Skills Required in Property Management
Property management is not easy, as there are many responsibilities and the property manager has to deal with different types of people. There are certain skills required for doing this job efficiently, and here is a list of the most important ones.
Property managers have to not only organize their own work but also need to organize the working of various staff members. Organizational skills are required in all aspects of this job and any weakness in this skill can have disastrous results. The manager has to organize his or her daily schedule to attain the required office work done for the day, which will include filing applications, maintaining files and records, and other related duties. The manager will also have to organize various staff teams that are involved in maintenance, repairs, and accounts.
Property management is an extremely busy job, and the manager has to manage various tasks within limited time. The manager will have to shuffle various task efficiently, and even multi task to get the maximum results. It is not a question of doing things quickly, but allocating time efficiently for the completion of various tasks, and switching between tasks whenever required to make maximum use of the available time.
The property manager has to negotiate with almost everybody to get the job done. Whether it is with city officials, tenants, or staff members, the manager has to negotiate matters skillfully to reach the best outcome. Negotiating with city officials, the manager has to get the plans passed and see if the property is keeping to the laws and codes. If there are any issues the matter has to be negotiated well to avoid fines and other penalties. Negotiating skills also come in handy while resolving disputes between tenants and staff members. While procuring new tenants, the manager will have to negotiate the best rentals and term, to optimize returns.
Financial and Business Skills
Property management is mainly concerned with maximizing returns for the property owner. This involves maximizing profits and minimizing various costs. The manager will have to take quick decisions on rentals, review financial documents, estimate costs of maintenance and repairs, assess the rental worth of the property according to prevailing market situations, and solve issues resulting from financial crunches. All these tasks require outstanding knowledge of finance and sharp business acumen.
Overall Technical Knowledge
There is an abundance of maintenance and repair work involved in managing any property. There will be routine issues involving plumbing, electrical, carpentry, and masonry. The property manager does not have to be an expert in all these fields, but must have some basic knowledge to oversee the work in these departments. Having some technical knowledge, the manager will be able to supervise the service staff in a much better way, and will be able to get the work properly organized and executed. If the property is need of repairs, a manager having technical knowledge will be able to hire the services at a lesser cost and to reduce the repair charges.