Successful property managers are not all created equal. Each has had to find his or her own success over time, working with others (coworkers and clients alike) to find the solid ground on which they are able to get ahead. In order to profit as a property manager of any kind, you have to be able to find your own strategy; read ahead about some other managers’ experiences and see if any of their tips resonate with you and the way that you do business.
Join the Ranks of Successful Property Managers
Property managers, commercial or residential, “need to possess many different skills to balance every day tasks and responsibilities.” More than that, it always seems as if there is something to do, one issue or another, or someone who needs to be addressed. This is all within the everyday life of a manger, but that doesn’t mean it’s easy to handle. The most successful property managers may make it look that way, but accepting that everyone encounters roadblocks at one point or another is the first step toward your own security!
To avoid the bulk of stress associated with the job, you should, generally, feel as if you know most things about the property. Potential tenants and renters are sure to ask questions and you want to be able to answer them. Also, it’s just good to be generally knowledgeable about your location, since you are the manager of it. Knowing about any little details or issues may be ultra-important if there are problems that need to be resolved quickly without the time to hunt for answers.
In addition to learning all you can about your building, you should be able to speak with confidence about the surrounding area. Potential tenants and renters will want to hear about green space, schools, restaurants, safety, and other features. Of course, you want to focus on the good rather than the bad, but this should go without saying. Be honest and forthright without offering details that would sour them from the location. The most successful property managers are able to respond to most to all questions without missing a beat and while also offering tidbits that they suspect the person might be interested in.
Would you say that you’re a time-conscious person? Do you often get back to people quickly when they ask questions? Are they able to reach you when they need something? Being both “dependable and available” are key pieces of success. If your tenants or renters don’t think that you care enough about them to respond quickly and earnestly, then they may assume that you don’t care about your business. In that case, your business will likely suffer. Instead, make an effort to get back to these people as fast as you can so that you can “[build] trust within your business relationship and [make] your client feel confident that they can rely on you.”
This doesn’t mean that you have to give up your entire life to your work, though. Don’t feel as if you need to make public each and every way to get in touch with you, such as your home phone number. Rather, try and monitor your work e-mail, especially, as this is likely where most people are going to reach out to you. If something comes up outside of business hours, you can be the judge of how quickly you need to attend to the concern (though do make sure to let the person who sent you a message know that you received it).
Another piece of being successful is budgeting your time. If you “spread yourself too thin,” then you won’t be able to help anyone, include your own business. Your schedule should be set with a healthy mix of giving yourself time to complete work tasks on your own and meetings with others who have asked to speak with you. On that subject, try and be as “personable” as you can; you may be feeling tired or stressed, or your clients may seem tired or stressed, but putting your best foot forward will reward your customer satisfaction levels (and your profits, as a result).
Finally, recognize that some of the most successful property managers rely on different kinds of management software to help them get the job done. A software solution such as Budgetrac can make your entire professional system run more quickly and smoothly with flexible and comprehensive solutions to whatever your business needs may be. A short time trying out Budgetrac’s powerful technology will make you a believer.