EPMEPM: Productivity

Train, train, train: the PM’s mantra

Property Managers know all about the metaphor of needing to wear many different hats to get their job done. You may need to throw footwear into the metaphor as well, because you’ll be training like an athlete in order to stay ahead of the game. Story by Jan Malmstrom.

Any professional athlete or sportsperson will tell you their success is the direct result of better and more consistent training, even those gifted with a ‘natural talent’.

If you opened a Property Manager’s wardrobe, what would you expect to find? In reality you would see smart professional attire, but the successful Property Manager sees shelves of hats and trainers!

Residential Property Management has evolved into a highly specialised field; a profession that continues to evolve at a sometimes dizzying pace. Many hats are necessary for the ever-increasing management responsibilities. And the trainers? Well, like the professional sportsperson, the Property Manager is going to churn through the footwear as they rigorously upgrade, practise and fine-tune their skills.

What’s involved in the breadth of today’s Property Managers’ role? An, extensive list, but by no means complete, may include:

  • Having the skills required to, amongst other things, select tenants, appraise rental properties, liaise with landlords and tenants, select suitable and qualified tradespeople, and negotiate rates.
  • Staying on top of the different sets of legislation we need to understand, interpret and adhere to.
  • Keeping informed and up-to-date on the continuing changes in legislation.
  • Reporting and communication skills.
  • Developing efficient Property Management systems and continually refining these to make them more effective.
  • Maintaining a Trust Account and other financial requirements.
  • Building and developing a Property Management team.

Each responsibility will have its own set of skills, applications, processes and prerequisite knowledge and understanding. You can see where those pairs of trainers come in handy!

How must the Property Manager equip themselves to effectively and efficiently carry out each task on this ever-growing list of responsibilities? Any professional athlete or sportsperson will tell you their success is the direct result of better and more consistent training, even those gifted with a ‘natural talent’.

A great Property Manager will likely be imbued with ‘natural talent’ too, qualities like honesty, professionalism, empathy and good time management.

However, the world’s number one golfer, the gold medallist Olympian or the A-grade footballer will constantly look to refine their performance, raise their skill levels, get their body and mind into peak performance mode, and look for greater motivation and inspiration. They work hard with performance enhancing coaches and listen to advice from experts. Winners accept life as an ongoing, continual training session.

Property Managers… is your current pair of trainers looking a bit tired and not giving you that bounce or competitive edge you used to feel? Pull out a brand new pair and ask yourself these questions:

  • How am I performing?
  • How can I increase my level of skill?
  • Am I maintaining the standards I have set for myself?
  • Have I set goals to achieve the ‘dream’, whatever that may be?
  • Am I working with the principal or manager to improve personal or team performance?
  • Am I seeking experts in my profession from whom I can learn and develop personally and professionally?
  • Do I have job satisfaction?
  • What am I doing to keep motivated and inspired to do the job?
  • What is my nutrition like and how am I taking care of myself?

Thankfully Property Management has come a long way from being the ‘poor cousin’ to Sales and something that was an add-on task allocated to a receptionist or administrator.

To fully comprehend the responsibility of today’s professional Property Manager, and deliver the business and customer outcomes of those responsibilities necessitates training; an ongoing continual training session that underpins your Property Management career.

‘Natural talent’ will play its part but focus, commitment and training are important to successfully grow the rent roll; the true goal for any Property Management business.

Are those hats and trainers ready and waiting?

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Jan Malmstrom

Jan Malmstrom has had 35 years in the real estate industry, always with a specific interest in property management. Jan is currently Head of Property Management at Investors Direct. For more information visit: idfg.com.au