Real Estate

Eleven key attributes of a good property manager

Property management is a career profession. The industry allows for job growth, lifelong learning experiences, and the opportunity to work with diverse people and income groups. The property manager may work directly for a real estate owner or for a property management company, hired by an owner or legal entity to care for real estate for a specified period of time.

The property manager has a fiduciary relationship with the management company and the property owner. A fiduciary relationship is one that is based on mutual trust and complete mutual trust.

The Property Manager is provided with a portfolio of owner real estate to manage its “highest and best use” in exchange for a contract job or salary. Real estate assignments for property manager include apartment buildings, condominiums, hotels, storage facilities, shopping malls, office buildings, government-subsidized properties, rooming houses, abandoned buildings, and vacant land, to name a few. .

I have managed almost all of the above property types for over twenty years. I have managed public and private housing, for non-profit organizations, for the federal government, and for private developers and real estate investors. I also owned my own property management company for eight years. I now teach, speak and write about property management standards and techniques. Here are some crucial skills, which I know from first-hand experience, must be accepted as required attributes and learned skills to be a good property manager.

1. You must know and stay current on local ordinances and state laws

Managers are obliged to carry out their work in accordance with the laws of the country. Government (city, state, and federal) dictates how real estate should be managed, from the requirement for a real estate license (depending on the state) to the use of real estate (such as rent control laws). From proper garbage disposal to how and where we should keep security deposits, the manager must stay abreast of the many legal requirements of real estate management. If a mistake is made or a task is forgotten, it could cost the owner their property and/or a management company’s reputation, loss of account, or even loss of real estate licenses.

2. Must be highly ethical and honest

Property managers work on the Honor Code when handling other people’s money. By collecting rent, security deposits, laundry money, and so on, the property manager maintains a fiduciary relationship with the property owner and/or management company. The owner entrusts the property with thousands of dollars each month, plus the value of the real estate itself. The manager is hired to perform at his highest level of integrity. On a daily basis, the property manager’s good judgment and sense of right and wrong are at stake.

3. Must be detail-oriented and organized

Managers collect rent daily and must ensure that each rent is paid and posted to the tenants account as received. Financial records detailing each and every rental transaction are maintained, either by rental cards or on the computer. Lease expirations and renewals, rent increase letters, and rent bills must be mailed on time. lines must be maintained for court appearances and clients must receive their monthly operating report in writing. A qualified property manager can multitask, keep site files organized, and prioritize repairs and assignments.

4. Must have good communication skills

Managers must be able to communicate with people from all walks of life, cultures, ethnicities, and personalities. Managers must be able to articulate their cases in front of judges, talk to the landlord, negotiate with vendors, and speak appropriately to tenants, who are often frustrated, upset, or angry. A good manager must be able to remain calm and communicate in a professional manner. Familiarity speaking in other languages ​​is always a plus.

5. Must have good computer skills

Computer literacy is a technical skill, such as driving, typing, etc. The use of email, mail merge, and computer faxing is at the heart of property management today. This is especially true if the property is in a part of the city or state, and the main office is far from the site. If a manager does not have a strong command of the computer and its basic programs such as Microsoft Word and Excel spreadsheet, it may be difficult for them to find an administrative position in this field.

6. I would like to work with the public

If everyone paid their rent on time by the fifth of every month, the manager would have no job collecting rent. If a property never had problems, such as toilet overflows, lost keys, or faulty smoke detectors, the property manager would have little to do. Therefore, it is important that a manager enjoys dealing with people with problems. A manager must at least like to help tenants with dignity, and in a responsible manager. If you don’t like being interrupted several times a day with a dilemma to solve, this type of work may not be for you.

7. Must be patient and have a sense of humor

There is some pressure involved in working with the public. There are days when nothing seems to be going right, and if you have a headache that day, it could be a long 9-5 job. A calm personality or a good sense of humor will go a long way in property management. If you tend to be very nervous, anxious, angry, or impatient while working with tight deadlines or with people in trouble, you may want to reconsider taking up this career.

8. You must like to read and do research

There are many types of leases, agreements, forms, and other legal documents that must be signed between the tenants, the manager, government agencies, the site attorney, and/or the landlord. Changes in government and real estate regulations; the manager must be willing to read about them and stay up to date. Documentation should be read and verified before being sent to tenants, agencies, landlord, etc. If you don’t like to read to keep up with the latest trends, legal and industry changes, and the terminology used, you won’t be able to do your job properly.

9. Must have a strong sense of duty and commitment

Ensuring that the tenants under their control are treated with respect, have heat and hot water, are not subdued or commit illegal activities or disruptive behavior of their neighbors, are some of the functions of the administrators. Tenants depend on the manager’s sense of obligation to the property and the families or professionals who live on it. The manager may not always have the funds to do everything all the time, but what he can and should do, such as keep the building clean and have a sense of urgency to get the job done on time.

10. Should be flexible-minded

Property management is a fluid profession as it follows the economic, governmental, industrial and social changes that affect the way a property is managed. Managers who still like the “good old days” of mistreating tenants and putting rental applicants through unnecessary hoops to get an apartment (or the opposite, by not checking anything), will find themselves out of touch. , and maybe out of a job. The ability to accept changes in the law, obey fair housing laws, have a positive, or at least neutral, attitude towards people who are different, and above all, have an open mind, is a key element of a successful manager. .

11. Must be an excellent follow-up person

A manager can never assume that a repair or rent payment plan will work itself out. Our mantra is: “Follow up, Follow up, Follow up!” This is one of the most critical skills of a good property manager. The ability to multitask, keeping multiple balls in the air without dropping any of them, is challenging and sometimes difficult. The ability to successfully multitask is often rewarded both financially and in promotion decisions.

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