Property management can quickly become overwhelming. There are so many hats to wear, so many duties to juggle. There are certain skills that property managers need to have in their tool bag to become successful professionally, personally, and financially.
Learn the Software
You can try keeping track of all the properties on paper, but that is foolishness in this day and age of computers and software programs. Invest in the equipment and programs that will make the details of the job line up for you. Software can schedule routine maintenance, send payment notices, and crunch numbers for new buildings or upgrades. Educate yourself about how to use the software. Enroll in Yardi training, for example, or become certified in Microsoft Office. Don’t expect your “tech guy” to know it all.
You need to know the right people to be a property manager. This includes real estate developers who need your services as well as homeowners who want to rent just their home. Get to know the people in your community who sell, buy, renovate, and build real estate and maintain those relationships.
It’s also a great idea to know plumbers, electricians, and other repairpersons. Part of your job description is to handle renters’ complaints when something goes wrong. Having a plumber you can always call and send right away goes a long way towards building your credibility with tenants and property owners alike.
If tenants have reached out to you with a problem, reply immediately. Then contact the property owner. Your job as property manager is to liaise between the two. If your communication skills are poor, no one will be happy. Use email and the telephone equally. Send important notices, such as rent overdue, by regular mail as well. Develop your negotiation skills, become a good listener, and learn to see multiple points of view.