Variety is what it’s all about for successful property managers.
You need to love the 3 key features of variety when it comes to property management in order to succeed in this field:
1. The Fiscal Aspect
2. The People Aspect
3. The Physical Aspect
1. The Fiscal Aspect is arguably the most important of the 3 as there is no quicker way to obtain a total understanding of the status of a property than by checking out its financials.
Individuals who recognise and understand the importance of defining an asset first and foremost by its financial performance and enjoy the process involved, may find a career in property management appealing.
2. The People Aspect is possibly the most interesting as you will work closely with a diverse range of different people from all walks of life including owners, risk managers, brokers, engineers, lawyers, landscapers, tenants and so many others.
If you get energised interacting with a range of different, colourful characters and are enthused by the prospect of acting as a translator between different entities, ironing-out the jargon so that each understands what is being communicated, using the information you’ve provided to make informed, intelligent decisions.
3. The Physical Aspect of property management is of vital importance.
A property can be defined by its financial performance, but it’s still a tangible asset, as such its physical parts must be understood and managed appropriately if a property manager is to be successful in their position.
If these 3 pieces aren’t up-to-par, it will eventually impact The Fiscal Aspect as tenants become harder to find because the building is becoming unsightly, isn’t working, or is unsafe
Pieces which serve an aesthetic-only purpose: appeal to tenants
Pieces which are operational/functional: keep the building in working order
Pieces which are structural: keep the building standing
So do you enjoy poring over financials and dealing with diverse people on a regular basis? Can you imagine getting a kick out of running and overseeing building operations, getting stuck-in and attracting potential tenants?
If so, then you might just have what it takes for the property management game.