Hiring a property manager is a major decision in your investment journey, and one that should not be taken lightly. After all, the manager you end up choosing will be responsible for one of your most valuable assets and will play a vital role in the success of your investment.
With the right manager, however, you can rest assured that your investment is well cared for and is in good hands. But how do you differentiate between a good property manager and a bad one?
We’ve got a list of 10 qualities you need to check off your list in order to pick your next top-performing property manager.
10 Qualities Of A Top Performing Property Manager
Since the property manager you hire will be representing you and your property, you’ll want to be sure they are professional. Maintaining professionalism is a cornerstone of effective property management, whether adopting a gentle or assertive approach to address challenges.
Interacting with residents, investors, contractors, and others requires a kind yet firm demeanor. In sensitive business matters or moments of assertiveness, a property manager should be able to understand personal boundaries. Demonstrating respect, speaking professionally, and presenting oneself well are hallmarks of a skilled property manager.
Property management entails navigating a multitude of challenges, which can sometimes become very stressful. Delays in contractor work, late rent payments from tenants, and unmet investor expectations are just a few examples of potential obstacles.
A property manager who is patient will be able to handle these situations with tact and diplomacy. Someone who prioritizes active listening before delivering judgments is more likely to address complaints and stressful circumstances gracefully, and deliver exceptional customer service, ensuring smooth interactions with all stakeholders involved.
While prioritizing patience in decision-making is essential, property management also requires a delicate balance of assertiveness. Investors and residents value a manager who can swiftly navigate bureaucratic hurdles and offer prompt solutions. This may involve applying some pressure on vendors and suppliers, requiring a firmer approach when necessary. Instances like dealing with late rent payments demand assertiveness, where being firm yet polite can encourage residents to rectify the situation promptly.
4. Strong Communication Skills
Effective property management revolves around constant interaction with various individuals. Keeping clients and investors informed about property developments, providing residents with clear communication on building policies and maintenance, and persuading prospective residents to sign leases all demand excellent communication skills.
Therefore, when interviewing property managers, it’s important to look for candidates with exceptional communication abilities. Precise and transparent communication fosters successful property deals and minimizes the likelihood of misunderstandings or disputes. Strong communication ensures the seamless functioning of the building, akin to a well-oiled machine.
5. Quick Response Times
To compliment their strong communication skills, a good property manager should also be able to maintain quick response times. In the world of property management, it often feels like phone calls, texts, and emails are constantly flooding in, leaving little time to respond to each one promptly.
Whether dealing with inquiries, complaints, problems, or feedback from owners, residents, or prospects, property managers who can successfully address issues in a timely fashion demonstrates a genuine care and commitment to providing excellent service. By staying on top of communication and promptly attending to various stakeholders’ needs, a property manager can foster trust and build strong relationships within the community.
6. Organizational Proficiency
It’s common for property managers to juggle multiple responsibilities simultaneously. From handling eviction proceedings for one unit to renewing leases or overseeing property renovations for others, they must balance these tasks efficiently.
Additionally, conducting meetings with potential residents and showcasing various properties further demands adept multitasking. As a landlord or property owner seeking to hire a competent manager, you’ll need to assess their organizational skills and ability to handle multiple tasks concurrently. Maintaining an organized approach is paramount to staying on top of diverse responsibilities and managing property operations with precision.
In today’s fast-evolving property management landscape, embracing technology is vital. The industry witnesses a continuous influx of innovative tools and solutions aimed at streamlining building management processes. Software applications and advanced access control hardware are just some examples of tech advancements that enable property managers to automate tasks, maintain units efficiently, and market properties effectively.
Instead of shying away from technology, a forward-thinking property manager should wholeheartedly embrace it. Make sure the property manager you plan to hire, stays informed about the latest proptech trends and dedicates time to learn and implement these technologies. Remaining up-to-date with the latest technologies can enhance operational efficiency and help you stay competitive in the market.
8. Investor Mindset
While a property manager doesn’t need to be an investment expert, possessing an investor mindset is helpful. Being attuned to the rental market’s dynamics and identifying opportunities to optimize the building owner’s bottom line are essential attributes. Property managers should be able to engage in open dialogue with landlords and investors to share insights on value-added strategies for their properties that can prove invaluable in maximizing returns on investment (ROI).
A proactive property manager should express interest in the rental’s ROI and the health of your investments. They should be dedicated to minimizing vacancy rates and prioritize the property’s condition, recommending timely maintenance to avoid costly issues. Someone with an investor mindset will be more likely to ensure that rent prices align with market trends while considering additional amenities like an in-building gym or smart technology to enhance property value and attract quality tenants.
9. Negotiating Skills
Property managers will inevitably have to collaborate with numerous contractors, third parties, and vendors, since not every service can be handled in-house. While relying on external providers is necessary, it’s equally important for a property manager to handle expenses and safeguard the budget. This is where effective negotiating skills become invaluable.
A property manager should be able to skillfully negotiate with vendors in order to secure essential services at the best possible prices. A strong negotiator can often help with cost savings or improved service plans that can significantly impact the property’s net operating income (NOI) and impress ownership with prudent financial management. Hiring someone with the right negotiation skills is essential for maintaining a financially sound operation while ensuring that the property’s needs are met efficiently.
10. Enthusiastic Learner
Last but not least, you’ll want to look for someone who is eager to learn. To maintain a leading edge in the property management field, embracing continuous learning is essential while striving to enhance one’s credentials.
A property manager who stays well-informed about market trends and landlord/tenant legislation is equally important. They need to be familiar with the local area’s dynamics, property values, rental costs, and other factors that can influence the rental property’s future. By continually expanding knowledge and staying updated on industry developments, an enthusiastic learner can maintain a competitive advantage and excel in the dynamic world of property management.
Other Advice When Looking For A Property Manager
Voice Your Expectations
If you’ve encountered disappointing experiences with a previous property manager, you likely have a set of expectations for your new manager’s responsibilities. Whether it involves renegotiating rent, maintaining the property’s condition, or conducting regular rental inspections, be upfront about these needs. Openly discuss these requirements with your potential property manager to ensure they are willing to handle and address them effectively.
Trust Your Instincts
While conducting research and analyzing qualifications are crucial, intuition can also play a significant role in the process. Pay attention to how you feel during interviews or interactions with potential managers. Do you sense genuine sincerity, transparency, and a strong commitment to professionalism?
Trusting your gut can help you gauge whether the potential property manager aligns with your values and priorities. If something feels off or raises concerns, address it and seek further clarification. By combining your logical analysis with intuitive insights, you can make a more informed and confident choice in entrusting your valuable investment to a property manager who feels like the right fit for your needs.
Finding the perfect match for your specific needs may take some time. But with the right attitude and approach, you can end up with someone who can greatly impact the success and profitability of your rental property. By exercising patience throughout the process, you’ll be able to make a well-informed choice that sets the stage for a successful and harmonious landlord-manager relationship.
Picking The Perfect Property Manager
By diligently assessing each candidates’ qualifications, experience, and track record in property management, you can gain valuable insights into their expertise and capabilities. When you compare potential property managers, not only will you be able to make a well-informed decision that aligns with your property’s unique needs, but you’ll also be able to set the foundation for a long-lasting partnership.