Updated September 9, 2020
Being a property manager encompasses a lot of responsibilities. As a mediator between the property owner and the residents, you and your team will need exceptional people skills, organizational expertise, and the senses of a great marketing manager if you are to climb your way to the top. The real estate scene is a tough, competitive one, so be ready to bring your "A-game" to the table. In this article, we will offer a few crucial pieces of advice on how to boost your business and cater to your customers to ensure their return.
How to succeed in property management
Choose Your Team
Never settle for less. As harsh as it may sound, if you want to succeed as a property manager, you need to surround yourself with people who will have the professional skill and the "street smarts." The people you hire represent not only your company but you, the owner, as well. Their successes and failures will be yours just as much. Conduct thorough, informative interviews, do regular check-ups to make sure they are comfortable and have everything they need. Ask them about their own experiences and expectations, and if possible, provide them with additional training in any of the skills you need.
Do not neglect online media. This goes for:
- Marketing – create a website or a blog. Feature interesting articles, infographics, interviews, and recommendations from other people;
- Social media – create a social media profile on Facebook, Twitter, Instagram, or other social media (preferably on as many as possible) and keep it updated with your company's news. It is also a great way to present yourself to the tenants and potential customers;
- Communication – more and more people these days are sooner going to see an online notification than be at home to take a phone call. Use this to be available at all times to your customers.
Be someone on which the property owners can rely. If they hire you, that means they lack the time or the skill to take care of everything on the property themselves. You need to keep a professional face, have admirable organizational skills, and handle tasks as problems as they come so that the owner doesn't have to worry about the property. Speak calmly, show that you can handle difficult situations with professionalism and care. Communicate openly, and always be ready for questions and concerns, because you are the problem solver and the caretaker. Make sure your customers feel that their money is well invested.
Always keep one close eye on the competition. See what kind of deals or services your rivaling companies are offering. There is no need to get competitive or trying to one-up others at all costs. Keep a collegial relationship and a professional image, as it is far better to have partners than enemies. Instead, to stand out from your competitors, turn to creativity, work with your team – create deals, schemes, and plans that will seem much more tempting your potential customers than if they went to someone else.
Be active in the community. No air of professionalism and spot-on marketing will gain you favors in the community if you don't have the approachability of a friendly neighbor. To really resonate with your clients, ensure they are satisfied, and have them coming back to you for services, try engaging with the community. Organize barbecues, picnics, and garden or pool parties. Join forces with local businesses for these events, and promote your services. Then sit back and watch your popularity grow, with an off-chance of networking! Aside from being good for your image, organizing events is also a lot of fun, and you potentially brightened someone's day.
Always have an ace in your sleeve. The chances are that both property owners and residents will come to you with problems – from financial ones to the dilemma on the choice of a moving agency. The worst thing you can do is be wholly unprepared for such visits, and you know there is nothing better than seeing the ease on your clients' faces when you solve an issue together. The key is to keep a web of contacts – services, products, agencies, etc. Be prepared to help them find cheap cleaning agencies, dependable rentals, or affordable home and office removals.
People Come First
When chasing success in a ruthless market, it is easy for this simple postulate to slip your mind. But it is a motto that should be engraved in your mind, or perhaps even somewhere in your office. Everyone on your team should be aware that you are dealing with real people, all with their problems, families, and histories – too many to count. And they all need the same thing from you: to know their lives and properties are safe. Be their advisor, someone to help them, calm them down, or take them through their issues and most likely don't fully understand.
Communication is key. Whatever new service, deal, or offer, make sure to communicate it properly to your customers via social networks. Advertise and notify through blogs, newsletters, and bulk messaging when you have garnered quite a following. But be careful not to spam, or else your notifications will be muted – stay direct, clear, and communicate only important matters. Another important aspect of communication is between you and your team. Be accessible at all times, convey your ideas clearly, be open for new ideas and suggestions, and hold regular meetings. All employees want to feel heard, and more importantly: kept up to date with the workings of the company, current, and future.
Being a property manager is not an easy feat. There are so many factors pertaining to a successful property management business: networking, client and inter-team communication, watching your competition, and being active in the community. Keeping a close eye on all of these aspects can be overwhelming, which is why you need a highly educated and motivated team. Success does not happen overnight, so give yourself time and take everything one step at a time. Be patient and resilient, and the rest will come.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.