30 Habits of Successful Property Managers
Successful property managers: want to know their habits? This article will list the things you can apply to your own success!
Table of contents
Let's take a look at the habits of successful property managers!
1. Have a positive outlook
Positive thinking is a habit for life, not just for property management. Practising habits that remind you to not take property management so seriously, will allow you to enjoy the process. A positive outlook will also benefit you when things go wrong - as that's just a part of property management, and certainly a part of life in general. There are apps you can use to help you practice mindfulness, reduce stress and be in the moment, such as Calm or Headspace. Positive thinking also benefits from you eating well, getting regular exercise and sleeping a full 8 hours.
2. Set long-term goals for ROI
It might sound simple, but lots of property managers are only so successful because they have clear goals set! Having a long-term strategy and setting goals can help you keep focused and motivated. Here are some things you can consider and reflect on when creating your long-term strategy goals:
- Which areas really need improving to better serve property owners and your tenants?
- How can you be cutting costs?
- Are your tenants and property owners satisfied with the service you‚Äôre providing?
- How efficient are you at collecting rents, deposits etc?
- How often are you taking on new clients?
3. Source help where it's needed
Property management is a huge undertaking! A great habit to get into is accepting help from anybody who offers it - and reaching out for paid help when certain tasks are too overwhelming. Swallow that pride - we're all human!
4. Ensure your property is clean, modern and well presented
Keeping each property consistently clean, sleek and ready for living is an essential habit. Consider writing a checklist for each property to ensure no area is left uncleaned or crack unfilled.
5. Learn from any mistakes (or any nightmare tenants!)
Nobody is perfect! Instead of letting any setbacks knock your confidence, get into the habit of making a note of them and actively looking to improve. This could be anything from setting boundaries with non-ideal tenants, changing your fees, improving your work/life balance, to streamlining your processes if you've made mistakes.
6. Respect your tenants' privacy (always give 24 hours notice)
As you're aware, it's the law to give 24 hours' notice when entering an occupied property. Be a real stickler for the rules and respect them, and your tenants are far more likely to respect you back and be willing to co-operate with access time for maintenance work etc. This is especially important now that a lot of people work from home.
7. Look into marketing
If one of your business goals is growth, creating a habit around marketing and social media could be really beneficial. Some habit ideas could be a weekly marketing podcast or webinar, and 10 minutes a day interacting and posting on your business's social media pages. Successful property managers also share the processes of their properties, not just advertisements. It's a great way to document what you're doing and gain a following for when you are ready to advertise.
8. Listen to motivational and educational podcasts
Oasis Living has a property podcast - have you listened yet? There are so many resources out there for property managers, investors, landlords and tenants! Making a habit of listening to these weekly will help you to stay in the loop with the latest opinions and regulations.
9. Research and stay on top of any decor trends for renters
Make a habit of checking interior design websites and browsing Pinterest for trends. It will help you stay on top of what other landlords are doing, or even inspire you to make better use of storage space for example.
10. Look into free online courses
There are endless options online for courses to benefit both your professional and personal life. Job site Reed has an entire section dedicated to real estate courses available to you. Courses include Mental Health and Property Management, short courses on estate management and longer training courses. Not to mention, some of these courses offer CPD accreditation or points!
11. Complete regular inspections of your properties
Property managers should make a habit of conducting thorough and regular inspections of the properties they handle. Failure to do this can actually void insurance coverage! And also lead to unhappy landlords. Other reasons to conduct regular inspections of rental properties are:
- Preserving and increasing the condition and value of the property
- Identifying areas that need repairs and maintenance
- Confirming that no illegal activity is taking place in the home
- Increasing tenant retention
12. Stay up-to-date with the latest property rules and regulations
Stay updated on things like changes in rules and regulations, local rent rates and other emerging trends related to real estate. Property owners want to be assured that the manager they're dealing with knows what they're talking about, so always be learning.
13. Time management
Successful property managers get things done when they need to be done! At the same time, they're savvy and experienced enough to know which parts of their job take priority over others. It's vital to have good work habits surrounding time management.
14. Have a contingency plan
A contingency plan is a strategic plan for property managers to tackle an unfavourable event that may or may not happen in the future. It's also commonly known as a 'Plan B'. It is put in place to reduce business risk, streamline recovery processes, and ensure the smooth execution should such an event happen. Having a contingency plan minimises the after effects of unforeseen events/accidents and outlines a plan for carrying out business as normal with minimal disruption.
15. Run thorough rental checks and referencing
Rigorous referencing is the first line of defence against renting your property to an inappropriate tenant. It is essential that all landlords are aware of the importance of meticulously carried out referencing and the impact it has on new tenancies. By following reference guidelines and procedures, you are protecting yourself and landlords. Tenant referencing is an essential part of the letting process and gives landlords reassurance that their tenants work where they say they work and are able to make payments.
