Why Are Property Managers Successful?

Your answer to that question might be experience or technology, and certainly good business sense, confidence and leadership skills have to be mentioned.

Successful business, those who last decades in their business field prove they’ve got what it takes. Understanding successful property managers who lead these success models is important. Technology is huge of course, yet soft skills and good decision making ensure the benefits of technology will be leveraged.

As we enter 2023, you might be facing changes in your portfolio and falling behind on services and efficiency.  You’re considering hiring a new property management company, but perhaps not many fit what you’re envisioning.

It’s wise to slow down and study what attributes/capabilities you need and who fits that profile.

Finding the Best Property Management Firm

Property managers today bring a much larger array of skills, training, education and tech-based productivity.  Some are primed for growth, but growth isn’t something given. Instead, it’s earned.

Because new issues pop up through the years. Today government rent controls, taxation, wage costs, materials costs, and thinner profit margins with larger portfolios mean competence is important.  The matter of building good business models too shows which property managers really understand how to generate sustainable success.

Landlord’s expectations of property managers are high therefore choosing property managers who can meet those expectations is wise.

10 Positive Traits of Professional Property Managers

The best property managers are distinguished by their efficiency and ability to help generate profit.  The best of breed will:

1. utilize their experience well (you must understand why their experience has value)
2. think like a property investor (treats properties like they were his/her own)
3. make good decisions based on data and their experience (weighs and evaluates own decisions)
4. are poised, patient and have a professional disposition (relaxed and focused on the long term)
5. manage stress and disappointment well (business is far from perfect)
6. are eager to learn and grow (constant learner, leads the market, not follow)
7. communicate well and help staff learn and grow (keeping everyone connected and on the same page)
8. are comfortable with technology trends and know it’s the essence of high-performance management (software and hardware tools that streamline performance)
9. take the lead and spearhead initiatives to get everything done (be the go-to person at all times and drive the business forward fearlessly)
10. delegate well (understanding who the right person is for the job and giving them the ability to do it)

Having the Vision and a Plan to Reach the Goal

Besides the basic affinity for high performance property management and people management, professionals need professional level work habits. Consistency creates focus yet flexibility is needed when orchestrating people and the workload to achieve goals. Consistency helps support purpose and keeps the vision clear.

As Seneca once said, if you don’t know where you’re going, any wind will do

Think of sailing explorers of centuries ago, who had to keep the vision going when the crew was considering mutiny. The captain has the charts, has to manage the crew, and is responsible for the success of the journey.

We can’t always count on everyone being professional or owning the company’s mission. It always comes back to the highly paid manager who must be highly motivated to lead.

With that being the case, let’s take a look at 7 habits that keep us focused laser-like on a being a successful landlord or property manager.

The 7 Best Habits of Highly Effective Landlords and Property Managers:

1. Maintain a clear vision of their property management business daily and how to keep it sustainable and profitable. From cash flow, to tenant screening and using software to optimize efficiency everything is enlisted to support that vision.
2. Ensure good attitude from arranging and organizing their personal lives so as not to interfere with their professional life. And they renew themselves by growing professionally, keeping a fresh and healthy perspective, and always reconnect with the reasons their job is important to them, so they don’t become confused or bored.
3. They revitalize with rest and exercise. They’re committed to their work and can’t wait to begin their day, yet workaholism on a regular basis is something they won’t do. They ensure they get a full night’s rest, exercise during the day, and eat healthy food. The oxygen, fresh air, nutrition, breaks from routine refresh them mentally and emotionally so they can work at a higher level. They take vacations.
4. Are proactive, optimistic, like to learn and grow in their routine. This go go attitude comes from having no friction — they believe what they’re learning and doing is win win for everyone. No need for secrecy, deception, risky behavior, negativity, or procrastination.
5. Access the best software, services, advice and help. They hire the best and buy the best to help to ensure they get the right results and avoid disappointments and friction. For instance, a property manager that buys the best appliances and fixtures with the right maintenance service schedule keeps tenant relations strong and avoids the friction that leads to tenant turnover.
6. Good judgement of people. They are students of psychology in that they can differentiate good tenants from troublesome ones, and high performing, competent contractors from bad ones. And from their conversations with tenants and owners, learn how to keep tenants continuously happy and comfortable.
7. Creatively cooperative and an able communicator – they convey their intentions clearly in a supportive, pleasant and helpful fashion to tenants, contractors, and owners. Tenants, contractors and owners undertand clearly and actually enjoy cooperating with them.

You may find these are the best of the best habits that distinguish great property managers and landlords from those going through the motions.

Finding a vision of your property management business is important.  Make sure you go through the process of creating a vision statement. If you know where you’re headed, you’ll be able to find the stepping stones to it. A guiding vision and mission that doesn’t include high quality, happy tenants might be doomed to failure.

Good luck with creating a good vision for your property management business.

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