Managing a property is, in itself, a complex and challenging job. But when it comes to running a senior housing property, the stakes are high. The tenants’ quality of life and safety depend on your skills as a property manager. While no single individual can have all the qualities necessary for successful senior housing management, there are certain key skills that should be developed in order to ensure success.
Here are the five skills to have as a property manager in senior housing:
Administrative Skills
Strong administrative skills are one of the top property management skills to have. This means having the organizational and time management skills to keep track of all paperwork, budgets, and other pertinent information for the property. You must be able to ensure all deadlines are met in order to keep things running smoothly. Additionally, you need to be comfortable using computers and software programs in order to manage financial records and generate reports.
For instance, a basic knowledge of using a property management software like ExactEstate can help property managers to understand the various aspects of their job and make sure they are maximizing efficiency in their work. The software can help boost your productivity by automating tasks and organizing your workflow.
Organization and time management skills are also essential when it comes to dealing with tenants. Having the ability to create a system for responding promptly to tenant inquiries is key in keeping tenants happy, as well as efficiently managing any maintenance requests that come in.
Customer Service
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Next, you must also have the heart to serve. Remember, your tenants are mostly elderly, and they may need special care and attention. You must be able to give them the respect, understanding, and love that they deserve. If you can do this, your residents will feel comfortable in their home environment, which should be one of your top goals as a property manager.
You must be able to interact with your tenants and answer their questions about the property, as well as address any issues they may have or problems that arise. Sometimes, there may also be a bit of conflict between tenants, and you must be able to handle this with tact and diplomacy.
Look for a violation tracking feature in a property management tool to help you keep up with violations. By using this, you can ensure that all tenants are following the rules and regulations of the property, making it a safe place to live for everyone.
Elderly tenants are also more vulnerable to fraud and scams, so it’s important that you understand these issues and are able to offer advice and protection. Additionally, you must be able to identify any suspicious activity or behavior on the property.
Communication
As a property manager in senior housing, your communication skills need to be top-notch. You will be dealing with residents, families, vendors, and staff on a regular basis. Being able to effectively communicate what needs to be done and how it should get done is essential for the success of any property management team. This means having strong written and verbal communication as well as active listening and problem-solving skills.
You must have a comprehensive understanding of the senior housing industry and be able to explain it in terms that are easy for everyone to understand. Often, senior housing is complex and requires the property manager to be able to break it down into terms that are easy to understand so that everyone is on the same page.
You can hone your communication skills in various ways, but the most important thing is to develop a deep understanding of the senior housing industry so that you can easily communicate it to others.
Having a tool to help you stay organized and communicate effectively with your tenants is a must. A resident portal lets you communicate quickly and easily with everyone in your property. They can submit work orders online and get notifications when complete. It also allows you to keep track of all activity, including payments and maintenance requests.
Legal Knowledge
You should also be aware of any local laws and regulations regarding senior housing, and make sure that all necessary paperwork is completed properly. You must also be able to quickly and accurately interpret state, federal, and local laws concerning senior housing. This includes issues related to tenant rights, landlord-tenant responsibilities, lease agreements, compliance with code requirements, and other legal matters that may arise.
Most importantly, a property manager must have an understanding of the Fair Housing Act and how it impacts senior housing. This means being able to answer questions from tenants and landlords about their rights under the law.
Knowing how to drive yourself to stay up-to-date on legal matters is crucial. You can do this by attending seminars, taking courses, and reading applicable materials. If you’re managing a large property with multiple tenants, it might be beneficial to consult an attorney for any questions or concerns.
A cloud-based filing system would also be beneficial in helping the property manager stay organized and on top of legal documents, such as leases, tenant applications, receipts, and other documents.
Financial Know-How
Running a property requires a great deal of financial knowledge. A property manager in senior housing must understand the dynamics of the budget, be able to identify potential savings opportunities, and have experience dealing with investor relations. You should also know how to review and analyze financial statements, create reports, prepare budgets, track expenses, and more.
You’ll need to understand the financial needs of seniors and their budgets. Additionally, you must be able to identify areas where costs can be reduced while still providing quality services.
ExactEstate's accounting feature allows property managers to easily manage their finances and stay on top of budgeting. It integrates with Quickbooks for tracking expenses, income, payroll, invoicing, and reporting.
Takeaway
As a property manager, the need for navigation of complex regulations and attention to detail is paramount. With an understanding of real estate law, financial management, and customer service skills; property managers can create successful business plans that meet the needs of their senior housing clients. A deep knowledge of these five key areas will allow property managers to provide excellent services that promote quality living experiences for the elderly.
ExactEstate offers a unique platform for property managers to use in managing their senior housing properties. With an easy-to-use system, property managers can efficiently manage the complex and ever-changing tasks associated with providing quality care for elderly tenants. Book a demo today to experience our platform's full capabilities and see how it can make managing senior housing easier.
