Highly successful property managers have certain habits that have enabled them to become more efficient and capable than most property managers.
Are they superhuman machines who find sleeping to be a waste of time? Most certainly not. Are they talking, walking charm-bombs? Perhaps.
Either way, success in the property management business isn’t a walk in the park. It’s one that requires certain skills and habits.
If you are an aspiring property manager or are one already, here are some 6 habits of highly successful property managers.
1. They are early risers.
No surprise here. Walking up early has its benefits. First and foremost, walking up early can help you become more proactive and productive. The ‘extra’ morning hours can help you do things that a late riser wouldn’t normally have.
Such things include exercising, replying to emails, thinking creatively, planning the rest of your day, or spending time with your loved ones.
Being an early riser can also help you deal with stress. You’ll be able to anticipate and minimize problems compared to those who wake up late.
Walking up early has also been shown to boost a person’s immune system. This is because, as an early riser, you’ll have enough time to rest.
2. Their communications are streamlined.
Communication plays a huge role in the property management business. In fact, the way you communicate can have a big impact on how your business performs.
As a property manager, you’ll have to interact with tenants, owners, and suppliers on a daily basis. A communication that is streamlined will help you ensure efficiency and consistency.
So, how exactly do you streamline your communication? Well, it’s simple. You only need to figure out what you’re communicating on the most. If you find yourself sending messages to your tenants often, then you need to create a template for it in Outlook or Gmail.
Alternatively, consider using a property management software. The templates already preloaded can be activated once certain tasks are actioned.
You can also keep your communications streamlined by providing client access. Essentially, this will allow your tenants and owners to log in and view important information in real time.
3. They follow through with their goals.
Setting goals is one thing. Achieving them is another. This is one trait that differentiates between success and failure.
To be a successful property manager, you need to follow through with your goals. Setting goals and following through can help you:
- Understand what is working and what is not
- Know where your weaknesses lie
- Fuel your ambition
- Propel you forward
The following are examples of goals you can set for yourself in 2019. You will want to:
- Learn something new. The property management industry is a busy one, no doubt. As such, it can be daunting to find time for personal development and learning opportunities.
But improving yourself, however simple such as attending an industry conference or webinar, can help you become a better leader.
- Be a better example. Practice what you preach and don’t become what you don’t want to be. By seeing you put your words into action, your workers will be inspired to do the same in return.
You can start by sharing a few of your goals and demonstrating to your employees throughout the year what you’re doing to achieve them.
- Recognize and celebrate. Recognize a job well done. It’s not just about coaching and correcting.
No matter how small they are, always be in the lookout for opportunities to thank your employees.
- Listen better. Besides having good communication skills, having good listening skills is also key.
Generally speaking, ensure your goals are specific and challenging yet within reach.
4. Successful property managers are always learning.
The property management industry is always evolving. There are always new rules and laws being enacted. As such, it’s in your best interest to stay up to date in regards to the industry’s current statistics, laws, and trends.
Moreover, you can also occasionally survey your clients to recognize the changes and areas of improvement. You can, for example, ask your tenant what you can do better in the coming year.
Doing this will usually result in two things. One, it’ll make your tenant feel valued. And when a tenant feels valued, they will be far more likely to return the value and respect to your home.
Two, it’ll help better the relationship between you and your tenant. Among other things, this may encourage them to rent longer.
5. Successful property managers use a variety of marketing channels.
The rental business is a competitive one. Without the right marketing strategy, your property may stay vacant longer. And, when a property is vacant, it essentially means zero income at the end of the month.
To have a successful rental business, you need to have great marketing skills. You need to use a variety of marketing channels. From simple things like putting “For Rent” signs to more complex things like online advertising, you need to know where to find tenants for your property.
6. They screen prospective tenants thoroughly.
Having the right tenant is key to running a successful rental business. The right tenant pays their rent on time, cares for the property, and generally cause few problems.
Getting a good tenant is, however, no easy walk in the park. It requires skills, experience, and a thorough screening process.
So, what exactly is a thorough screening process? While no screening process is foolproof, you should ensure to:
- Verify your tenant’s income. Always insist that your tenant makes at least two- and a half times the rental price.
- Verify your tenant’s rental history. Call their previous landlords and inquire a few things about the tenant.
- Check your tenant’s creditworthiness. Just make sure you have their consent first prior to running the check on them.
Property management is an aggressive industry. Nonetheless, it can be financially rewarding for anyone who’s hungry for success.
Besides the persistence and ambition needed to rise above the pack, you also need these 6 crucial habits to succeed in the industry.
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