So, you have finally decided on a career that looks exciting and profitable at the same time. A position that promises both career growth and opportunities that you have never experienced before. Are you ready to take the plunge? You yell as long as you can, “Hell yeah I’m ready. I was born ready!” Well, that may be true, but let’s take a quiz and find out just how ready you are shall we? A Property Manager wears many different hats every single day, each one unique and challenging. To become one of the best Vancouver Property Managers is a long and winding road indeed. It takes a desire to succeed and a willingness to put in the hard work needed to build your own successful business. Let’s see if you have the qualities to make it in this career choice.
1. Are you a self starter? Almost half of Property Managers are self-employed, this can be exciting if you are a self-motivated and highly energetic person. You alone will be responsible for your own success and your own failure. You will be responsible for building your reputation and business as big as you are can by working as hard as you want to. This includes driving the business and marketing the business which takes time and energy.
2. A Property Manager works long hours and can basically be on call for emergencies 24/7. It is very difficult to plan vacations and family outings that take you away from your properties unless you have a strong support system with your peers. Someone, who would be willing to take over your property responsibilities while you are away. Not only do you have to nurture this supportive relationship, you have to be willing to reciprocate the favour. Sounds like a lot of work, well guess what? It is, but it is a necessary compromise you will eventually come to rely on more than you can possibly imagine, especially if you want time away from the madness.
3. Are you a people person and good communicator? If you answer no to this, don’t even bother trying to get your license, as you will fail miserably as a Property Manager. You must be able to relate to many, many different personality types. I’m not talking about building friendships and lifelong acquaintances, I’m talking about working and relating to difficult repairmen and obstinate renters, hard minded home owners, etc…etc… You have to learn to maintain your composure and stay level headed at all costs. If this is difficult for you, I would strongly recommend enrolling in as many communication classes as you can afford. It’s a highly skilled technique to effectively and positively deal with several different personalities on a constant daily basis and it will be the most important thing you will do as a successful Property Manager. “Blasting” people will get you nowhere and only accelerate a volatile situation and make it worse. The old saying, “you get more bees with honey than vinegar” never rang more true. That also means answering the telephone, replying to your emails, calling back all your messages and making every client feel they are being heard. DO NOT ignore any communication or you will not have a business very long.
4. What do you know about the Property Management field and all the paperwork involved? Know the rules and regulations governing your areas of expertise at all times. Keep accurate and organized records that are easy to access and easy to decipher. An organized and efficient office space gives clients a feeling of confidence and trust in you and your team. It also is instrumental in keeping you organized and efficient with your valuable time. No one feels comfortable in an environment of chaos. There are a million distractions and problems that can occur on any given day in a Property Managers hectic lifestyle so stay focused at all costs. If you are not the most organized, hire someone who is and let them keep you running like a well oiled machine.
5. One of the most important aspects of being a great Property Manager is retaining your tenants as long as possible. Keeping your existing tenants happy will result in far less turnover for each property you manage. This will have a significant impact on your finances. Take the time to really investigate your tenants and try to find those families that have excellent references, good credit history’s and potential applicants that are looking for a long term rental commitment from you. Not only is it less wear and tear on the property having less move in and move outs happening, you will save marketing money and will not have to waste time viewing the property. Find the perfect AAA tenants the first time around and your reputation will be solid and trustworthy in the community. Prospective tenants looking for luxury homes in Vancouver or any other area expect the best!
So, do you still want to be a Property Manager? Of course you do, it’s an exciting and rewarding field but go into your career with the appropriate skills and your eyes wide open. Educate yourself on all the areas you will need to be strong in to succeed. Everybody wants to love their job so why not you! What are you waiting for, are you ready?