They are always the first one to call when something goes wrong, but rarely told when clients are happy. Many property managers love what they do because they are so good at making people happy. Unfortunately, as any homeowner will tell you, homes have problems, they break and are unpredictable. A great Property Manager will have the correct systems in-place to be sure their operation is on-point.

If a new Property Manager came to me and asked what they need to get started in the business, I would tell them software. A great computer software will provide the company with accounting, tracking, communication, reporting, and ease of access to justify their work, if needed. The software will help run their operation, maintain records and keep everything organized. It should have a portal where Owners can login and access information when they need it. Our team’s software is at the heart of our operation. It is where our team communicates and alerts one another to changes, updates and required repairs/maintenance. It is very expensive to maintain a good software, but also vitally important and will allow for scalability when the company is ready to take their operation to the next level.

Property Management success is also predicated on how strong the team is. Each member of the company must care about the product; they have to have love for what they do. Their job is to be trusted with someone else’s home. If they don’t love taking care of the home, it will show. Elements will go amiss, and the home will begin to show areas of neglect and disarray. It’s not always about things you can see in the home, but more about smells, sounds and the ‘feel.’ Anyone who is great at this job knows that there is something wrong with the home the moment they walk-in the front door.

In my team’s experience, Property Management is more of an algorithm. It’s a science that requires the precise mixture of anticipation, understanding, scheduling and scale. The perfect execution is an art and not easily attainable. Especially when working in a vacation rental market, the job becomes difficult as guests slowly degrade homes; they use and abuse. This is absolutely not across the board, but a fair number of groups always has one member that has a bit too much tequila and causes damage. At that moment all other regular tasks take a back seat, and the new focus is on the damage that has to be repaired prior to the next arrival. It throws disarray and makes the manager scramble. Nonetheless, no managers sign up for their job without anticipating this scenario. Which takes us to the next important element.

Resourcefulness is absolutely necessary when being a successful property manager. The team needs to know how to get the job done, who can do it best at the lowest cost and get it done fast. They need to have a large list of professionals in their rolodex who can be called (sometimes) at 3am. Sometimes it’s hard to anticipate what will be needed, but at the same time, must anticipate everything. The job it not easy and rarely rewarded, but for those that have the passion and work ethic, it’s a great responsibility and manageable when the right tools are available.