A property manager is typically hired by a property owner or a management company to oversee the daily operations of a rental property. A property manager is responsible for handling all aspects of the property they manage, including marketing, leasing, and maintaining the property, in addition to vendor and tenant relations. Landlords often hire property managers when they don’t live near their rental property, or if they’d just rather outsource the demands of property management to a skilled specialist.
Whether you’re looking to hire a property manager or want to become a property manager yourself, know that there are several skills and traits every good property manager ought to have. We narrowed the broad range of skills down to the top 10, including:
- Communication
- Organization
- Basic technical understanding
- Marketing know-how
- Budget management
- Vendor management
- Customer service
- Real estate knowledge
- Commitment to continued learning
- Previous experience
Each of these skills and traits are important for different reasons. Let’s delve into the specifics of why each one will be useful to a successful property manager.
1. Communication
Communication is a critical component of every property manager’s job. Strong written and verbal communication skills will make it easier for a property manager to respond to tenant emails and to tell vendors exactly what needs to be taken care of in a property. A property manager also needs to be able to explain the leasing process to renters and update the property owner on any issues that arise at the rental property.
2. Organization
A property manager needs to be organized. They have to keep track of every property they manage, as well as every tenant, prospective tenant, property showing, security deposit, and maintenance issue they encounter. Organizational skills are an undeniable asset to every property manager since they need to stay on top of so many changing details.
3. Basic Technical Understanding
Knowledge of computers and online tools (like Apartments.com) will help any property manager stay organized and communicate efficiently. With more of the leasing process moving online, tech savvy property managers will definitely have an edge in getting units leased faster and safer.
4. Marketing Know-How
Part of managing a property is getting the unit filled. Knowledge of basic marketing techniques, like writing a mind-blowing property description and filming a video tour that stands out, are essential parts of every property manager’s toolkit. It also helps to have some knowledge of email marketing and social media platforms to connect with new and current tenants alike.
5. Budget Management
Finances are a big component of managing a property. A property manager is expected to negotiate lease agreements, collect rent and utility payments, and track daily expenses. Ultimately, a property manager needs to ensure that the property they manage stays profitable.
6. Vendor Management
A property manager is in charge of managing vendor relations, from setting clear expectations to ensuring that all work has been completed. They are also responsible for coordinating vendor payment.
7. Customer Service
Customer service skills are essential for every property manager. From defusing tense situations to empathizing with tenant complaints, customer service is a part of every property manager’s day-to-day interactions. These skills come into play whenever a property manager has to interact with a tenant, potential tenant, or property owner.
8. Real Estate Knowledge
A property manager is expected to have strong knowledge of real estate. Some states require property managers to have real estate licenses, while others require different or additional certifications and licensing. Even if your state doesn’t require any specific certifications, you’ll find that many successful property managers obtain various designations to display their professionalism and overall competence.
A property manager with extensive real estate knowledge knows the rental market they’re in. They’re also familiar with common problems associated with rental properties, so they know how to prioritize and handle any issues that arise.
9. Commitment to Continued Learning
Many of the relevant certifications that property managers possess require frequent recertification (about every two years or so), so a commitment to continued learning is an essential trait for every property manager. Technological advances also keep many property managers on their toes, affording the most adaptable and curious property managers great rewards.
10. Previous Experience
Of course, everyone wants to hire a property manager who has already proven that they can do the job. With such a broad range of responsibilities and skills, it can be challenging to find candidates that meet most, if not all, of the qualifications. However, property managers come into the field with many different backgrounds. Some have worked their way up from being leasing assistants, while others transition into the field from customer service or building maintenance. Candidates from a wide variety of backgrounds have the potential to thrive in property manager roles.
So, You Want to Hire or Become a Property Manager?
These top 10 skills are best to look out for whether you’re thinking of hiring or becoming a property manager. From excellent communication and organizational abilities to superb customer service and a willingness to learn, there is plenty to take into consideration when evaluating a potential hire or career path in property management.
