Key Traits of a Good Property Manager
Not everyone who owns a rental property wants to deal with the everyday responsibilities of being a landlord. Thankfully, you can hire a property manager to take care of your investment while you still collect the rent. However, you don’t want just anyone handling your most valuable asset. We are going to help you pick the right person for the job by going through the 5 key traits of a good property manager.
One of the main responsibilities of a property manager is constantly dealing with tenants. Therefore, the manager who is running the property needs to have a varied set of soft skills. Being able to communicate accurately and in a timely fashion is of prime importance for a great relationship with your tenants. Additionally, the property manager needs to be constantly available so tenants can reach them. If communication is done by email, managers will need to respond to let tenants know they are aware of the issue and that they will address it at the first opportunity. Ask your property manager how they prefer to communicate with tenants and what their available hours are.
A specific character
Regardless of how packed the CV of the property manager is, some things are hard to quantify in words. You should spend some time talking to them and discussing how they would deal with potential scenarios to get a feel for what kind of person they are. Realistically, you are looking for a very specific mix of qualities and key traits of a good property manager:
- Knows when to be strict. Although it’s very noble when someone is a kind soul, your property manager can’t bend the rules for every sob story.
- Assertive and strong when they need to be. You’ll need them to keep your best interest in mind and resolve issues without budging an inch.
- Patient and calm. Avoid someone who is quick to lose their temper. That will only escalate tension and make stressful situations worse.
- Knows how to defuse stressful situations. Some disagreements are unavoidable, but a good property manager will be able to let cooler heads prevail.
- A good judge of character. Managers who have a good gut feeling will be able to steer clear of problematic tenants.
We realize it’s not easy finding someone who fits the bill. Your best bet is to hire someone accredited who comes with a glowing recommendation to manage your property. It’s still a good idea to prepare a questionnaire in advance and ask the manager how they would react in specific situations. Ask them to solve a potential situation that is complex and gauge their reactions and thought processes to see if they are the right pick for you. At the end of the day, you are there to make money; find someone who understands that and who’ll make it a top priority.
So far, we’ve stressed the importance of dealing with tenants. However, a lot more goes into being a property manager, and sometimes – it’s several things at once. A good property manager will be able to organize and get things done efficiently, even when they need to solve several crises. New tenants might be moving into one apartment, repairs are going on in another, and all the while, the manager is talking a third tenant into renewing their lease. For a professional property manager, that’s just a typical Tuesday.
The manager you want is someone who always has one ear to the ground and knows what’s trending. They need to juggle multiple issues without losing their cool. Unfortunately, sometimes you simply can’t manage everything, so the perfect property manager also needs to think on their feet. In times of high stress and short deadlines, they are decisive and confident. Being able to prioritize and focus on what’s really important is just as necessary as multitasking.
Knowing professionals from many different backgrounds and fields is a key trait of a good property manager. Because honestly, they don’t need to know how to solve everything themselves. The right kind of manager always has the perfect person for the job on speed dial. On top of that, they should constantly be expanding their network of contacts. Perhaps you can even count on them when you need help with the home you are living in.
Ask your property manager if they have contacts of various repairmen who can fix things quickly. The wider their network of contacts – the better. If they know a reliable provider of moving services, they can get tenants settled in as well as moved out in no time. This means that your rental property can constantly be occupied and bring in more rent.
Knowledge of the real estate market
Property managers also take care of advertising your rental property. They are the ones who can negotiate the terms of the lease and will also be responsible for its enforcement. You don’t necessarily need to know what the rental rate is for properties in your area – that’s the manager’s job.
Ideally, your chosen manager should have experience with your type of property. This will come in handy when setting the rent prices. If your manager is familiar with the availability and listings of similar properties, they will be able to quickly assess supply and demand. By setting a competitive price, your property will get rented in no time, and you won’t need to go below market value. If they know what features are currently trending and in demand, they can give you valuable advice on how to upgrade to draw more attention from prospective renters.
Get a reliable property manager and let go of all the stress regarding your rental unit. Most people who would like to dip their toes in the real estate investment scene are hesitant regarding their roles as landlords. By hiring a property manager, you get to skip the challenging parts of maintaining the unit while still enjoying the benefits of owning an investment property. The only trick is finding someone capable who you can trust with your real estate. Luckily, after reading this article, you should have no problem finding someone who has all the key traits of a good property manager. There’s no need to wait; contact us to see how we can help you and start making money now.