Rental Property Management

16 Habits of Promising Property Managers

| 5 min. read

When managing property, you’ll be communicating with tenants and contractors, shuffling paperwork, and solving day-to-day problems while also looking toward the future of your investment. Plus, you’ll need to be able to shift strategies when necessary and incorporate helpful feedback. 

Needless to say, managing property is no easy job—neither is finding a good property manager who can handle all that. That’s why we’ve put together a helpful list of 16 top habits property managers need to stay profitable and professional.

#1: Consistent Communication

Property managers should communicate with both property owners and tenants early and often. Since a PM can act as a go-between from owner to tenant, they must be masterful and consistent communicators. While telephone calls can add a personal element—talking to tenants directly—digital communication has its advantages, too. For example, keeping the majority of your communication in email form, or communicating through a property management portal, holds a record of what was said, which can be helpful if any miscommunications arise. Overall, clear communication keeps things running smoothly.

#2: Scalable Systems

Along with their experience, property managers have time-saving systems that boost efficiency and profitability. From advertising a new property to paying rent to returning deposits, property managers keep the ball rolling. If you’re looking to build out your real estate investments into multiple properties, you’ll need a property manager who has systems that are efficient, predictable, and scalable. 

#3: Vision for the Future

Excellent property management isn’t just thinking about collecting this month’s rent. They’re a partner on your real estate investment journey, considering how to maximize profits at this property and the ones you’ll expand to in the future. They’ll be aware of local, regional, and national real estate trends, and apply their expertise to grow your investment. 

#4: Strategic Thinking

A property manager’s vision should then translate into strategies that help property owners think long-term about their real estate investment. A property manager will be aware of tried-and-true strategies that take your real estate investment business from beginner to booming. They may recommend new properties to invest in or ways to renovate in between tenants to boost your rental rates. 

#5: Focused on Growth

But a property manager’s strategic thinking should go beyond repairs and general management. Ultimately, a good PM is focused on the growth of your business. Since many property management companies collect a percentage of monthly rent, they’re motivated to help you grow. A good PM focuses on growing your assets and possibilities. 

#6: Curious

What could be better? This is the question a professional property manager always has in the back of their head. They’re curious about new possibilities and busy solving problems before they occur. This curiosity also translates into creative problem-solving, an asset to any business venture. 

#7: Engaging Tenants

Not only will a good PM stage beautiful spaces for open houses, but they’ll also find creative ways to engage tenants regularly to create a sense of community. By focusing on tenant demographics, a PM will ensure their efforts provide results. Your common areas will be used regularly, outdoor spaces will be accessible (no matter the weather), and tenants should feel comfortable engaging with all spaces throughout the property. Plus, property managers are always assessing the amenities available to ensure they meet tenants' needs. 

#8: Organized and Orderly

Paperwork practically takes care of itself. In fact, it won’t be paperwork at all, because efficient property management will digitize everything. When things come up that need your attention, an organized PM will email it over weeks before it’s due with a clear indicator of where to sign. They’ll collect rent, pay bills, and handle tenant requests promptly before you know they’re an issue. 

#9: Open to Feedback

Of course, even the most perfect property manager isn’t a perfect human. Mistakes happen and things fall through the cracks—it happens to the best of us. But a good property manager (and person) is able and willing to learn from their mistakes. They can professionally receive feedback and find ways to improve without any extra drama. It’s not personal. It’s business. 

#10: Top Notch Time Management

Good time management is critical in the property management world. A PM’s daily task list is already long and getting longer. Their ability to prioritize tasks is paramount so they can focus on what’s most important. Through years of experience, proven time management practices, and knowledge of what needs to be done and when, a good PM can handle tasks, put out fires, and manage priorities all in a day’s work. 

#11: Transparency

Good business happens with good people. You’re trusting a property manager with a lot—it’s your money/future/investment/neck on the line. Being able to trust what they say is a must. So hire a person with integrity who is transparent about how they spend their time. Not someone who cuts corners or keeps you in the dark. 

#12: Dependable

Good property managers get things done when they say they will. Period. They bring a list of dependable contractors who complete work on time or early. They collect rent on time, schedule repairs practically before they’re needed, inspect the property regularly to be aware of anything that may need attention, and only involve you when absolutely necessary. You can rest assured that your property is in good hands. 

#13: Always on Time

Punctuality is always a promising personality trait. The best property managers are never late and don’t succumb to procrastination. They live by the saying: Early is on time, on time is late, late is unacceptable. 

#14: Pro-Active People Skills

A property manager has a lot of tenant-facing responsibilities, so they must be friendly, easy to talk to, and able to negotiate delicate situations. In fact, the best PMs have experience with conflict negotiation and mediation. 

#15: Respectful

Property management should be unfailingly respectful of both you and your tenants. Respectful of your time, availability, and privacy. They won’t be calling at all hours of the night or showing up unexpectedly on someone’s doorstep.

#16: Consistent Character

Finally, property managers gain the trust of tenants and property owners by displaying consistency of character and judgment. As they’ll often act as an impartial third party, they must showcase the consistency and fairness of a judge. This allows the community to build trust, knowing they can depend on their property manager to hear their side, understand their point of view, and come to a fair conclusion. 

While no property manager will be perfect, keeping in mind the habits above when hiring property management for your investment will help you find the perfect person for you. Partnering with the right property manager will create an environment for your tenants to feel safe, cared for, and comfortable—so they’ll make your property home for years to come.

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