4 Attributes of an Excellent Property Manager - What to Know
Managing your properties used for investment can be quite challenging. If you own and run investment properties, the chances are that you think about hiring a property management company to do the job for you. Whether it’s a single rental property or a building with several units, you need the knowledge, skills, and expertise of a property manager to deal with tenant acquisition, marketing, property maintenance, tenant issues, and all other concerns involved in managing properties.
Hiring a great property manager can be a bit tricky. Part of the hiring process is to know and scrutinize the qualities of a high performing one. That said, here are four attributes of an excellent property manager you should be on the lookout for:
1. An investor mindset
There’s a difference between a manager who simply knows the job and one who has an investor mindset. The first will most likely know what managing properties entail. They will perform a regular job on a regular basis. The latter, however, can go beyond performing their usual tasks. Your property manager will think of ways and means to generate more income for you. He or she will go as far as creating robust client liaison and being proactive at giving you recommendations. Sure enough, a property manager who thinks like an investor is a valuable resource for you.
2. Knowledge and experience on the local market
Nothing beats a property manager who has extensive knowledge in the local market and the experiences in having dealt with different clients. First, market knowledge helps a property manager understand the value of properties and make wise decisions on the potential rent of properties. They are also well-acquainted with the local codes and regulations for compliance purposes.
Second, experience helps a manager navigate through the ins and outs of the local market. That said, make sure to check the prospects’ experiences in the form of portfolios and past client references.
3. Communication skills and assertiveness
It’s expected that your property manager will be dealing with you, your tenants, contractors, and other stakeholders involved. For this reason, it will make a huge difference if you hire a good communicator. A property manager with excellent communication skills can manage and reduce disputes, resolve property-related concerns, and liaise with you promptly. As there are possibilities of issues arising, it’s best to hire a property manager who is assertive. This means someone who will ask for payments on time, confront concerns with confidence, and resolve issues in a diplomatic way.
4. Problem management skills
When it comes to property management, problems will always surface every now and then. The chances are that tenants aren’t able to pay on time, others go missing in action, and tradespeople don’t arrive. Given such possible situations, it’s best to work with someone who has problem-solving skills—someone who can think outside of the box and solve the problem promptly.
The role assumed by your property manager can determine the continued success of your investment properties. That’s why it’s imperative to choose the right candidate who can excellently manage your property.
As outlined above, make sure to choose a candidate with the following qualities: an investor mindset; knowledge and experience on the local market; good communication skills and assertiveness; and problem management skills. With all these valuable qualities, you can surely count on your property manager who will bring you more money and success.
True Management is a property management company in New York City, offering innovative real estate solutions to property owners and investors. Get in touch with us today and get your custom solutions now!