Employment of property managers (and related careers) is expected to grow by about 5% over the next decade. As more and more landlords choose to be more hands-off with their property investments, more property managers are necessary to help out and fill in the gaps.
Are you thinking about hiring a property manager for your Memphis property? Perhaps you’re actually thinking about being a property manager yourself. Becoming a property manager can’t be that hard, right?
This job requires several skills if a property manager wants to be successful. Read on to learn about a few of the most important (and perhaps unexpected) skills that someone will need on the job.
1. Communication and Interpersonal Skills
Property managers must communicate often (and well) with tenants, property owners, contractors, and many other people depending on the situation. Because of this, they need strong verbal and written communication skills.
These skills are an absolute must when it comes to resolving interpersonal conflicts and negotiating leases (among other things).
Strong interpersonal skills, such as empathy, diplomacy, and conflict resolution, are also essential for building positive relationships and resolving disputes well. Anyone who wants to be a good property manager needs to be able to talk to people. They’re doing all of that interpersonal communication in place of the landlord, so it’s non-negotiable.
2. Customer Service Skills
Speaking of being able to talk to people, managing a property is, in some ways, a customer service job. You’re kind of serving two customers; the landlord and the tenant. If you have a background in customer service, you may already have some of the skills you need.
Providing excellent customer service is crucial if you want to maintain tenant satisfaction and keep good tenants where they are. After all, all landlords want their good tenants to keep renewing their leases.
Property managers should be responsive and proactive when it comes to addressing tenant questions, concerns, and maintenance requests. They should maintain a good attitude and look for resolutions whenever possible.
3. Organizational Skills
Property managers are responsible for overseeing many different tasks, deadlines, and administrative duties in place of the landlords they work for. Strong organizational skills are necessary for managing multiple properties, or even multiple units within a single property.
They also become more important when the property manager is scheduling maintenance and trying to maintain accurate records and documentation (both of which are essential).
Losing a document could cost a landlord a lot of money.
4. Problem-Solving Skills
Are you a savvy problem-solver? If so, you may have what it takes to be a property manager.
Property managers must be skilled at identifying and resolving issues that arise within properties. Note that these issues are common, especially if the property has multiple units.
They include things like maintenance issues, tenant disputes, or compliance violations committed by the property owner or the management company. These issues can be serious and expensive to fix.
Effective problem-solving skills allow property managers to find practical and relatively easy solutions and minimize disruptions to landlords and tenants.
5. Attention to Detail
Property managers need to pay close attention to detail. This allows them to make sure that properties are well-maintained, leases are accurate, and financial records are being managed well.
There’s very little room for error here. Remember, you’re dealing with people’s living situations and income. Even small oversights can have serious consequences in the world of professional property management.
Remember, you’re managing someone’s investment property. Their money is in your hands.
6. Negotiation Skills
If you’re a keen negotiator, you have one of the top property management skills, and other real estate careers may also be open to you. Negotiation is often important in the property management world.
Property managers often negotiate lease agreements, contracts, and rental rates in place of the property owners. They’re responsible for knowing what’s fair on both sides and they need to know how to come to a reasonable agreement.
Strong negotiation skills are a must-have if a property manager wants to secure favorable lease terms and maximize profitability for property owners while also making renters happy.
7. Financial Management Skills
Property managers are responsible for budgeting, accounting, and financial reporting for properties they manage. Not all property managers need to be able to do this, as many property management companies work with financial experts, but it’s good to have some financial know-how.
Some level of proficiency in financial management (including rent collection and expense tracking) is essential for managing properties effectively. It’s the property manager’s job to help the landlord make the most of their investment.
8. Knowledge of Local and Federal Laws and Regulations
Property managers must have a relatively all-encompassing understanding of local, state, and federal laws and guidelines that govern rental properties. They need to understand the basics of fair housing practices and landlord-tenant relationships.
Landlords often don’t know these things. That’s one of the reasons they hire property managers. Compliance with legal requirements is essential when it comes to avoiding legal disputes and liabilities.
9. Technical Skills
Property managers often use property management software and other helpful digital tools to make life easier for themselves and their landlord clients. Property managers should have some basic knowledge of accounting tools, and communication platforms, as well as social media sites and rental listing sites.
They help when it comes to marketing properties, collecting rent, and so much more. Some level of basic proficiency in relevant software and technology tools is becoming ever more important in modern property management. It will soon be necessary to have some level of tech know-how, so it’s best to get ahead and learn now.
Becoming a Property Manager Requires These Skills
Becoming a property manager isn’t always easy! For some, it’s an entry-level job. However, for people passionate about real estate, it takes real skills and effort.
Are you looking for a competent property manager in the Memphis area? You need Reedy and Company. Our property management team will help you turn your spare property into almost-passive income.
Reach out to us today to learn more about our services.
