5 Key Qualities of Good Property Management
Real estate investors are very cautious when hiring property managers. Here are 5 key qualities of good property management that they are always looking for.
So, you've bought an investment property. Now what?
If you want to maximize the value of your investment and be an excellent landlord, you're going to need good property management.
A lot of first time real estate investors find themselves asking what makes for a skilled residential property manager and how they should hire one.
Read on to find out the five essential qualities of a great property manager.
Organization is by far the most critical trait of a competent property manager. Organized managers know what they're doing and when they're doing it.
They don't miss important deadlines, follow through on their commitments, and are better equipped for emergencies. An organized manager knows exactly when rent is overdue and can keep track of complex renovations and repairs quickly.
Managing a property can get really stressful at times. A good property manager has to have the patience to deal with situations they can't control. They also need to handle other people's failings and issues with good grace.
Tenants will have problems, contractors will run over schedule, and repairs will be needed at the least convenient times. When interviewing candidates, you should look for people with sales/customer service experience as well as management training.
3. Excellent Communication Skills
At their core, property managers act as a conduit of information between you and your tenant. They have to be able to communicate with you, contractors, and tenants effectively.
A big part of that is knowing what information falls under need to know and what falls under the heading of minutiae. You don't want to deal with the nitty-gritty of property management, that's why you hired them after all.
You do want to be kept abreast of significant developments, damage reports, and any decisions that require your approval.
4. Good Property Management Experience
This should go without saying, but someone who has recent successful experience is usually a great option. In today's rental world, a good manager needs a range of hard and soft property management skills.
Find out what the best property management software is and ask them about their knowledge. Make sure they know how to properly advertise your property to find the highest-quality tenants at the best rates.
5. Follow Through
Sometimes things just go wrong. Your tenant doesn't pay their rent on time, a pipe can burst, or your roof needs repair. In these situations, you need a residential property manager who can come through when it counts.
You need someone who knows what they're doing and can pursue your interests aggressively. Sometimes it takes knocking on the door every afternoon to get rent paid.
Focus on the Long Term
Owning a rental property can be an excellent investment, but it's also a bit of a roller coaster ride. Finding good property management is one of the best things you can do to protect your investment and grow your money.
Want to learn more about investing in real estate? Check out some of the other great articles we've provided in our blog.