Top Skills in Property Management
Complete Real Estate Services discusses the top 7 skills required to excel in Property Management.
- A great Property Manager is an expert at problem solving
One of the biggest skills required as a property manager is the ability to problem solve. Problem solving includes the ability to think analytically and creatively, understanding the need for flexibility and adaptation, demonstrating initiative, resilience and having a level-headed attitude. These skills are highly important as they allow for the prompt resolution of issues as they arise. Acquiring these skills will result in a range of benefits including a higher level of productivity in your role as a property manager as well as a reduced level of stress.
- Ensure you maintain strong time management
Time management is a vital skill that is important for all professions. However, for property managers, it is essential. It is common for a property manager to be responsible for a large number of properties that each require attention at similar times. With such a number of properties comes an extensive amount of rental arrears, inspections, listings, disputes and repairs. These all require managing in a timely manner and it is vital that you as a property manager have the ability to prioritise your time and tasks.
- Make communication your top priority
The role of a property manager heavily relies on good communication skills. On a daily basis you will converse with a range of people including landlords, tenants, tradespeople, prospective clients and internal and external stakeholders. The level of communication conveyed will directly correspond with your overall efficiency and productiveness. If communication is delayed it will lead to more significant issues that can build up over time. It is also important to recognise your communication style and adjust it to the audience you are dealing with. You should ensure your communication remains clear, concise, and accurate in all situations.
- Ensure you are confident in dispute resolution
Confidence is key! When dealing with both tenants and landlords, you will often encounter conflict while also finding yourself an intermediary between the two parties. The tenants will often want things fixed while landlords may be reluctant to invest additional money into the property. It is important to be mindful of how you handle these situations and the importance of having good dispute resolution skills such as the ability to listen, show empathy and keep everyone calm while managing communications with all parties quickly.
- Have a solid understanding & knowledge of the Act / legislation in your state
Knowing the legal requirements as well as the rights of landlords and tenants will ensure you’re an effective property manager. It is both important and useful to be knowledgeable and clear on what is expected when engaging with clients. You will find that knowing the legislation will help you to effectively problem solve and reconcile disputes in a more efficient manner. It also allows you to develop a mutual level of trust with the client, as being a knowledgeable source of information and essential responsibilities.
- Don’t get emotionally involved
To effectively communicate, perform your job, problem solve and be good at dispute resolution, it is critical that you have the ability to remain calm and free of emotions. As a property manager it is part of your job to objectively see things and act impartially from both the landlord and tenants’ point of view. Once you have taken the time to listen and do this, you can remain unemotional to the task at hand and work on the resolution via the facts rather than becoming emotionally involved. This neutral approach allows for the best outcome for all parties involved with the minimisation of conflict and procrastination.
- Stay knowledgeable on market trends
Once you have a job in property management it is essential to stay up to date on market trends, in terms of both rentals and sales. The more you are aware of industry trends such as current prices and drivers in the market, the more knowledgeable you will be. If you are perceived as being knowledgeable, your clients are more likely to put you in a position of trust. As a result of this, you are able to give relevant, correct and helpful information about the current market conditions and generate business as well as increasing your productivity and efficiency.
In summary, each of the above skills will help you perform effectively as a property manager. We encourage you to build on both your skills, trust and knowledge in order to develop connections and grow your career in property management. If you are seen as competent, knowledgeable and capable, your clients will have trust in you. When you have trust, your job becomes easier with communication, negotiation, problem solving and resolution.
Have you got what it takes to be a property manager? If you’ve identified a key skill that you’re not confident in, simply discuss it with your boss or mentor in order to gain advice on how to upskill in these areas.
About the Author:
Helen Rolfe is the founder and director of Complete Real Estate Services QLD (“CRES”). Her passion and knowledge for the Real Estate Industry continues to grow as does her CRES Team. The CRES team are all experienced Property Managers and enjoy mentoring, teaching and training clients on the procedures in the industry as well as train on the software you require to use within the Real Estate industry. The CRES team can assist you from start to finish with all processes within a Property Management and Sales Department.
Trust Accounting is Helen’s speciality, not only short and long term receipting and reconciling but the Rekeying of Data that has been lost due to failure on system backups. This takes precision and accuracy, and Helen ensures she works closely with client during this process.
If you would like to get in touch with Helen or the Complete Real Estate Services Team, please email email@example.com, call the office on 07 5539 4554 or check out our website – https://www.completeres.com.au/