6 Things You Didn't Know About Property Managers (#2 Will SHOCK You!)

Many people don't really understand all that a Property Manager does. Folks think it has something to do with renting apartments, fixing plumbing, and collecting rent. Our last blogpost talked about requirements and state standards for Property Managers. Today we’ll look at 6 things that these folks have to be good at.  

Sorry for the clickbait title - I couldn't resist. 

1) Math
Okay, this seems obvious, but it becomes complex pretty quickly. It's not just rent and utilities, it's splitting those out between multiple residents in an apartment. It's percentages and fractions when working with less than a full month, or less than a full lease. NOW, multiply all this by however many units the manager coordinates and you're starting to get a sense of how much use our 10-key gets each month, quarter, and year.

2) Design
Again, a no brainer, but also another one that most folks will quickly skim over. Design, in this sense, has to do with aesthetics, taste, beauty, and style. This covers simple things such as paint colors, but also includes choices for flooring, appliance, landscaping, curb appeal, etc. Many think of this as the "look and feel" of a property, and a property manager with a strong sense of design will understand how to stage or prepare a property to get it leased quickly. Furhter, a property manager will make the choices in updating or repairing a property that will last the longest and provide the greatest value in the long run. See how this connects with #1?

3) PhotographyThis is an obvious outgrowth of #2. HOWEVER, just because every smartphone has a camera doesn't mean that everyone is a photographer. There are issues of composition, lighting, framing, and exposure that have to be attended to. Instagram filters are fantastic, but having a sense of the best way to honestly portray a property and do so in a way that is visually appealing is an important skill for a good property manager.

4) Networking
Whether working for one's self or a company, a property manager is always networking. Meeting new people, making new acquaintances, eating dinner out - all of these are opportunities to make a connection and find a great tenant for a property. Attending a nonprofit board meeting, concert, or event around town is a prime opportunity to take business cards and expand one's network. I'm not advocating for working 20hrs a day, but keeping one ear open for opportunities to create a connection is important.
 

5) Conflict Management
When we are talking about money & someone's home, emotions can heat up in an instant. Add in a dose of emergency or crisis and a simple phone call or office visit has the potential to get hairy very quickly. A good property manager needs to have the ability to discern not only what's being said but what's happening under the surface, what's driving the conversation. This knowledge can help defuse and deescalate a situation.

In the midst of all this a property manager has to tell the truth and, often, deliver unpleasant news:

• no property owner wants to hear about repair costs
• no applicant wants to hear their application wasn't accepted
• no tenant wants to hear they have to move earlier than they expected

but we've found that telling the truth in a plain manner - with supporting facts and documentation - is the most respectful way to have these difficult conversations.

6) Prioritization
Think of this as a cross between multi-tasking and triage. In these last few weeks we have been swamped with phone calls, emails, drop-ins, and website contacts. Each of these have to be dealt with appropriately. Some are emergencies that need addressing immediately; some are not emergencies but are REALLY important; and some can sit for a bit. But they all matter, and the person who qualifies not quite as an emergency but important enough for an appointment before the weekend needs to understand they are important and valuable. All of these matter, and communicating priority is a hard-learned skill.

Conclusion

There you have it. We’re more than just the folks renting apartments, fixing plumbing, and collecting rent - much more. Please contact us as we’d love to help you:

• find a new place to rent
• find a new tenant for your investment property
• help you buy or sell a property you own

We wish you a healthy and prosperous summer.