6 Traits of Successful Property Managers

Being a good property manager requires a variety of often disparate skills and some unique personality traits that will get you through the sticky situations that arise in managing people and assets. Property managers have to fulfill a variety of duties like searching for tenants, screening the best ones, negotiating and collecting the rent, managing relationships with vendors and repair services and supervising move-outs.

But for investment property manager/owners your role is even more critical because your eye is on the bottom line so you need to do everything as cost-efficiently and quickly as possible. Success in property ownership and management depends on your ability to acquire and/or master the following 6 traits. Read through the list and see how you match up!

1.       Multi-tasking – For most people this skill is as elusive as winning a million dollars on a scratch-off ticket. It’s tough to multi-task and more importantly it’s tough to do multiple tasks well at the same time. But great property managers have to keep their eye on many moving balls at once. But if you’re already a pro fix/flip property investor- you’re probably already ahead of the curve.

2.       Cool under pressure – As difficult as tenants can be sometimes you have to remain cool under pressure and still give them quality support for whatever their issue is. As an owner and property manager you’re on-call 24/7 for repairs and issues and it’s your legal obligation to keep your tenant’s living conditions up to par.

3.       Handy around the house – Most fix/flip investors are already do-it-yourselfers but if you’re also going into investment property management you really need to be able to fix a lot of small issues yourself. It will save you a ton of time, energy and money if you can just fix it and forget it.

4.       Good at reading people – If you’re a person that just ‘knows’ if someone is up to something then you are already a shoe-in for being great at screening sneaky potential tenants who are hiding something. Being good at reading people and looking under and beyond what they’re telling you will go far in helping you only select the best tenants who will treat your property with care.

5.       Budgeting Pro – Maintaining the books and tax documents on a rental investment can be challenging- but if you’re already managing your Ps & Qs as a fix/flip real estate investor you’re likely already prepared for this piece of the property management puzzle as well. Keeping great records and receipts will again save you a lot of time, energy and money come tax time.

6.       Attention to Detail – Top property managers have key responsibilities including signing leases and posting important legal notices so keen attention to detail could mean the difference between smooth sailing and legal woes.

Property management is one of the most versatile careers out there – requiring discipline in a plethora of arenas. Having these 6 traits will go far in helping you manage your rental real estate portfolio with ease and precision.