How I Closed Over $1 Million in Luxury Residential Multi-Family Real Estate!
A step by step guide to becoming an high performing effective property manager to leverage your income in real estate…
When I’m not busy running Calvaniece Mason Hair Brands Co. I’m being a boss babe and leader in the luxury residential real estate market! Like I always say, if there is one thing I know, that is business and a real boss babe knows you must diversify your income.
Remember there is always more than one way to get it!
Over the years I have diversified not only my portfolio but income in the luxury multi-family and residential real estate industry working with investors and brokers through property management. Your girl achieved the milestone of over 2.5 million closed in less than 9- months!
Let’s pause for a minute to celebrate Black Excellence….Okay now we may carry on.
I have learned so much babes and I have so much to share with you all especially if you are someone reading this and want to get your feet wet in the industry and yes my dear achieve the prestigious milestone of the Million Dollar Club!
Being a property manager is a challenging and multifaceted role that requires a unique set of skills and qualities. It involves overseeing and maintaining various properties while ensuring the satisfaction and welfare of both property owners and tenants. To excel in this dynamic profession, here are some key traits and strategies that can help you become a great property manager:
1. Excellent Communication Skills: Effective communication is the foundation of a successful property management career. Maintaining open lines of communication with property owners, tenants, and contractors is crucial. Clear and concise communication helps to build trust, resolve issues promptly, and create positive relationships with all stakeholders.
2. Organization and Attention to Detail: Property management involves countless tasks, from ensuring properties are well-maintained to handling financial matters. A great property manager must possess exceptional organizational skills to juggle multiple responsibilities, prioritize tasks, and meet deadlines. Attention to detail is vital to handle paperwork, conduct property inspections, and keep accurate records.
3. Strong Problem-Solving Abilities: Property management often requires quick decision-making and problem-solving. Dealing with tenant complaints, maintenance issues, and unforeseen circumstances demands critical thinking and a proactive approach. A great property manager should be resourceful, adaptable, and able to find creative solutions to satisfy both owners and tenants.
4. Knowledge of Laws and Regulations: Staying up-to-date with local, state, and federal laws and regulations is crucial for a property manager. Understanding landlord-tenant laws, fair housing regulations, and lease agreements will help you navigate legal matters smoothly and ensure compliance. This knowledge will also protect the interests of both property owners and tenants.
5. Strong People Skills: Building positive relationships is key to being a great property manager. Developing rapport with property owners, tenants, and vendors can foster trust and lead to long-term success. Great property managers have excellent interpersonal skills, can listen attentively, and address concerns empathetically. Treating everyone with respect and professionalism is essential.
6. Proactive Maintenance Approach: Regular property inspections and proactive maintenance are essential for the longevity and value of properties. A great property manager recognizes the importance of preventive maintenance, promptly addressing repairs, and managing maintenance schedules. Taking a proactive approach can minimize costly repairs, enhance tenant satisfaction, and ensure properties remain attractive and functional.
7. Financial Savviness: A successful property manager must have a good understanding of financial management. This includes budgeting, rent collection, financial reporting, and conducting regular property evaluations. Accurate and transparent financial management instills trust in property owners and ensures the profitability of property investments.
8. Continuous Learning: To be a great property manager, it is essential to stay updated on industry trends, technological advancements, and best practices. Participating in educational programs, attending conferences, and networking with other professionals in the field will enrich your knowledge and help you stand out in the competitive property management industry.
Becoming a great luxury property manager is a journey that requires dedication, skill development, and the ability to adapt to changing circumstances. By embodying excellent communication, organization, problem-solving, and people skills - while staying knowledgeable and proactive - you can ensure the successful management of properties and the satisfaction of both owners and tenants.
