We talked about the pros and cons of renting a home in past articles. As an investment, renting out a property is a great way to earn short-term revenue while banking on the capital gain. It’s not limited to homes too. You can invest in an apartment or an entire building to further improve the potential revenue from renting the units out to tenants.
Ideally, you want to have a good property manager to help manage your building. Whether you want to assume the role of property manager yourself, or you’re looking to hire a professional property manager for the job, here are some of the qualities and skills every good property manager must have.
Good Knowledge of the Property
To be a good property manager, you have to know the property you are managing inside out. You can’t expect to maintain the building and provide sufficient services when you don’t know all the details. Before assuming the role of a property manager, study the building’s layout, the available utilities, and all the little quirks the property has.
You may also want to get to know the neighborhood better. Tenants will turn to their property manager when they need information about the area. Find out where the nearest grocery store as well as other amenities available, and take the time to get to know the neighborhood better.
Don’t forget to pick up some basic skills while you are at it. You have to know how to fix most problems in the building, including basic plumbing issues, electricity problems, and other difficulties. The property manager is always the first person contacted when tenants are facing difficulties, so being able to provide first-aid services is beneficial.
There are several licenses and certifications you can pick up in order to be a better property manager. The Certified Property Manager certification is a good start. Other certifications, mainly those related to the construction industry and utilities, are also great since they grant you access to the basic skills we talked about earlier.
To handle detailed tasks, seek advanced certifications. Picking up an Initial Lead Renovator Certification or taking the RRP refresher course online, for example, gives you the ability to deal with lead-related tasks. The next time you need to remove older lead paint or deal with lead dust, you have the expertise to do so correctly.
One last crucial skill you must have as a property manager is marketing skills. While the main job of a property manager is to take care of the tenants, you will also be engaging with potential tenants who are thinking about renting a unit in the building. Being a good salesperson is a huge plus.
Property managers working for building owners must also market themselves, which means having good marketing skills is even more important.
Master these three skills and foster a good relationship with tenants and you will be a great property manager. Of course, you can refer to these skills when reviewing a property manager for your property too. Tenant satisfaction and a good return on investment can only be achieved when the building is managed by a reliable property manager.