Okay, so you want to make a career out of managing properties for other people. What does it take? Property management is a full-time job. In essence, you are required to meet the needs of people on both ends of a transaction.
If they’re a seller, it’s your job to make sure that their property is ready to enter the market. You have to find potential buyers. Then, you negotiate the financial terms. Your ultimate goal is to get the property off the seller’s hands at a price that matches the property’s value and meets their expectations.
If your client is a buyer, then it’s your job to find them a deal that works with their financial outlook. You advise them not just on their choices, but also on the rules and regulations, and the tax and legal obligations that accompany them.
If your client is looking to lease the property, part of your job is to make sure the property is habitable. You schedule inspections, and address maintenance issues and repairs that the landlord can ask for the optimal price.
Different clients might require different responsibilities. But the common denominator here is that, as a property manager, you deal with people looking for their money’s worth. So, what does it take?
A property manager must be able to present and market the value of a property.
A career as a property manager goes beyond the sales pitch and zeroes on what people are really looking for. To be able to represent a property owner‘s goals and market their property accordingly, a property manager must have
- the ability to present ideas clearly and confidently to people
- an eye for creative detail, which is especially helpful in staging a house or creating ads
- observational skills, particularly the ability to read people’s needs and behavior
- the insightfulness and ability to reframe an outlook
- deep listening skills and a quick, analytical mind
Anticipating people’s needs and communicating solutions clearly help property managers transform a sale’s pitch into a closed deal. They are results-augmenting skills that a simple online listing would not be able to do alone.
A property manager takes charge of property maintenance.
Professionals working in the industry gain a holistic insight on the available services in an area. Firms have databases of reliable contractors that fit specific budgets. As a career property manager, it’s important to have people skills to be able to network contractors. But it also requires, more importantly, skills in evaluating the costs of a housing repair or maintenance.
It’s important for anyone involved in property management, from the investor to the tenant or buyer, to know the ins and outs of the property in their hands. Property managers do this professionally, and it enables them evaluate and choose the right contractors for the job.
This kind of expertise is something that is gained over the years. It develops from a foundation of qualities that include
- understanding how inspections
- the ability to cost and weigh needs against a set budget
- knowing what to look for when you’re contracting services
- the ability to negotiate terms and adjust priorities
- an instructive experience in managing multifocal projects
If you have these qualities, then you might consider a career path in property management.
A property manager deals with everyone’s interest in a piece property, including that of buyers and tenants.
As you may know by now, a career in property managment requires dealing with people.
Property managers work with people throughout the lifecycle of managing a property, from the moment the responsibility is placed in their hands until the moment they’re able to transfer it to a new owner. They deal with the people moving in or making any use of a property.
Some of the tasks entailed include:
- screening potential buyers and tenants, and matching their needs with the needs of the property sellers and owners
- clarifying requirements and rules, and letting buyers and tenants know what is expected from them and what they’re getting into.
- receiving and processing calls, inquiries, and complaints during an occupancy
- scheduling maintenance or repairs
- handling rent, providing reminders, chasing up payments and enforcing fees
Most property managers have whole teams to help them handle this. Big firms can allocate dedicated teams. Smaller firms have the option of relying professional firms like Staff Street to handle tasks that are related to client care.
There’s no one way to be a property manager, but there are certain qualities and characteristics that will help spell out your success.
To become a property manager, you must
- be able to work well with people, and at the same time,
- have a strong intuition and the ability to think and make judgments independently
- be willing to do the research on the place, the property, and the people that are involved
- have a strong intuitive desire to understand and value the needs and expectations of your clients
- be able to nurture a network of supporting services, whether it’s contractors or customer support.
To sum it up, property management is about the management of people as it is about the management and the care of a property. If you have a keen appreciation of the value of people’s time and money, property management might just be the industry for you.