Property management is an essential part of co-living investing. If you’re taking on the role as a property manager, you’ll need to ensure that both your property and tenants are well looked after. To become a proficient property manager, here are 10 important skillsets you should master.
1. Communications skills
Effective communication skills are essential in the realm of property management because you will be interacting with different groups of people – tenants, landlords, renovation contractors, maintenance personnel, lawyers, property agents and more. Strong verbal and communication skills will enable you to convey your intentions and the right information clearly, and are also important in helping to resolve any conflicts. Communication skills are the bedrock of building positive relationships in this business.
2. Organisation and time management skills
As a property manager, you’ll have to juggle multiple responsibilities and tasks. If you’re looking after various properties, being super organised and managing your time effectively is crucial so you’ll know how to prioritise tasks, meet deadlines and ensure smooth operations. For example, if you have a tenant that’s about to move in on a particular date, you’ll have to book the cleaning and maintenance personnel to get the property ready in time. You’ll also need to ensure that all the paperwork has been completed before your tenant moves in.
3. Financial management skills
Property management is also about running a business. So, you’ll need to have a sound understanding of financial concepts and accounting principles. These will help you to manage rent collection, track expenses, create budgets, and analyse accounts and financial reports.
 4. Marketing and tenant acquisition
Being able to attract and retain quality tenants will help you maintain the viability of your property management business in the long run. You’ll need to develop property marketing skills. This may include conducting property showings, marketing and advertising your property whether through word-of-mouth, listings on portals, social medial channels and other avenues. Staging your property and tenant screening will also help you fill vacancies.
5. Maintenance and property care
As a property manager, you must also provide value-added services to your tenants, including property maintenance and repairs. This will require you to have an understanding of safety regulations so that your property is well-maintained and compliant. You must know how to work out maintenance schedules and coordinate repairs so that your properties are well kept.
 6. Legal compliance
As a property manager, you’ll need to be familiar with the relevant laws, regulations and codes with respect to areas such as tenant rights, lease agreements, property inspections and others. You may wish to consult a reliable lawyer who can help you with any legal matters and in drawing up Tenancy Agreements that will protect both you and your tenant.
7. Decision making skills
You’ll more than likely encounter various challenges as a property manager. This will require you to be adept at problem solving and you must be able to make sound decisions under pressure while finding practical solutions that will be fair to the various parties involved.
8. Interpersonal skills
As a property manager, you’ll need to build positive relationships with tenants, landlords, contractors, property agents, lawyers, and maintenance personnel. Having empathy, being amicable and being able to listen actively will help you in conflict resolution and in negotiation matters.
9. Technology proficiency
We are living in a digital age and technological tools such as property management software and apps can help you to automate and streamline your operations for greater efficiency. You can deploy technology to help you manage tasks such as accounting, tenant communications and maintenance tracking.
10. Continuous learning
Property management is a dynamic and ever-evolving industry. New trends, regulations and technologies will emerge all the time. You will need to stay on top of these developments and be updated on any industry changes to excel as a property manager.
Conclusion
By focusing on developing theses skillsets, you’ll be able to oversee your properties efficiently, provide excellent customer services and optimise your returns on your investments.
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