Ever wonder how property managers pull it off? Struggling to get the ball running on your operations? Well, property management isn’t something you can learn overnight, but there are things you can change today, for a better tomorrow.
Becoming a successful property manager takes time, effort and sacrifice. Given the nature of the property industry, you need to be trying to upskill you and your team constantly.
Keep reading below to discover four habits of successful property managers.
Early bird gets the worm
It’s no secret that when you wake up early, you experience a higher level of proactiveness. A recent study conducted by Harvard sleep school suggests that waking up early links directly to a clear, positive mental well-being.
Seize the day by waking up early. You’ll instantly get a head start to the day & you could be knocking out tasks all morning before the rest of the world has even rolled out of bed.
“When you win the morning, you win the day.” Try it out yourself and see if your productivity spikes. It’s crazy what you can do with two extras hours in the morning.
Streamline repetitive processes
Being a property manager means you spend a large chunk of your day doing repetitive processes. For example, you might go through the same steps every time you produce a report, handle tenant complaints, contact a new tenant, etc.
You have most likely been exposed to the results of inefficiency: Angry tenants, overdue bills, added stress, and missed deadlines are just some of the problems can arise if you fail to be productive and streamline repetitive processes.
It’s a simple fix, anything you do more than once a week ask yourself or google if there is a way you can be doing things better. For example, if you find that you are sending the same email repeatedly to your clients, create an email template. If you find yourself sending hours on editing and preparing property inspection reports download property inspection software.
Brainstorm all the tasks you repeat on a weekly basis and then find the best solution to that task for your business. You could be saving hours each day by streamlining these process’!
A successful property manager embraces change. Change is inevitable; the way business was conducted five years ago is going to be drastically different in 5 years’ time.
The world is becoming digital. A recent report by Goldman Sachs shows that close to 80 Million Generation Y renters will enter the rental market shortly, which is a whopping 25% of the population. For successful property managers, they see this as the perfect time to get on board with technology solutions.
Try new apps, experiment with inspection software, advertise on Facebook, update your social media, reply to the marketing email from that SEO expert promising increased website traffic, try it all! Find what works best for you and your working style.
Once you find something that works in harmony with you, your tenants and company you will reap the rewards of using digital products to their full advantage, and you will wonder how you stayed afloat without them. Flow with the current not against it, and you will become more relatable, relevant and respectable in the eyes of your millennial renters
Never stop learning
It’s no secret that successful property managers are continuously learning. From staying up to date with new real estate trends, new policies, new government rulings all the way to learning which type of lightbulbs will make your room the lightest. Property managers continually have to upskill themselves in all areas for better business.
Not only does learning new skills and information enhance your professional dealings and make you a more reputable and trusted source. It will also have you feeling armed and ready for any questions renters or owners may throw at you.
One quick way to asses what areas you need to brush up on is to survey your current tenants. Depending on their answers you can then identify areas of your business that you need to improve, learn on and upskill.