It is rare to find perfect real estate managers. Some are stronger in one area than in others. All in all, property owners would wish to hire managers who display most of the following qualities.
When looking for a prospective property manager, you should ask some probing questions such as the number of properties they have managed before, and their experience in turning troubled properties around.
A reputable property management company has a thorough knowledge of real estate standard operating procedures, laws, and regulations.
Every property owner would wish to have a property manager who would take care of his or her like were their own. To achieve this, you need a manager with an investor mindset. An investor mindset assists property managers in visualizing the “big picture.” It enables them to make critical business decisions such as where to spend money and make rent adjustments.
Property management, at times, can be stressful. A good property management company requires patience with unruly tenants, contractors operating behind schedule, and unrealistic investors. When sourcing for a potential manager, you should look for one who is willing to listen and has exceptional customer service skills.
Property managers require patience. However, in some cases, they have to be aggressive to track down rent arrears. The potential to be bold, if need be, is something you should look for in your soon-to-be property manager.
The capacity to have patience and, at the same time, be aggressive requires an experienced property manager with the topmost professionalism. The manager should be able to cope well with contractors, residents, and others in a firm but kind manner.
Strong communication skills
A professional property manager should possess exceptional written and oral communication skills. They should communicate appropriately with both residents and you on the happenings at the property on time. Precise and clear communication assists in reducing incidences of disputes and makes your runs smoothly.
A property manager might at one given time be renewing leases for one tenant, leasing a unit for another, managing eviction proceedings, and carrying out renovations. To run all these tasks effectively, a property manager should have outstanding organizational skills.
Property management is advancing rapidly. Modern technologies are being adopted in the management, from hardware to software applications enabling property owners to conduct self-showings.
A tenant can go off-air and stop paying rent. The property management company may forget to carry out the end-of-year clean-up. The property owner may fail to send paperwork. The property management industry requires someone that can quickly solve problems without creating additional issues.
One quality you should consider when hiring property managers is their flexibility.
There is no standard way of managing property. Each rental property is different, and objectives vary from one investor to another. In some instances, it requires a bit of ingenuity to manage a property successfully, and thus you should look for someone who can think outside the box.
Solid monthly bookkeeping and accounting
An experienced property management company should have devoted bookkeeping and accounting personnel and avail owner cash distributions and your financial package on the same day of the month.
Additionally, your property management company should have an online portal available 24/7 where you can access your payables, receivables, general ledger, and tenant service issues.