The skills you need to succeed as a property manager ✨

Anyone who has worked in property management knows that it's a competitive business. 

Property management requires a wide range of skills that beginners may not expect to need in this profession. 

So what skills do you need to become a property manager? 

We've put together a list of 10 property management skills you'll need to succeed as a rental property manager. 😇

This list brings together the basic skills that will get you up and running in no time, and launch a successful career in property management.

Some of the key skills you'll need include excellent customer service, effective communication, strong organizational skills and multitasking. 

You'll also need to be able to work under pressure, handle difficult situations and people, and have a working knowledge of Quebec laws and regulations. 

If you're in this business, make sure you have these ten essential skills to help you achieve your biggest goals!

Communication skills

Strong communication skills are essential for any property manager. After all, this is a coordinating role, requiring you to listen and relay messages to make sure everyone is on the same page. 

This means you need to be able to communicate effectively with people at all levels, including owners, current and prospective tenants, various contractors, the entire property management team and other professionals. 

Residential property managers need to be able to manage conflict quickly and effectively to maintain a positive working environment and keep the property running smoothly. 

In addition, they need excellent writing skills to prepare accurate and concise reports. 

With such a wide range of responsibilities, it's clear that communication skills are essential for anyone wishing to pursue a career in property management.

Good organizational skills

Being a property manager is not a job to be taken lightly. It takes a special kind of person to be able to juggle several tasks at once and keep everything running smoothly. 

However, those who are up for the challenge will discover that this can be a very rewarding career. One of the most important skills for any property manager is good organization 😉

You need to be able to implement procedures that help you streamline the workload and keep several balls in the air at the same time. 

Property managers often have to deal with several problems at once, so it's essential to be able to stay calm under pressure and concentrate on each task in turn. 

People with these skills will find that they are well equipped to meet the challenges of property management. Without a system in place, it can be easy to become overwhelmed by the amount of work to be done on a daily basis. 

What's more, if you're not organized, your work will seem rather sporadic to others. One of the best ways to get organized is to create checklists for each task. 

This will help you keep track of everything that needs to be done and make sure you don't forget anything. You should also set yourself deadlines to make sure you stay on track. 

If you can stay organized, the workload will seem much less stressful and your work will be more consistent.

Knowledge of the relevant laws governing landlords and tenants

Tenants and owners often turn to property managers for all their real estate-related questions. 

Property managers play an important role in the leasing process by having a thorough knowledge of property and tenant legislation. 📚

As laws can change, it's essential that property managers keep abreast of all the legal and regulatory aspects of property management. 

This gives owners and tenants confidence that their property manager will be able to answer all their questions. 

What's more, knowing the law helps property managers resolve any problems that may arise during the rental process.

Providing good customer service

As a property manager, it's important to always keep your tenants and owners in mind. After all, they're the ones you're there to serve. 🤝🏻

This means being attentive to their needs and requests, and always putting their interests first. 

Good customer service is essential in this sector, as it can make the difference between a satisfied customer renewing his lease and an unhappy customer leaving for greener pastures. 

By focusing on exceptional customer service, you'll set yourself apart from the competition and build a successful property management business.

To be a good property manager, it's not enough to collect rent and plan repairs. 

While these tasks are important, property managers must also be available to tenants and owners to answer their questions and address their concerns.

Marketing skills

Being a successful property manager requires a wide range of skills, from financial management to customer service. 

Marketing skills are often overlooked in real estate management. Yet marketing skills are essential for a successful property manager. 🤓

Without good marketing skills, a property manager will struggle to advertise vacant apartments and write compelling descriptions. 

Nor will he know where to list his units to reach the right groups of potential tenants. 

Marketing skills are essential for any property manager who wants to make his job easier and attract quality tenants. With the help of good marketing, a property manager can take his business to the next level.

Technical know-how in property matters

Property managers may have different backgrounds, but the key for all of them is usually a basic technical understanding of how buildings work. 

This is a prerequisite for well-documented inspections of rental properties to ensure their safety. 

The technical understanding and know-how of property managers help to identify typical and expected problems in rental properties. 

In this way, they can be proactively mitigated, and urgent maintenance issues can be prioritized according to their urgency. So, technical knowledge is an essential part of the property manager's job.

Represent the characteristics of a property manager

To be a property manager, you need to demonstrate a certain type of personality and character traits in different situations. Property managers need to be patient and flexible on the one hand, and assertive on the other. 

Their patience, in particular, can often be tested when working with a variety of stakeholders with different expectations. 

How would you react if your contractors were late, your tenants stopped paying rent or your landlord was waiting for an urgent report? 

In such cases, you need to be patient and flexible. In addition to patience, trust is another important character trait for property managers. 

You need to be confident in your ability to handle the different situations that may arise. By showing confidence, you put people at ease and encourage them to trust you. 

Ultimately, having the right personality and character traits is essential to success as a property manager.

Think like an investor

As a property manager, it's important to remember that you're managing the property on behalf of the investor. This means that your primary objective must be to maximize the return on investment for the property owner. 

To do this, you need to have a good understanding of the investor's objectives and how they relate to the property. For example, if the investor is looking for capital growth, you'll need to focus on long-term rental growth and ensure that the property is well maintained. 

On the other hand, if the investor is looking to generate income from the property, you'll need to focus on achieving high occupancy rates and reducing costs. 

By understanding the investor's objectives, you can ensure that you make decisions that are in his or her best interests.

Excellent command of technology

As the world becomes increasingly digital, many sectors are being forced to adapt to keep pace. The real estate sector is no exception. 🖥️

In recent years, there has been a move towards digital property management, with the introduction of new tools that can help simplify the rental process for tenants and landlords alike. 

For property managers, this means mastering a large number of software and platforms. 

From listing properties online to managing maintenance requests, there are now a number of ways to streamline the rental experience for all parties involved.

Otonom also offers a simplified payment solution for collecting payments. Learn more about Otonom ICI.

Ongoing professional development

The real estate sector is constantly evolving: new laws, new technologies and new challenges. 

A good property manager stays ahead of the game by committing to ongoing training. This may involve reading professional development books, taking courses or attending conferences. 

By keeping abreast of the latest industry news and developments, you can be sure of providing the best possible service to your customers. 

And when your customers are satisfied, your career takes off! 

So, if you're looking to take your property management career to the next level, commit to lifelong learning. It's an investment that will pay off in the long run.

With Otonom Solution, say hello to more time and more sales. Get started today and take your real estate business to the next level!

Contact us and schedule a free first call!