a must. If you are new to property management, you will be likely placed with a more senior person so an associate role is a great starting point whilst learning the tricks of the trade.
- Knowledge of relevant laws and regulations: good property managers stay abreast of the legislative requirements and tenancy laws as they You must be at the forefront of these things and develop a deep understanding of the laws and regulations governing the management of rental properties. You should also stay up to date on changes to these laws and regulations. Attending networking events, property manager groups or meet-ups with various industry bodies and professional development is a great way to keep on top of what’s happening in the industry.
- Financial management skills: A good property manager should have strong financial management skills to handle tasks such as rent collection, budgeting, and accounting. There are excellent software packages out there in the industry such as Property Tree, Console etc. Do some research on them or take a few short courses to get to know the software, this is a great way to enhance the resume and get ahead of the competition.
- People skills: Property managers should have strong people skills and be able to work effectively with a variety of people, including landlords, tenants, contractors, and other professionals. You are going to be constantly challenged with various contractor issues and juggling timeframes. So if you love the challenge of problem-solving and dealing with various types of people then you are going to love property management.
- Attention to detail: Having strong attention to detail is really essential in any job you do. But in real estate you need to ensure that all aspects of the property are managed correctly and efficiently as there are usually strict timelines things need to be addressed in.
- Time management and being able to respond promptly to inquiries and emergencies and ensuring that all deadlines are met is a must.
- Being well organised and responding to critical timelines is going to help you to be competent in your role. This includes things like lease agreements, rent collection, property inspections and maintenance requests, just to name a few.
- Customer service skills: A good property manager should have strong customer service skills to provide tenants and landlords with a high level of service. Property managers are an essential component to the agency as they are usually the people representing the business. They should be able to address concerns and complaints in a timely and professional manner whilst being calm and patient as sometimes a tenant or landlord may not be.
- Marketing expertise: Having this ability when you acquire more experience can be an effective way to land big roles with excellent salary packages and bonuses. A good property manager with strong marketing skills helps the agency or business to find landlords and retain tenants. This includes things like advertising on various web portals such as domain.com.au and realestate.com.au but also via other channels like social media including LinkedIn and Facebook. Experienced property managers showing properties to prospective tenants using these forums can attract more business and that is music to the agency principal’s ears and can mean extra income to the property manager in the form of bonuses!
Currently the industry is screaming for new and experienced property managers. The average salary for junior managers ranges from approx.$65,000, to over $100,000 for experienced business development/property managers. Property managers with other skills (highlighted in point 11) are essential to a well-established agency and they are in massive demand as well as being very respected in the industry.
The big question – The annual salary for a property manager in Australia is around $83,000 (statistics from REIA 2022). However, it’s important to note that this is an average and that property managers can earn more or less than this amount depending on their circumstances. Property managers typically work on a fixed salary rather than commission, with the salary being based on their level of experience, the size of the property portfolio they manage, and other factors.
In addition to their salary, property managers may also earn additional income from any services they offer, such as maintenance or repair work, and some may receive bonuses or other incentives for meeting performance targets.
It’s important to note that becoming a successful property manager requires strong organisational and communication skills, as well as a deep understanding of property law and regulations. While the potential earnings can be competitive, it can take time and effort to build up a reputation and establish a successful career in property management.
If you would like to learn more about this career pathway, please contact Validum directly on (07) 3193 5270 or enquiry via our website www.validum.edu.au for a FREE confidential consultation with our Enrolment team.