Why Experience Counts in Rental Property Management
Experience counts in the growing market of rental property management because a lot is at stake. Trends are constantly shifting and competition is getting tougher – real estate professionals need to show extensive knowledge and good intuition about the future twists and turns in the real estate market if they want to stay in the game.
When it comes to rental property management, experience is vital because only years spent in the industry can build up a professional that knows what to expect and how to react in advance – and on top of that, keep up with coming trends in the market.
To put it simply – a good rental property manager should be the jack-of-all-trades. They should handle sales, marketing, laws, finance, and maintenance. Most people are happy if they are good at only two of these things, but rental property managers are expected to juggle everything previously mentioned with high levels of effectiveness.
To cut a long story short, being a successful rental property manager is much harder from the inside than it looks from the outside. So let’s explore what skills and traits a professional needs to possess.
Communication Skills
In the real estate industry, a degree is no substitute for proper communication skills. Admirable verbal communication is a core competency required in every working place, but when it comes to rental property management – it’s essential. A rental property manager’s job relies on one-on-one communication with many different individuals every day, and most of the deals require great verbal communication.
A set of good verbal communication skills implies assertiveness, effective speaking and active listening. Rental property managers are constantly engaged in interpersonal communication – this is the place where deals are negotiated, disputes solved and agreements are signed – staying always professional and choosing the right set of words that will work in the best interests of both landlords and tenants can be learned only through experience.
Apart from that, non-verbal and written communication is also of high importance to rental property managers. Their choice of clothing, gestures, and expressions can decide whether a landlord will find them authoritative and reliable enough to entrust them their property. Written communication will also be of vital importance when it comes to drafting up agreements and closing deals.
When negotiating between tenants and landlords, persuasive skills will also come in handy.
Keeps Clients Stress Free
Rental property management is a service-based industry that deals with clients while constantly trying to preserve their best interest – and this is a very difficult job. When everything goes smoothly usually it’s taken for granted, but when problems pop up, the manager is always the one to blame.
In the real estate business problems arise every day – landlords put difficult terms, tenants damage the property, governmental regulations change. Not to mention landlord-tenant disputes that can take many forms – from neighbourhood problems, repair issues and non-payment to eviction.
Rental property managers should navigate all of these disputes and take the stress off in every situation. What’s more, they should balance the communication between landlords and tenants, protect the interests of both sides and, most importantly, ensure that everyone upholds their side of the agreement.
Only years of dealing with different situations and clients can provide a rental property manager with enough credibility and confidence to navigate any dispute while staying calm under pressure.
Exceptional Organization
Phones keep on ringing, tenants are complaining, piles of paperwork are constantly accumulating on their desks – this is how a typical day in the life of a rental property manager looks like. Keeping a clear desk and a to-do list won’t be enough to keep things straight in real estate business. High levels of organization, detail-oriented work, and a good methodology are required from every successful rental property manager. Not to mention that all of the negotiated deals usually have tight deadlines.
To keep all sides happy, keep finances neat and finish the paperwork on time, rental property managers should have a firm understanding of what needs to be done and the ability to distinguish priorities. This can only be achieved if they possess strong analytical and reasoning skills. Skilled rental property managers should also have strong administrative and financial skills. Aside from that, multitasking and good time management are expected from everyone in the real estate business.
Take on The Role of a Marketer
Rental property managers should not only be marketing their clients’ properties and their area of work, but they should also constantly market their company, themselves, and their own services. A set of marketing techniques is of vital importance in the real estate business. Content marketing, word-of-mouth, SEO strategies – they are all core competencies that a successful rental property manager should possess to stand out from local competitors.
A set of exceptional writing skills is also required in order to make good property descriptions that will attract tenants. Social media platforms are also an important battleground between competitors where every review counts.
Additionally, digital marketing is of vital importance in real estate business but it’s not enough. Experienced rental property managers know the importance of being engaged and recognised in their community. It’s important to mingle between residents and property owners so people will find real estate professionals reliable and authoritative when it comes to real estate business.
Face-to-face communication and taking the position of authority in real estate business is good for maintaining a reputation and spreading word-of-mouth in the communities where rental property managers manage properties.
Keeping Step With Technology
Nowadays, if they want to remain relevant in the business, rental property managers should be aware of the role technology plays in the real estate industry and keep up to date with new software, applications, and platforms. To do that they must constantly show an inclination to learn new skills and methods and be open about implementing them in their work.
Technology is a mighty tool that can increase a property’s visibility and alleviate communication between clients. Tedious processes can be automated and face-to-face communication can become the mode for negotiating the important stuff only. Apart from that, technology can reduce costs and speed up communication. In a competitive market place, keeping up to date with technology is a must.