Making the most of prop tech
16. Use the latest apps
You can't run a successful property management business without the right technology! Whether we like it or not, rental property management apps are an integral part of a landlord's tool belt. There are many top-rated rental property management apps that landlords should consider adding to their toolbox. These tools include tenant management, financial dashboard, listing, and screening apps. All of these tech tools help property managers to be more efficient.
17. Take advantage of social media
Social media is an important daily habit to establish. Every company you use or work with will have a platform where you can access and interact with their content. Don't panic - it doesn't mean that you need to sign up with every platform available and try to make a viral TikTok. If you're not social media savvy, you can start with Facebook or LinkedIn and learn about how to use it from Youtube tutorials or blog posts.
18. Automatic payments
Rent collections can be very frustrating: especially frequent bounced or late payments. Property managers have the added burden of having to explain past-due collections to landlords. When tenants aren't paying on time, it increases your workload and results in having to chase for payments. Online billing and automatic payments have made collections easier and become a streamlined, automated way to manage collections. Successful property manager adopt these processes for each of their properties.
19. Keep on top of your metrics - don't just check your bank balance!
Don't just make sure that tenant's rent has cleared! Make sure you're managing your finances in the same way you are managing property. Have you noticed any trends? Are you using an app or platform tools to help you? Does your banking app offer any analytics? For example, Monzo bank offers various ways to view your finances and keep tabs on spending, incoming payments and categorise everything.
Don't leave anybody hanging, and on the flip side, don't hesitate to check on things or chase for an answer. Let people know the best ways to communicate with you, and remind them of this. A great habit to have is an introduction email/message including your contact details, contact hours, and a friendly message setting out how you can help.
21. Be approachable
One of the most important habits of successful property managers is communicating that people can contact you will help to stop things from going unnoticed or unreported. A friendly demeanour will go a long way, as will letting people know that they can come to you for all manner of things. Coming across as intimidating, uninterested or unapproachable is not good for business.
22. Be available
We repeat: be available! It's so important to be available to whoever is depending on you and your service. Setting out clear boundaries with your availability and working hours ensures you still have a work-life balance. During your 'office hours' make sure your phone is on loud, and that someone will be able to field enquiries if you are busy.
23. Consistency - be reliable!
Successful property managers have a habit of focusing on offering customers true value for their money. As your business grows, it can be tempting to cut corners to keep profits up or to make your life easier. Your reputation as a successful property manager will largely depend on you providing consistent value. Show integrity and provide value by involving yourself and your business in the local community: support schools, charities, and social groups to build your reputation and show that you care about more than your profits.
24. Practice good customer service
Manners, politeness and good customer service cost nothing! This should be a mandatory habit as a part of your daily business!
25. Develop a system for finding your ideal tenants
Networking makes successful property managers!
26. Join Facebook with other property managers groups for support
You will find a treasure trove of information from your peers amongst online forums and groups. They will reach out for advice, just as you can ask in return! You may learn tips and tricks, connect with useful contacts or even make friends with other property managers! It's also a great source of inspiration and ideas.
27. Establish good relationships with contractors
Successful business owners aren't afraid to seek professional assistance - they accept that you can't be an expert in everything. Whether through the buying process, selling, decorating, building or designing, an expert opinion from a trusted professional can make a significant difference in the long run. As your business grows, establish relationships with an experienced group of professional partners to help along the way. When the most difficult parts of the process are in good hands, the entire journey is smooth and low stress. Then, as a business owner, you are free to focus on higher-value tasks that require more direct involvement and ownership expertise.
28. Look for ways to improve and educate yourself
There are endless options online for courses, blogs to read etc. It can feel overwhelming! We recommend reading the Oasis Living blog. Posts include (but are not limited to) Property Investment, Where Do I Start? and EICR Certificates: What You Need To Know.
29. Ask for feedback
Feedback is the best way to improve! Checking in with tenants and landlords to make sure they are happy is a great place to start. Sending out an annual survey is another good chance to discover areas where you need to improve.
30. Be proactive!
Plan ahead. Sometimes it's hard to see through the excitement of opening a business, earning your first dollar, and settling into a routine. However, successful business owners think to the future amid the excitement and growth. A strong financial foundation and a well organised plan keep businesses prepared for emergencies big and small. In addition to crisis planning, you should also form a succession plan to make your eventual business exit easier for heirs, employees, or any other stakeholders. It also ensures the business doesn't fall into the wrong hands or crumble without your involvement.
Alongside our lettings, Oasis Living makes the experience of property maintenance hassle-free for both landlords and tenants. An oasis, if you will. We not only provide a property management service, but have a blog and podcast full of advice, tips and tricks.
The team of prop-tech entrepreneurs behind the software have formulated an easy-to-use automated system, as well as inclusive packages that are cheaper than the high-street and majority of online letting agencies. With a 24-hour phone line, flexible payment options, trusted handyman directory, and much more, Oasis Living makes it easier for tenants and landlords to handle issues easily.
Using our full scale networking platform makes maintaining a property become as simple as ordering your favourite Deliveroo. We hope you've enjoyed our rundown of the habits of successful property managers! If you have any questions, feel free to contact the team and we'd be happy to help.
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