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Qualities of a Successful Property Management Company
Knowledge
The leaders of successful property management companies understand every aspect of their markets. Some property managers work in cities, some with high-rise office buildings, some with corporate parks and some with malls. Each knows their portion of the industry backwards and forwards, and looks to see opportunities and threats before their rivals.
Successful Property managers also know the amenities and services their properties should offer, such as snow removal, on-site security or renovations. And, of course, they know the geographic area, the strong markets and sub-markets within their areas of operation, and what the competition is doing.
Proper Attitude
Property management can be a tough business, but successful property managers don’t let rough seas get in the way. A positive attitude gets successful managers past the frustrations that come with the job, such as contractor disputes, lease negotiations or evictions. In fact, many successful property managers learn to focus on the opportunities that tough moments provide. Moreover, successful property management firms exhibit perseverance and the ability to keep a cool head in times of turmoil.
Continuing Education
Successful property management companies understand that nothing stays the same, and the knowledge they had when they started in the business ceased to cutting-edge soon after the coursework ended. As a result, top property management companies make sure their leaders never stop learning about the industry, from trends to regulatory changes.
Continuing education courses abound for the motivated property manager. Various professional organizations, such as the National Association of Residential Property Managers, the Institute of Real Estate Management and the National Apartment Association, offer courses on an array of topics that keep successful property management firms ahead of the curve.
Communication
A property management firm may have a few tenants in a small apartment building or hundreds of corporate tenants scattered across several business parks. With so many moving parts, it is easy for a situation to get out of hand. The solution, according to Frank Prassas, former president of the Institute of Real Estate Management, is communication. Keeping communication lines open with clients and tenants and being respectful heads off more problems than most other approaches.
by Scott Morgan, Demand Media
