The five different qualities you need to have as a property manager.
Today I’m discussing five qualities that are important to have as a property manager, no matter the size of your company.
1. You have to be tough. You need some thick skin because you're going to be a person who has to have challenging conversations with owners and irate tenants. You might need to bring owners together or bring tenants together. Sometimes that doesn't go over well. Maybe we have to meet in the middle, or people aren’t getting exactly what they want.
2. Be very organized. You need to ensure you're bringing properties up on time and make sure move-ins/move-outs go as scheduled. You need to be very organized.
3. Have reconciliation done. Many property managers miss their reconciliations. They don't do it on a monthly basis. You must have your books in great shape, and you need to have your reconciliation done monthly. There's lots of money moved around in property management. People's homes are huge assets, and you have to make sure you're on top of their finances; whether it's paying a resident or a surrogate, you're collecting rent from a resident, paying a technician, collecting your fees, or making sure the owners get their fees, that all needs to be done well every time.
4. Make sure you’re doing sales correctly. You’re going to experience something called “churn.” That churn is losing anywhere between 10% and 20% of your properties. When you lose that, you have to make that up, or else you're going backward. So you must ensure you're always doing a little better in sales and bringing on properties. That will keep the lifeblood of your company together.
5. You need to know real estate well. There are many real estate laws, and if you're not a broker, you need to be so you can learn those laws and be able to act like a broker would.
Those are five qualities you need to have as a property manager. If you have any questions about property management or about how you're having a hard time in your company, I'd love to talk to you about it. Call or email me anytime.