Some property managers just seem to shine and stand out from the pack. They appear to be naturally born leaders, and rise to any challenges. The truth is that leadership in the property management industry often comes down to honing certain skills and routines.
Here are six habits and behaviours we see in the most effective property leaders.
1. They Communicate Well and Often
Communication is the foundation of the property management industry. Property managers need to effectively communicate with tenants, owners, vendors and internal teams. Active and empathetic listening skills are key, as well as the ability to respond to owners and tenants in a respectful and transparent manner is paramount to success.
Team members and colleagues should feel that they work in an environment of psychological safety, and have the freedom to ask questions, raise any concerns and be heard. This type of open communication empowers people to do their best work.
A property leader with good communication skills has the much-needed ability to diffuse potentially heated arguments between tenants or between the property company and a disgruntled resident. Even if a resident is unhappy about an issue with the unit or building, often it’s not the problem that people get angry about, but rather how the issue is handled. Keeping a tenant updated on how their issue is being resolved can build goodwill.
2. They Have a Clear Vision and Plan
To thrive in their careers, property leaders need to be able to rally their teams around a vision for where the company is headed, and how it will get there. Successful leaders have an outcome-oriented mindset that applies to every task they set themselves to – from daily tasks to meetings with owners.
This visionary approach inspires trust, not only throughout the property organization but also with owners. It clearly demonstrates competency and the capacity to lead and see things through to a positive outcome.
3. They Ask for Feedback
Feedback is the way we learn about our strengths and our blind spots. Excellent leaders not only provide frequent feedback to their team members, but also ask for feedback from their direct reports, peers, managers, clients and customers.
It’s not always easy; it requires that we put our egos aside. Asking for feedback is an act of opening yourself up and being vulnerable. Constructive, respectful feedback can be one of the most helpful and practical ways to pinpoint areas of improvement.
4. They’re Always Learning
Whether they’ve been in the business a handful of years, or are a seasoned professional with a decade or more of experience, successful leaders take the time to invest in their skills and knowledge. It may be a formal course, or staying on top of the local rent rates, multifamily trends and new regulations… whatever it may be, good property managers carve out space to expand their horizons, so they can act as trusted advisors to their clients and mentors to their direct reports.
5. They Think Like a Start-Up
Start-up firms have a reputation for being nimble, open to new ideas and new ways of doing things, and intensely client-focused. They leverage technology, like web-based property management tools, to scale their business and to cut away any redundancies.
Property managers at prosperous organizations use tech solutions to increase efficiencies, automate processes, streamline communication and optimize processes. They effectively plan their days and weeks, and roll up their sleeves to get the job done. They do their very best to exceed both tenant and owner expectations.
When property teams and firms cultivate the ability to be as agile and as responsive as a start-up, they gain a competitive edge, and get noticed.
6. They Know Their Metrics
Progressive leaders know what metrics move the needle on their business. They have reports and KPI dashboards at their fingertips to be able to accomplish goals that are essential to the growth of their business – things like improving prospect lead quality, reducing time to rent, lowering turnover and knowing maintenance costs across their portfolio.
How We Help Build Success
At Property Vista, we give property managers the tools to help make more informed decisions and improve their bottom line. Our property management solution has at-a-glance dashboards to help tabs on KPIs and costs. It includes an owner and tenant portal to promote effective communication between the property firm, its residents and the building owners. Check out our pricing and book a demo.