To be a successful property manager, you need to have habits that make you more efficient and capable than most of your peers. In this article, we’ll reveal to you 7 habits of highly successful property managers.
If you execute them properly, they will help you stay organized, grow your client base, and improve your approach to everything property management.
Habit #1: They are early risers.
Are you the person who likes to sleep in? If you are, property management isn’t for you – plain and simple! Highly successful property managers wake up early.
Waking up early sets you up for more success and satisfaction. As a matter of fact, a study found that people with a habit to wake up early were better at anticipating and minimizing problems compared to late risers.
Furthermore, early risers generally tend to have a stronger immune system, as they are more likely to give themselves adequate resting time. And, a stronger immune system equals to improved energy levels for the next day.
Habit #2: They stay up-to-date with what’s trending.
As a property manager, it’s important that you are knowledgeable about what’s trending in the real estate space. That means staying up-to-date on things like statistics and legislation by listening to real estate podcasts, perusing property management blogs and reading the news.
By doing this, you’ll be able to provide knowledgeable answers to questions from owners, tenants or even fellow agents.
Habit #3: They follow through with their goals.
This is one of the top habits of successful property managers. They set goals and follow through. So, if you aren’t doing so already, it’s in your best interest to take a page from their book and create your own goals.
You can set them on a daily, weekly, monthly or even annual basis depending on what you’re looking to achieve.
You should, as a rule of thumb, set goals that are specific and challenging yet within reach. Doing so will help you work effectively and allow you to stretch and grow. Without having a plan, it is easy to lose sight of the bigger picture.
Before setting your goals, ask yourself the following questions:
- What percentage of your tenants are you retaining at the end of every lease cycle?
- Is there any procedure that you can improve to better serve your tenants and property owners?
- What can you do to reduce expenses?
- Are your clients satisfied with the quality of service you provide them?
- Are you efficient when it comes to collecting rents, deposits and any other fee?
- How is your clients’ acquisition like? Is it consistent?
Habit #4: They streamline their communication.
Property management is all about customer service. And, excellent customer service is all about communication. Tenants and property owners feel valued when you listen to them and embrace their feedback.
So, if you aren’t providing value to your clients, they will be in a hurry to leave you. Team, service, and profit – these are the essential things that correctly define responsible property management growth.
As such, make sure to streamline your communications to ensure efficiency and consistency. Are you finding that you are sending them the same message over and over again? If you are, look to using Outlook or Gmail to create a template.
Alternatively, invest in a good property management software that comes with preinstalled templates that get triggered whenever a particular task is actioned.
You can also streamline your communications by providing client access. Here, you will need to create an online portal for both tenants and property owners from where they can log in from anywhere.
Habit #5: They make use of the latest technology.
Successful property managers are also tech-savvy. They use the latest technology to make their operations easier and orderly. A survey by Buildium found that 81% of property owners would want property managers to make use of technology when managing their properties.
Admittedly, technology allows property managers to handle a variety of tasks quickly and efficiently. For example, it can help them market vacant rentals to the right audience, screen prospective tenants, keep up with maintenance, and track disputes.
Habit #6: They have a good file management system in place.
A good file management system in place helps save time. It also helps handle the likes of audits, legal disputes, and discrimination claims. For instance, you will be handling tenant files like:
- Records on rent payments
- Inspection paperwork regarding move-ins and move-outs
- Correspondence regarding approval
- Paperwork on evictions
- Lease violations
Habit #7: They are self-driven.
Successful property managers are also self-driven. This is important for many reasons.
It helps them accept new challenges. It increases their confidence level. It helps them maintain their energy levels. It develops their skills. It helps them achieve their goals. And, it makes them persistent.
There you have it. 7 habits you should be doing every single day to make an incredible difference in the way you manage rental properties.
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