If there is one thing that will never disappear in the economy, it's the demand for homes. That's why moving into a property management career could be a smart move. But do you have what it takes?
Property managers do a surprising amount and more than simply securing a tenant. Read on to learn more about how to be a property manager, including the core responsibilities and some of the skill sets you need to excel in this role.
Know the Legal Side of Real Estate and Property Management
Property managers don't need to know the law inside out like attorneys do, but they must be familiar with the basics.
As a property manager, it's your job to ensure buildings and leases are fully compliant, or else you could find yourself with a tenant intent on suing the landlord. Here is some basic legislation you should know:
- Tenant rights, including eviction rules
- Building and safety laws
- Zoning laws
- Lease and contract laws
- Rent control laws
- Fair housing laws, including anti-discrimination laws
You'll also need to ensure your knowledge is state-specific, as laws will differ from state to state. It's also wise to keep regularly updated in case the law changes.
Nurturing Strong Relationships
As a property manager, you'll need to be a skilled communicator and negotiator and able to build a rapport with the tenants.
A strong, friendly relationship with tenants will build trust and help resolve issues more swiftly and amiably, reducing the risk of problems escalating into more significant issues like evictions or litigation.
Here are some simple steps you can take to build a rapport with tenants:
- Always make yourself available by phone or email
- Be responsive, returning calls promptly and actioning complaints fast
- Demonstrate active listening skills and attempt to understand why a tenant might feel unhappy
Remember that your job as a property manager is to be the first line of support for tenants and an intermediary between the tenant and landlord. If you are effective at doing that, you should be able to handle tenant issues without the landlord getting involved.
Manage Maintenance Issues
Your job as a property manager doesn't extend to knowing how to fix an electrical fault. But it does mean being able to manage any maintenance and repair issues across your properties, liaising with tenants, landlords, and third-party contractors.
You need to:
- Know how to prioritize work
- Be organized about scheduling inspections
- Be ready to address an emergency maintenance issue
It's always worth using modern software to oversee your maintenance tasks because you may have many things on the go simultaneously. You'll also need to remember that communication before, during, and after a maintenance fix is as important as the repair.
Budget Management
One of your primary responsibilities to your landlords will be keeping on top of the budget.
Landlords will want to know that you are collecting income and rent on the property on time and aren't overspending on repairs and upgrades. So you'll need to be adept at financial management, knowing how to record and track income and expenses.
You'll also need to be proactive about chasing late rent payments and issuing fines to tenants for persistent lateness.
Landlords may also want to see high-level financial reports for their property, and it will be your job to put these reports together transparently and provide a meaningful summary.
Property Marketing
Successful properties have a regular supply of reliable tenants, and to achieve that, you'll need to know how to market each property. That includes:
- Creating property listings online
- Learning how to set the perfect rental rate
- Taking professional property photographs and video
- Writing a rich and appealing property description
Effective marketing also requires you to have local market knowledge. So, you must be familiar with the area where the property resides.
Tenant Screening Responsibilities
Before any tenant signs a lease, you'll need to run checks to ensure they are reliable and trustworthy.
That's where tenant screening comes in. Comprehensive tenant screening means running background checks on all prospective tenants, including:
- Criminal background checks
- Landlord or character references
- Proof of employment or income - credit check
All these checks lower the chance of signing a tenant who doesn't pay the rent or damages the property, offering peace of mind to you and the landlord you represent.
Embracing Technology
Modern property management is moving to a more digital world, so before becoming a property manager, you'll need to embrace the latest technology and know how to use it to your advantage. That might include:
- An online tenant portal for rental payments
- Maintenance coordination and tracking
- Financial software
- Marketing software like creating virtual tours
So, if you want to succeed as a property manager, invest in training to become skilled with technology. When used effectively, technology can make your property operations more streamlined and efficient.
Vendor and Third-Party Contractor Management
During any typical month as a property manager, you'll find yourself liaising with many third-party vendors and contractors. These relationships need cultivating to deliver excellence for landlords.
Take property maintenance, for example, like an emergency plumbing issue that could flood a property.
A good relationship with a contractor can make a difference in getting that issue repaired on time. That also means you need to be skilled at screening and securing reliable contractors so that you always have the best and most dependable people available to look after your properties.
That also means negotiating a competitive rate for the work. That could help meet budget targets.
How to Be a Property Manager
If you want a varied and demanding role, a career in real estate ticks a lot of boxes. Now that you know the core skills you need in this guide on how to be a property manager, it's time to consider whether it's the right career choice for you.
If you love all things property, learn more about Property Management, Inc. here. As an award-winning property management franchise, we're helping many achieve their dreams of moving into a career in real estate management.
