How to Get Started in Property Management
Build Effective Communication
Work on your communication skills right now before you do anything else. Property managers must communicate effectively with people every day. It isn't always a pleasant conversation that is being had either. You might have to serve eviction notices, create notices to vacate, and deal with a troublesome contractor – and that could be the first hour of your day on a Monday. If you're not strong in verbal or written communication, begin working on that right now.
Do you need certification from your state? Although it isn't always necessary, many states and communities have begun requiring a certification or license to be held in order to work as a property manager. Check your local laws before finalizing any job application or becoming a landlord for your property.
Be Prepare for Maintenance
How good are your maintenance skills? A property manager isn't going to need to know how to install a retaining wall or put a watertight membrane around a foundation. They are going to need some knowledge about these tasks, however, because you'll need to inspect maintenance work to make sure you've got the right vendors helping your tenants out.
Handle Small Details
Do you catch the small details? Property managers are routinely inspecting properties to keep track of damages that occur to them. You'll be checking people into homes and checking them out on a regular basis unless you're just managing your own property. The skill to identify maintenance issues will be critical to the success of the business.
Have Financial Knowledge
You need to be good with money. The bottom line of any property management business is profitability. If you're not making a profit because your expenses are too high, then you might as well not even be in business! Knowing how to budget for income, expenses, and emergencies is a skill that will take you far in this business.
Enact Customer Service Standards
Customer service is always a high priority. When a tenant doesn't like their property manager, they'll begin seeking out a way to move. With a quick response to maintenance needs, recognition of a tenant's special days [birthdays, anniversaries, etc.], and the willingness to resolve a problem as fast as possible without putting blame on anyone, a property manager will assist in keeping occupation rates very high.
Be Able to Interact
Interacting with people is incredibly important. People feel special when they are recognized and it doesn't have to be something extraordinary. “Hey! I love that green shirt!” is often all that is required to make a tenant feel special. If you're wanting to be a property manager, start with this skill because it is the most important of them all. The more you engage with people and recognize what they're doing, the better your relationships and occupation rates will be.
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