Blog / Property Management
Denise Stanley, Property Management is not for the Light Hearted
Property Management is not for the light hearted. However, in times of need it can offer financial rewards that can be liquidated into cold hard cash.
Most offices make the crucial decision to include Property Management in their business while others just let it happen. Property Management is one of the most under-developed areas of the real estate industry, which is surprising considering the amount of revenue that it can generate and the extra consumer attention it brings with it. Why is it that many offices recruit the receptionist to manage a lot of the responsibilities with little or no training? Many receptionists progress to property manager out of need rather than for the skills they possess.
When we look at the skills necessary to be a property manager we can easily identify the traits needed:
- good communicator
- good time manager
- ability to process documentation legibly and accurately
- good people skills
- good negotiator
- dispute resolution skills.
Are these staff easy to find? NO
Then why is it that the property manager isn’t given the same opportunities to develop these skills like that of her opposing sales person? Have you ever considered moving a sales person to the property management department - most unlikely.
However, a property manager who has acquired the skills as listed here will prove to be a prominent part of any business and become one of your major assets. Be careful, as others will also see the opportunities of acquiring this person and within a flash, your business may down spiral if they are enticed away. I have seen many a business flounder when their property manager has retired or moved on to greener pastures and the business has no idea of what to do and subsequently managements are lost quickly through mismanagement and lack of confidence.
Another area of concern is where one person is in charge and has a strong hold on the property management processes and no one can function without them or their knowledge.
A property manager needs to be an excellent negotiator and listener. They need skills to perform many functions that sales people struggle with, such as documentation, time management and being ready to act at short notice.
I challenge you to ask your property manager if they would like to undertake training to help them perform their role more confidently and compliantly or if they would be motivated by financial rewards based on their performance.
Property Management is not just another job; it is a prominent part of the business that can increase your bottom line and increase your profile and financial viability. So nurturing your staff and helping them to achieve the knowledge and tools are of utmost importance. This all sounds great but where do you start? Firstly, review the staff and the current office structure. Do you have staff who can move from one department to another in times of need? Can others meet the requirements of key personnel if the need arises? What would you do if the key sales person was struck down with an illness that took them out of the business for 3-6 months and same for the property manager?
Now review the training needs of each staff member and offer them the opportunities to increase their knowledge and skills to perform these other roles confidently. There is a lot of training around, however, some will not provide the training necessary to fill the skills gap. Another area of training that is sometimes missing is the legislation and how it applies to the day to day activities agents perform. It is important to remember that consumers have access to information like never before and the agent must be confident and knowledgeable to answer with accuracy. Sales persons should have an understanding of property management and property managers alike.
Over the years I have been delivering training to agents, and the common response is: I didn’t know that or why wasn’t that explained to me before. As an agent you are obliged to read the rules and follow them - it is not up to the employer to teach you the basics of real estate. Employers can build on your skills but if you have been taught by someone who didn’t follow the rules, your skills will not protect you.
We have all heard the old saying, ‘I learnt the hard way, from my mistakes’, this may have been acceptable 15 years ago but we can no longer use this out in the competitive market we work in today. Reputation and respect is everything and agents are at the forefront of the business.
Don’t leave anything to chance. Agents needs to take action and prepare for the years ahead. Be educated and informed and provide the service and expertise that is required from someone who will be dealing with one of the biggest assets a consumer may ever acquire, property.
Denise Stanley | Real Estate Consulting Solutions
www.realestateconsultingsolutions.com
Denise Stanley has just completed the Complete Property Manager audio program with Lee Woodward and this will be available in December. This is the greatest training tool ever developed for Property Managers for learning all aspects of Property Management. Call Real Estate Academy on 1300 367 412 to place your order.
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