Essential qualities a good property manager needs to have
The Real Estate investment industry continues to be lucrative and millions of people continue to purchase and invest in properties all around the world. The demand for managing properties has increased immensely. In the past, property managers were considered simply rent collectors, but things have evolved and changed with time and now they are highly skilled individuals that play an important role in a successful investment.
But what qualities are important before choosing a property manager? What to look for and what is important.
Great communication skills
Property managers are the first point of contact and it’s important to be able to communicate effectively and remove any biased or judgments when helping the clients. They should be able to identify the core issue of the problem and come up with the best solution to the problem. The property manager should be responsive and able to address the tenant's concerns on time. This means that he should be able to demonstrate quality and speed of communication, particularly in emergency cases when the client needs assistance immediately.
A good property manager should be able to keep their landlord updated with everything that is happening, including maintenance issues, payment issues, notice to vacate, and anything else that the tenant has addressed. To do all this successfully it’s necessary to have a strong internal system for communication and the property manager should be able to remove emotions from the issue to find the most suitable solution.
Business minded-
A good property manager needs to be business minded and has an investor mindset to act in the best interest and maximize the income derived from the property he manages. He doesn’t need to be an expert investor but it’s important to have a basic understanding of the internal rate of return and net present value and must be able to tell the difference between the two. When a property manager it’s business-minded he can see the big picture and recognize the impact of the internal rate of return influences your financial goals. A good property manager must do everything it takes to keep the vacancy rate as low as possible by staying on top of things and having a backup plan.
Good knowledge about the rental market-
A good property manager needs to know the area very well. He knows the hidden paths which take you to the not-so-known places and properties that are not visible to anyone. He understands that there are differences between each road and neighborhood. This is why it’s important that when choosing a good manager one should know the peculiarities of the local market.
A good property manager should know how much demand there is in the area and how much is the rent. He should be able to reach the tenants through advertising campaigns and alternative marketing methods. He should also be able to find out how much more are the renters willing to pay for quality properties and which target areas are most in demand.
Good negotiation skills –
Not all property managements are created equally, and often things don’t go as expected or as they should. Some tenants can be challenging to deal with, and they don’t take care of the property or pay the rent on time. To manage these occurrences as best as possible, the property manager should be able to show assertiveness and good negotiating skills to find the best solution to the problem. In the end, it should be a win/win situation for both sides.
A good property manager is like a stress reliever for the landlords because he doesn’t have to deal with day-to-day issues. Having a property manager that can address well and chase late payments, property care issues, or even tenant removal will be very beneficial and an essential trait you should look for in a property manager.
Have experience and good references –
Finally, a good property manager has the experience and good references. He has been through a lot of scenarios and situations during his career and can tackle easily all the obstacles and challenges that happen in the workplace. Being endorsed by both landlords and renters is a good indication that he has successfully managed both sides.