Why Are Some Landlords and Property Managers More Successful?
If you’re on the hunt for a landlord or property manager, you’ll need some way to assess your candidates. HR recruiters and owners have very different views on who an ideal landlord or property manager is.
Traditionally, those with leadership skills and experience would win hands down. Today the whole notion of what a leader is and which experience is relevant is being questioned. There’s an accent on soft skills even as tech skills are becoming essential.
Expectations of property managers are high and yet the criteria these hires are judged against might not add up. The end result could be disappointment for property owners.
Not All are Created Equal
If all property managers were equal in capability, we wouldn’t see some property management companies dominate their markets. Competence and skill in decisions and people management give any landlord or property manager an edge. Add on new technology savviness and drive, and you have someone landlords and property owners are hoping to hire.
10 Traits of Professional Property Managers
The best landlords and property managers are distinguished by their talents and by their habits. You can utilize all the technology you want, but managers need the basic qualities. The good ones:
- utilize their experience well (understands why their experience has value)
- think like a property investor (treats properties like they were his/her own)
- make good decisions based on data and their experience (weighs and evaluates own decisions)
- are poised, patient and have a professional disposition (relaxed and focused on the long term)
- manage stress and disappointment well (business is far from perfect)
- are eager to learn and grow (lead the market not follow)
- communicate well and help staff learn and grow (keeping up with market demand)
- are comfortable with technology trends and know it’s the essence of high performance management (software and hardware tools that streamline performance)
- take the lead and spearhead initiatives to get everything done (be the go to person at all time who drives the business)
- delegate well (know 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, lets 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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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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