15 Habits of Highly Successful Property Managers
Date Written: 05/02/2022
Last Updated: 05/02/2022
What makes a good property manager? Being a successful property manager requires more than just a knack for marketing and an eye for detail. There are certain habits that the best property managers have developed to achieve their goals. If you want to be successful in this industry, these are the habits that you should adopt that will help you get there.
Read on to learn the 15 habits of successful property managers and how they can help you in your career!
Habit #1: Be Systematically Organized With Paperwork
Being a property manager requires a lot of paperwork. There are always new leases to sign, maintenance requests to keep track of, and rent payments to process. The best property managers have a system for organizing all of their paperwork so that nothing falls through the cracks.
An effective way to organize your paperwork is to create a filing system. This can be done digitally or with physical folders. Create a folder for each property you manage and label it with the address or unit number. Then, create sub-folders for each type of document you need to keep track of.
For example, you might have a folder for leases, maintenance requests, and rent payments. This will help you stay organized and ensure that you can find the documents you need when you need them.
Habit #2: Conduct Regular Maintenance Checks
Being a successful property manager is also about maintaining the property you're responsible for.
The best way to conduct a maintenance check is to walk through the property regularly. A quarterly or bi-annual review is typically sufficient. Make a note of any repairs or replacements needed and follow up with the appropriate vendor or maintenance team.
In addition to regularly scheduled maintenance checks, it's also essential to be responsive to tenants. If a tenant mentions a problem, make sure it's addressed promptly.
Habit #3: Avoid Procrastination
Procrastination is one of the biggest enemies of a successful property manager. There are always tasks that need to be completed, and putting them off will only make things more difficult in the long run.
One of the best ways to avoid procrastination is to create a daily or weekly task list. This can be done digitally via an app or with a physical notebook. Make a list of all the tasks that need to be completed and prioritize them based on importance.
Then, start working through the list and checking off each task as it's completed. It will help you stay focused and on track.
Habit #4: Communication Is Key
Effective communication is essential for successful property management. You need to communicate effectively with tenants, vendors, and employees. This includes being clear and concise when conveying information.
Being a property manager is more than just being the person in charge. It's also about being a leader and taking control when necessary. If you want to be successful, you need to be able to communicate effectively with those you're working with.
Habit #5: Stay Positive
The property management industry can be challenging at times. There will always be difficult tenants, maintenance issues, and other challenges that you'll need to face. It's important to stay positive through all of the challenges.
One of the best ways to stay positive is to focus on your goals. Keep your eye on the prize and remember why you're doing this in the first place. It can also be helpful to set small goals that you can achieve regularly. This will help you stay motivated and focused on the future.
A few tips on how to stay positive:
- Make a list of your goals and refer to it often.
- Set small goals that you can achieve on a regular basis.
- Focus on the future and remember why you're doing this.
- Find a mentor or role model who can help you stay motivated.
Habit #6: Build Rapport With Your Tenants
Building rapport with your tenants is one of the most important things you can do as a property manager. This relationship is key to maintaining a successful property.
There are a few ways to build rapport with your tenants:
- Be responsive to their needs and concerns.
- Make yourself available and approachable.
- Get to know them on a personal level.
You can also build rapport by being involved in the community by attending community events or sponsoring activities.
Habit #7: Manage Your Time Wisely
Time management is another vital habit for successful property managers. There are always a million things that need to be done, and it can be challenging to know where to start.
As mentioned earlier, it can be helpful to create a daily or weekly task list. By doing this, it will help you prioritize your tasks and make sure that you're focusing on the most important things.
In addition to creating a task list, it's also important to learn to say "no." There will always be people who want your time and attention, but you need to be able to focus on your priorities.
Habit #8: Create a Long-Term Plan
Successful property managers create long-term plans for their properties. They set goals and develop strategies for achieving those goals. Most importantly, it helps them stay focused and on track.
It's important to remember that your long-term plan will evolve. As your property changes, so will your goals and strategies. That's why it's important to review your plan regularly and make changes as necessary.
A few things to keep in mind when creating a long-term plan:
- Set realistic goals that can be achieved over time
- Develop strategies for achieving those goals
- Review your project regularly and make changes as needed
- Be flexible and willing to adjust your plan as your property changes.
You can also use SMART goals to help you create a long-term plan. SMART goals are specific, measurable, achievable, relevant, and time-based.
Habit #9: Adopt Tech-Friendly Practices
Property managers need to be tech-friendly to be successful. Being a forward-thinking leader in the industry requires you to embrace new technologies. For example, you might use property management software to streamline your operations. ExactEstate is a great option for property managers who are looking for an all-in-one solution. With ExactEstate, you can manage your properties, finances, and tenants all in one place.
You can also use technology to stay connected with your tenants. There are many ways to do this, including social media, text messaging, and email.
Since technology is rapidly changing, it's crucial to stay up-to-date on the latest trends. This will help you identify new opportunities and keep your property running smoothly.
Habit #10: Evolve and Grow
The successful property manager is constantly evolving and growing. This means that you're never satisfied with the status quo. You're always looking for ways to improve your property and your operations.
One way to do this is to attend industry events. Industry events can help you stay up-to-date on the latest trends and learn from other successful property managers.
You can also read industry publications and books. This is a great way to learn about new ideas and best practices.
In addition to attending events and reading, it's also important to network with other professionals. Networking allows you to share ideas and learn from others.
Habit #11: Always Be Curious
Curiosity is a key habit of successful property managers. This means that you're always asking questions and looking for ways to improve.
One way to be curious is to seek feedback constantly. This can be done through tenant surveys, focus groups, and one-on-one meetings. Feedback will help you identify areas that need improvement.
Another way to be curious is to experiment with new ideas. This could involve trying a new marketing campaign or changing your lease terms. It's essential to be open to new ideas and willing to try something different.
Habit #12: Have Integrity
As with any other profession, integrity is vital for property managers. This means being honest, trustworthy, and ethical in all dealings.
Tenants need to be able to trust you and feel confident that you have their best interests at heart.
In addition to being honest with tenants, it's also important to be honest with yourself. This means admitting when you make a mistake and taking responsibility for your actions. By doing this, you'll build trust and credibility with your tenants.
Habit #13: Present a Well-Maintained Property
A successful property manager understands the importance of presenting a well-maintained property. This means that the grounds are clean, the common areas are tidy, and the units are in good repair.
Tenants will be more likely to renew their lease if they're happy with the property's condition. In addition, you'll attract new tenants if your property is well-maintained.
Habit #14: Be Organized
Being organized can help you in several ways:
- It will help you keep track of your properties and tenants.
- Being organized allows you to save time.
- It will help you reduce stress.
One way to start being more organized is to create a system for tracking your properties and tenants. This could involve using a spreadsheet or software program.
Another way to be more organized is to create a schedule for yourself. This might include setting aside time each day to review your properties and tenants. By being organized, you'll be able to work more efficiently and effectively.
Habit #15: Learn From Your Mistakes
What separates successful property managers from others is learning from their mistakes. When something goes wrong, they take the time to analyze what happened and figure out how to prevent it from happening again.
By learning from your mistakes, you'll be able to avoid making the same mistakes in the future.
If your goal is to be a successful property manager, you need to develop the proper habits. The 15 habits listed above will help you build the skills and knowledge you need to succeed. One of those solutions is the adaptation of modern, customizable online property management software such as ExactEstate. Please let us set up a free demo for you to see what we can offer your company in the property management industry.