It has been a stressful time for property owners with tougher government regulations, staff shortages and COVID protocols. Much of the burden of these and other challenges has fallen on the shoulders of property managers. If you are a property manager, you can vouch for the fact that the industry is changing rapidly, and the coming year promises to bring some necessary adaptations.
Property management is no longer simply about collecting rent checks and changing furnace filters. Your job is highly skilled and demands that you remain open to change and willing to continue learning and improving. Keeping your finger on the pulse of current trends in property management can help you to be proactive in addressing those needs and expectations your clients and residents may have.
Do I have what it takes?
Qualifying for a mortgage is more difficult than ever, and many, including those with children, are postponing their plans to purchase a home or deciding that renting is the better option for them. Because of this, rental property owners are dealing with a growing number of applicants, including families who are interested in renting single-family properties. Even those entering retirement are choosing to rent rather than buy when they downsize.
How does this affect you as a property manager? Some analysts see this trend driving real estate investors to purchase more rental units, creating a demand for experienced and skilled property managers. Property owners will want managers with the following qualities:
- An ability to understand and adapt to rapidly changing government restrictions and protocols to minimize the risk for both residents and property owners
- A calm disposition when dealing with anxiety over health and safety concerns
- The ability to advise property owners about ways to improve the overall operations of rental properties for maximum profit at minimum expense
- Knowledge and resources to provide an effective screening process to attract and retain valuable, long-term tenants
- Excellent communication skills when dealing with residents and mediating between tenants and property owners
- An ability to quickly and effectively resolve an increasing number of requests from tenants, many of whom are now working from home
- Dedication to maintaining a personal touch with residents and owners while utilizing the most efficient technology available
Whether you are already a property manager or you are considering making a career change, if you have these characteristics, you are much in demand. Obtaining your license will give you the credentials that could make you even more attractive to property owners and give you the confidence that will lead you into a successful career.