A great property manager is a true asset to a property owner. Poor property managers, on the other hand, can be detrimental.
In order to help property investors realise their potential for a sizeable return on their investment, property managers need to be on top of their game.
Beyond the daily rent, tenant, maintenance and financial responsibilities, property managers who are focused on constantly expanding their skillset will be extremely successful.
Here’s a guide on how property managers can streamline their daily duties.
Evolve as a communicator
The best property managers are professional communicators. Whether the situation is of positive or negative nature, it’s crucial to assess and plan ahead on how to address it. That makes for easy execution on your approach.
Use the following two points as a guide on how to professionally communicate with your clients:
Listen to all parties. If you’re not listening, you’re not doing a great job. This is true in life as a general rule, but it’s particularly pertinent to property managers.
Pay close attention to what tenants, landlords and contractors are conveying in their communication. Soak it in and be sure to document everything so you’re always geared with knowledge and have a history of what was discussed for future reference.
Update the landlord. Property owners enlist a lot of trust in property managers, so they expect the world from you. And rightfully so.
It’s the property manager’s responsibility to keep all concerned parties updated on key property happenings. Without clear and consistent correspondence, property managers risk losing the trust of their clients.
The traditional method of property management relies on spreadsheets to store key information, which includes an entire sheet listing all key maintenance contractor details.
It’s taxing to frequently update and it’s simply a poor way to use time. The management of the contractor database can be done better, and that’s by using modern property software.
In addition to having the database listed on the cloud – which means you can access their contact details on any device, no matter where you are – property software provides the capability to send and receive invoices on the go, too.
With all key information centralised in one platform, all of the property’s maintenance history and financial data is brought to the surface. So in the event of the property owner requesting such information, property managers who utilise a software platform can access that information efficiently and promptly.
Build a strong relationship with all concerned parties
This builds further on the point of evolving as a professional communicator. Building strong relationships with property owners, landlords and tenants is crucial to your property management success.
With a robust working relationship comes open and honest communication, and that takes the stress out of managing a property because all parties are clear on expectations.
Viewing the relationship with your clients as a partnership is key, too. And as the work you do as their property manager determines the state of the relationship, property managers should always strive to go above and beyond to exceed expectations.
Hire world-class property management professionals to build out your team
This point is absolutely key to drive success as a property management company. Without the right people and culture, your company trajectory is headed for mediocrity, or worse, failure.
Property management executives should be using their time to focus on high-level strategic plans, and the only way to do that is to have a team of gun property managers to handle the day-to-day activities.
Increases in competition, such as startup entities that are disrupting the market, are inspiring property management companies to be on the top of their game.
This is why property management executives are making a concerted effort to hire the right talent to help ignite growth moving forward.
Start by determining organisational values, the business’s mission and its core values, and that will help to define the criteria for the best potential team members.
The true secret to scaling a property management business is to hire the right people. It’s that simple.
Be well-researched on the market climate and competitive properties
The most successful property managers are well-researched, thoughtful and switched on. They know what their competitors are up to and where they’re heading, and have a plan of attack in place to combat their efforts.
Far too often property managers get caught up in their daily duties to further educate themselves on what’s happening around them in the wider industry, and that can stunt their personal and organisational growth.
Property owners want to know that the property management team they have enlisted to manage their properties are on the ball and have all of the answers. While that may not seem feasible, property owner expectations are always high.
Staying ahead of the curve requires a burning passion to constantly grow. As property professionals stay focused on driving results they can help maximise profits for their clients, while streamlining their property management duties.
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