Property management is really about people management. The role requires managing a client’s obligations as a landlord, as well as the tenant’s expectations. Therefore, the best qualities of a high performing manager centre around their ability to be highly proactive, efficient and knowledgeable.
What makes a property manager exceptional
Part of hiring a good property manager is knowing the qualities of a high performing one. Property managers are responsible for a person’s very sizeable investment, so choosing a high performing manager is a must.
1. Experience
Experience makes for one of the best qualities a good property manager can have. Experience in both the form of a portfolio and past client references serve as tangible proof that the property manager is successful in their job, and should be reviewed by any owner researching a new property manager.
2. Local market knowledge
Having strong local market knowledge is another important quality. Market knowledge helps the property manager understand the value and potential rent of the property. Local knowledge is also paramount because they will then be well-versed on particular regulations enforced by the local council.
3. An investor mindset
A manager who has an investment mindset is something many don’t think of, but can be of great benefit to an owner. When property managers are able to think with this mindset, they can see and understand where changes need to be made in order to charge higher rent. Property managers who think like investors are invaluable when it comes to client liaison and being proactive at making recommendations to the owner.
4. Good communication and organisational skills
Property managers are expected to deal with landlords, tenants, and contractors everyday.
In order for things to run smoothly, they should be highly organised and expert communicators. Good communication allows for property managers to manage and reduce disputes, resolve property-related issues promptly, and liaise with the property owner on required items in a timely manner.
5. Focus on protecting both landlords and renters
Having a strong understanding of the relevant state laws results in a property manager being highly focused on ensuring the legal protection of both landlords and tenants. This kind of understanding and focus is a top quality in a good performance manager, as it shows a willingness to look out for and limit potential legal issues.
6. Committed to further study
And as a follow-on from the previous quality, the property manager should always be reviewing and staying on top of any legislation changes to property investment laws, government changes or other external influences that may impact an investment property or its owner.
This is a sign of a high performing property manager as it highlights their capability of providing tenants and landlords with the right information.
7. Patience
When working in a profession reliant on other people, things can be stressful. Tenants, contractors and landlords might have issues or unreasonable expectations, so a property manager who has the ability to be patient and talk through roadblocks and issues is a wonderful asset to have.
8. Assertiveness
Another quality of a high performing property manager is assertiveness. Instead of
letting missed payments go by without following up, being on the ball and asking for what is owed is the sign of a high performing property manager who knows where the priorities of the owner lie.
9. Ability to manage problems
A property manager’s ability to think outside the box and manage problems is a winning
quality. Things can always go wrong – tenants go missing in action, or tradespeople don’t arrive. Instead of burdening someone else, a property manager who takes control and problem solves is a great asset.
10. Attention to detail
In order to make money with an investment property, every cent that comes and goes needs to be accurately documented. A property manager who is committed to organising all relevant documents can have a huge impact on the success of an investment. This is because the accuracy of documents can help ensure you are still paid if a tenant doesn’t pay the rent, which can happen as a result of many unforeseeable reasons such as sickness, loss of a job or a relationship breakdown.
Key questions to ask when interviewing a property manager
For those looking to hire a high performing property manager, conversations are better
held in person. That way, the interviewer can piece together an accurate picture and opinion of the property manager, which can be hard to do over the phone or through emails. Where geography is a challenge, video conferencing is a great alternative.
Before attending the interview, compile a list of questions that will help determine if a property manager is going to work hard for your investment.
Here are some of the questions one should ask when interviewing a property manager.
Property leasing
- What are your average days on the market?
- How many properties does the agency lease each month?
- How often will the agency show my property?
- In what ways does the agency market available properties for lease?
- Where do you find most of your prospective tenants from?
Property management
- How frequently will you inspect my property?
- What steps do you take to ensure that all individuals working on my property are properly licensed and insured?
- How will I know that all maintenance work on my property is competitively priced?
- What is the experience level of the staff members who will be involved with my property?
- How many people am I likely to deal with from your office?
Customer experience
- Can I see a couple of references from your past clients?
- Do you provide a performance promise?
- Who will look after my property if my property manager goes on holiday?
- How frequently will the property manager communicate with me?
- What form does communication take in your office?
Hiring a property manager
The importance of a high performing property manager is paramount to getting the most out of the investment process. That is why potential investors need to be aware of property managers’ best qualities and the important questions to ask when considering hiring one.
Who to hire
Why should you be left to deal with a property manager that isn’t servicing your rental returns? Your investment property should be in the hands of a property manager who will work hard for you and the property. Contact the team of highly regarded professionals at LJ Hooker today to get the most out of your investment.
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