Today, property management companies manage upward of 70% of all homeowner's associations (HOAs). These are the organizations that help property owners maintain equity and make important decisions regarding their living arrangements.
If you have an HOA board in need of direction, you need to understand the skill set required for today's successful property managers. These tips will teach you four crucial skills you need to become a successful HOA manager in this day and age.
1. The Art of Diplomacy
HOA management is responsible for things like issuing fines and placing liens on people's property. There are also situations in which a manager must make decisions that not every owner will be happy with.
A bit of diplomacy goes a long way, and it's a skill that every manager needs. This way, you can handle the toughest parts of the job with tact and grace, while always seeking the best possible solutions.
A skilled business leader understands the importance of compromise and how to reach them through negotiation.
2. Organization and Communication
When you're managing a community association, communication has to always remain a top priority. This includes letting people know about meetings, explaining key measures that are up for a vote, and always having a visible presence.
You must also stay organized to keep track of every detail as it comes about. Set up a system for managing your files and data, maintain a thorough calendar, and stay in regular contact with the people that work with you.
3. Modern Tech Skills
Technology is the name of the game in any line of business you're in today. Embracing technology will help you work remotely, send large amounts of data, protect your cybersecurity needs, and so much more.
When you're up-to-date on these skills, you'll always find it in your HOA budget to upgrade to the latest property tech infrastructure. With the right infrastructure, you can continuously scale your tech so that it grows and evolves with your HOA.
4. A Thirst for Knowledge
As with any profession, you must always be willing to learn new skills. This is especially the case when it comes to management.
You'll be able to learn different frameworks, management styles, and areas of business that can serve you. Managers dabble in a variety of worlds, from legal and financial to marketing and governmental.
The more you're willing to learn, the more value you can create.
The Skills of an HOA Manager
If you have these skills, you can make it as an HOA manager anywhere. If you're in the New Brunswick area, you're in luck, because there are several HOAs in the area that you can head up.
Becoming the manager of an HOA board takes a serious commitment, but you'll do well as long as you're consistently adding to your toolkit. If you're a real estate investor looking for a management company that can assist you, PMI Central New Jersey has just what you need.
We offer full-service real estate asset management to clients like you. Contact us on our site for a free rental analysis, or call us at (609)337-3341.
