“The real estate sector is grooming another career opportunity, as it continues to ride high under a distressed pandemic-challenged environment. Rent managers are now being developed as a profession, and promising career by real estate stakeholders, as demand for rental, is seen to take strides post-pandemic.”
– Anthony Gerard Leuterio, Filipino Homes Founder
The rise in rental demand in real estates such as residential, office, retail, and warehouses, according to Leuterio, led to the birth of the rent manager profession.
Rent.ph’s mission is to prepare all of its agents for unusual times and that becoming a rent manager is an “interesting field to pursue” for real estate brokers, even to those looking for extra income.
The changing dynamics of business, work style, and even individuals’ lifestyles have created opportunities for people to become specialists in rental management.
Filipino Homes has already employed 1,500 rent managers across the country. Rent Manager is a unique program offered by Filipino Homes’ Rent.ph to produce professional rent managers.
However, the most important consideration is: what skills do you need to be a property manager? Here is a list of excellent property management skills to possess if you want to succeed as a rental property manager!
Outstanding Communication Skills
Communication skills are at the supreme “must-have” property management skills. Your job as a property manager will be difficult if you don’t have good communication skills. In fact, this ability can make or end your career as a property manager.
Property owners/landlords, present and potential tenants, numerous contractors, the entire property management team, and other experts are all persons with whom a residential property manager must communicate efficiently. This job is all about coordination, which requires listening, communicating, and ensuring everyone is on the same page.
Excellent Organizational Skills
A property manager’s job entails juggling multiple responsibilities at once, which demands excellent organizational abilities. It’s essential to build up routines that assist you in streamlining your workload and maintaining numerous balls in the air at once.
Consider a real-life scenario: how would you manage your time while screening and interviewing potential tenants, inspecting vacant apartment units, ensuring that everyone has paid their rentals, and ensuring that the security guard you hired performs their duties?
The pressure can become onerous if you lack organizational skills, and your work will appear sporadic to others. Well-organized property managers outline their responsibilities and set orderly checklists and deadlines to ensure they do not miss anything.
Property managers must market unoccupied residential units and be able to write compellingly about them. They must also know where to post them to reach the targeted demographics of potential tenants. This is how marketing works!
Fortunately, there are numerous online resources for understanding real estate marketing. If you believe your main strengths lay in other property management duties, there is plenty of help and support.
Property managers may come from various backgrounds, but the common denominator is usually some technical grasp of how buildings work. This is a requirement for thorough, well-documented inspections of rental homes to ensure their safety and security.
The technical knowledge and awareness of property managers help map usual and predicted problems at rental properties. In this manner, they may be avoided before they happen, and essential maintenance concerns can be prioritized.
Understanding of Landlord-Tenant Laws
Both tenants and property owners turn to the property manager when they have questions about real estate. These property management abilities are crucial since a property manager must be educated in real estate and tenant law. Consider the tenants’ or owners’ reactions if you cannot respond to their basic questions.
However, these laws are subject to change. Therefore, property managers must stay current on all legal and regulatory elements of property management. Also, remember that it’s quite acceptable to admit when you don’t know the answer. A skilled property manager will investigate the information and respond with a response.
Customer Service Skills
One of the most crucial property management skills is customer service oriented. It’s all about being present and responding to your consumers’ questions (i.e., tenants and property owners).
A skilled property manager, for example, makes themselves available to tenants via a website where tenants can ask questions and find pertinent information. When your tenants or the property owner have queries concerning the rental, you should respond as quickly as possible. In the event of a complaint, property managers will need to respond quickly to resolve the issue.
Professionalism and Social Intelligence
On the one side, property managers must be patient and flexible, while on the other, they must be assertive. Their patience, in particular, might be put to the strain while working with a variety of stakeholders who have varying expectations. What would you do if your contractors were late, your renters didn’t pay their rent, or the property owner demanded immediate reporting? These are the times when patience and flexibility are required.
On the other hand, the job of a property manager occasionally involves toughness. Late rent payments must be tracked, and evictions of difficult tenants must be handled. The development of social intelligence can also assist property managers in adapting to any given circumstances and people they are dealing with.
Think Like an Investor
Property managers should be mindful that they are managing the properties of investors. This entails managing the property as if they were a real estate investor. To that end, people must comprehend the purpose of owning a rental property: to profit from it!
This is a less obvious skill, but anyone who works in real estate or property management knows that the sector is rapidly becoming digital. New technological technologies are always being created to help you, your tenants, and your rental property in various ways.
These tools are used by good property management to provide value to their clients’ experience. What’s certain is that today’s tenants are accustomed to a variety of digital comforts. So keep up with the latest digital property management solutions for a better customer experience and a competitive edge.
The only definite thing is that everything is subject to change, which is also true in the real estate market.
An excellent property manager is dedicated to continuing education to support and enhance the skills outlined above. So, look into some of the most up-to-date professional development books and other resources to ensure you’re updated on industry trends and your job description.
Finding all of them in one individual may appear to be impossible. However, a person who is serious about being a good property manager, on the other hand, cultivates and develops these fundamental core skills and shows it.