Lessons from 40 years in property management: A mentor’s guide for new property managers
When I first entered property management, I thought success depended on knowing every answer. After more than 40 years in the profession, I learned that success is built on integrity, sound judgment, continuous learning, and treating people with respect.
I learned the following 29 lessons through experience; through my successes, challenges, mistakes, and opportunities to grow. They’re shared in the hope they’ll help those beginning their careers and perhaps even remind experienced professionals of the principles that matter most.
Rather than viewing these as simply a list of lessons, think of them as four cornerstones that have guided my career.
Cornerstone one: Integrity
Integrity is the foundation of every successful property manager. It’s earned through honesty, accountability, fairness, and consistently doing the right thing.
Lessons
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Honesty is the only policy.
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Trust, but verify. Personally review work, especially when working with someone for the first time. Periodically inspect work yourself.
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There are many gray areas. Consider every situation from all sides before making a decision.
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Treat everyone the way you want to be treated, with equal parts respect and professionalism.
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Don’t assume rank equals integrity. Stay alert, trust your instincts, and protect yourself.
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Always give credit where credit is due.
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Document policy violations and report them through the appropriate channels.
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Never assume discarded property is yours. Always ask permission first.
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Follow company policies and procedures. During emergencies you may need to act quickly, but afterward, complete all required documentation, purchase orders, contracts, and approvals.
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Be fair, impartial, and consistent.
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Own your mistakes. Correct them, learn from them, and strive not to repeat them.
Cornerstone two: Professional excellence
Successful property managers never stop learning. Excellence comes from preparation, knowledge, curiosity, and attention to detail.
Lessons
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Keep it simple. Improve processes when doing so saves time, money, or effort. Otherwise, don’t reinvent the wheel.
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Know who the experts are and ask for help when needed.
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Become active in your profession. Join organizations such as IREM®, BOMA, IFMA, CREW, and other professional associations. Network, attend educational programs, and build relationships with others in the industry.
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Learn everything you can about sustainability. Stay informed about green building practices, energy efficiency, and emerging technologies.
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Bring your building into compliance with ADA accessibility standards.
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Learn your company’s accounting systems thoroughly.
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Understand recoverable expenses and proper coding.
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Know your leases. They’re your primary reference for tenant interactions. Every lease is different, and understanding each one is essential.
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Every situation is unique. Seek guidance when needed, and never hesitate to ask questions.
Cornerstone three: Leadership & communication
Great property managers are visible, approachable, organized, and effective communicators. Leadership is demonstrated every day through actions.
Lessons
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Don’t stay behind your computer all day. Walk the property, talk with tenants, employees, and contractors, and be visible.
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Keep owners informed according to their individual preferences.
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Encourage learning and document performance concerns.
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Keep Human Resources informed whenever appropriate.
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Remain professional at company social events.
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When requesting approval, present both the issue and your recommendation. Bring solutions, and not just problems.
Cornerstone four: Relationships & teamwork
Property management is a people business. Success comes from building relationships, earning trust, and working together.
Lessons
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Be careful when mixing business and personal relationships.
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Be willing to help others. Everything is your job when it comes to serving your property and your team.
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Listen to others. Valuable ideas often come from owners, tenants, employees, vendors, and contractors. Property management is never a one-person job. The best managers recognize that great ideas can come from anyone.
Final thoughts:
Looking back over more than 40 years, I’ve realized that every lesson in this guide comes back to four simple cornerstones:
Integrity – Your reputation is your most valuable professional asset. Protect it every day.
Professional excellence – Never stop learning. The industry will continue to evolve, and so should you.
Leadership & communication – Be visible. Listen well. Communicate honestly. Lead by example.
Relationships & teamwork – Treat people with respect, value their contributions, and remember that no one succeeds alone.
If you build your career on these four cornerstones, you’ll earn the confidence of owners, the respect of your colleagues, and the trust of your tenants.
Above all, remember that every person you meet has something to teach you. Never stop learning, never stop listening, and never stop growing.
Thank you for choosing a profession that truly makes a difference. Every day, property managers solve problems, protect valuable assets, build relationships, and improve the lives of the people who live and work in the buildings they manage.
Good luck! The years will pass much more quickly than you can imagine, and before you know it, you’ll be sharing your own lessons with the next generation of property managers.
