Learn what skills are needed to be successful in property management. Property management is often in demand when the brokerage side of business is slow. However, success in this specialty doesn't come easy. Here are the skills you need, experts say. Commitment to customer service. You need to respect your tenants and empathize with their concerns. WSG * Being able to discuss concerns with both tenants and owner/clients so that they understand the situation is CRITICAL to being a successful property manager. Sense of balance. Managers serve the sometimes conflicting goals of the owner and the tenant. Being able to keep the two in balance makes for a great manager. WSG * Owners rarely want to hear the tenants' side of an issue and tenants rarely have the knowledge or experience to understand owners' concerns so property managers need to be able to discuss each party's issues with the other. Staying cool under fire. Whether they're dealing with broken water pipes or owners' budget questions, managers are always on call. WSG * Planning for the WORST and praying for the BEST should be the motto of property managers worldwide. Ability to sweat the small stuff. Accounting for every dollar and knowing every inch of a property are part of the job. WSG * The "small stuff" becomes the GIGANTIC STUFF if it is not addressed and handled quickly. Willingness to listen. Serving tenant and owner goals can't happen unless you learn what all of the stakeholders really want. Talk less; listen more. WSG * And I would add to know which questions to ask which again comes with expertise and experience. Courage to address small problems before they grow. Whether it's fixing a leak or warning a tenant of an inappropriate behavior, managers have to act quickly and decisively. WSG * These types of issues rarely resolve themselves. Handling them quickly with proper documentation and procedures is to everybody's benefit. Confidence to lease successfully. Except at very large properties, showing space is an essential part of the manager's responsibilities. WSG * Being prepared to show properties quickly * with application and property information paperwork on hand * SAVES time and $$$ for the property manager and property owner. Objectivity. The tenant in 2A may remind you of your mom, while 3C seems like a potential prison inmate, but you have to apply the same rules to both. Other-wise, you're asking for a lawsuit. WSG * Everybody gets the same treatment, courtesy and consideration * EVERYBODY * at ALL TIMES. Education. Keep your knowledge sharp. The Institute of Real Estate Management, an affiliate of the NATIONAL ASSOCIATON OF REALTORS®, offers virtual seminars, online courses, and books for managers. WSG * There are numerous property management designations and many property management courses provided by Realtor associations, apartment associations, community colleges and suppliers and vendors. Getting as much of this information as possible is to EVERYONE'S benefit!
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
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Excellent points. Some one once told me that when you run across a property manager, you should give them a big hug, because they surely need it.
After very briefly trying my hand at this several years ago, I understood their perspective.
I just read this in the paper version yesterday, Wallace. It's great information and a good basis on which to build a PM business!!
Eric * unfortunately, many of these articles are not written by property managers but by writers who interview property managers which is why I added my WSG comments!!!