The role of a property manager is one of the most demanding careers around the globe. A property manager may be required to manage multi-million-dollar commercial real estate, multi-family residential units, and complexes, while also meeting the expectations of landlords, tenants, contractors, and colleagues.
At time same time, the lucrative nature of this field has prompted an enormous number of individuals to choose property management as their career. Quite amazingly, there are already 800,000 property managers around the US and the number is expected to touch 100,000 by 2024.
So, how can an individual property manager succeed in such a highly competitive real estate market? Here are some ways for property managers to stay competitive:
1. Strong Online Presence
These days, the internet is the first thing that modern customers turn to for whatever they need. From household shopping to finding an auto repair service to buying a home, people often start their solution-search from Google. Thus, establishing and maintaining a powerful online presence is just as important as your offline activities. If potential clients (landlords or tenants) can’t find you online, you’ll be losing out on a lot of opportunities.
Your property management business must have a website with an aesthetically pleasing design, a user-friendly interface, and valuable information. You’ll also need to make your website stand out by regularly reviewing and making necessary updates to the site.
2. Stay Responsive
Competitiveness in property management also greatly depends on being dependable and available at all times. No matter how many properties you’re handling, there’s nothing more important than responding to property managers, contractors, and renters when they reach out to you. Responding to phone calls and emails in a timely manner helps build trust with and improves your business reputation.
3. Possess In-depth Knowledge
To stand out from the rest of the property managers, you certainly need to have profound knowledge about all your rental properties, including everything about the units, their unique qualities, and quirks. This way, you’ll be on your toes, ready to answer any queries potential tenants may have about your availabilities. Plus, possessing in-depth market knowledge should help you attract landlords who want to have a peace mind knowing their properties managed by industry experts.
4. Leveraging Smart Pricing
With the explosion of the internet, the modern customer is more informed than ever. To ensure that people trust you, you need to compare your units to other comparable ones in the market and set the rental rates accordingly. There are many tools that help you ensure smart pricing.