A good property management company must listen to residents, investors, and contractors well. This is especially important when handling complaints and stressful situations. They should also be able to ensure they are up-to-date on new laws and regulations affecting their building. Additionally, they must be able to read the market and understand when to raise or lower rent prices.
Excellent Customer Service
Often, the first interaction renters have with your property management company Denver is a phone call to schedule an appointment to view a rental. This critical first step could determine how quickly you move in. The right property management company will understand they are responsible for more than collecting rent checks. They’re also responsible for advertising the properties, screening prospective tenants, and handling resident concerns. When interviewing property managers, find out how many properties they manage and what kind of experience they have. You may want to check their BBB rating and the time they’ve been in business. It is necessary to know if they have the resources to handle large projects and what buying power they have to save you money.
Excellent Communication Skills
Exceptional written and verbal communication skills are a must for property managers. They must convey information clearly and accurately to tenants, investors, vendors, and residents. Clear, precise communication reduces the risk of mixups and disputes. It also ensures that the building runs smoothly and efficiently. The best property management companies keep tenants happy and maintain high occupancy rates. This can be a direct reflection of their staff and company culture. Look for a team that respects each person and takes the time to listen and understand your needs. In addition, a successful property manager is always on top of current trends and landlord/tenant legislation. They also have excellent marketing skills that help them market vacant units quickly and attract new residents.
Excellent Organizational Skills
There’s much to keep track of in property management, from tenant inquiries and maintenance requests to lease agreements and financial records. A good property manager has excellent organizational skills to help them keep on top of all the details. They also need to be able to prioritize tasks and develop routines to ensure they’re working efficiently. Property managers should also be able to maintain open lines of communication between themselves, their team members, and the people they work with. Additionally, a good property manager will be comfortable using technology to improve operations and serve tenants. This can include anything from software applications to hardware like self-showing kiosks. When interviewing candidates, try to give them a small challenge, like rescheduling an appointment or showing up late for a meeting, and see how they respond.
Excellent Time Management Skills
Managing a property is a busy job. Property managers receive phone calls, emails, and texts from tenants and owners about maintenance and other concerns. They also respond to inquiries about new apartment homes, interview applicants and connect you with vetted students (if you’re managing properties in university areas for instance), and manage the lease agreements, contracts, and formal paperwork required by law. A successful property manager can prioritize tasks and develop routines to help them get things done promptly. They understand the importance of clear communication to inform investors, property owners, and residents about building policies and procedures. They also know when to be firm and assertive when necessary. This is what makes them effective community managers. They keep their cool in stressful situations and always treat others with respect.
Excellent Negotiating Skills
Negotiation is a critical skill that can help property managers settle issues with tenants, investors, or vendors. Whether through a formal agreement, like a contract, or less formal understanding, like a verbal agreement, negotiation allows for both parties to receive a solution beneficial to them. Good negotiators analyze a situation and evaluate their counterparty’s interests and limitations before entering into a negotiation. They also actively practice listening and know how to read their counterparty’s body language to determine when they are receptive. As a property manager, you must negotiate with residents, investors, and outside contractors and vendors. You must always communicate professionally to keep everyone happy and your building occupied.
