While investors might be tempted to think that all property managers are the same and thus proceed to settle for the cheapest option, this is not necessarily advisable. It is always important to take time and analyze different property managers to ensure that you find the best fit for your needs. Hiring a cheap property manager might look like the best option at the first thought but it might end up costing the investor or property owner a lot of money in the long run. This comes together with the headaches and hassles of dealing with managers who are not really skilled in their job.
4 essential qualities of an excellent property manager
Communication skills- Property managers have to work with people as much as they have to manage properties. Tenants, landlords, insurers and maintenance partners are but some of the people who will interact closely with a property manager. In order to deal with all these people effectively, strong communication skills are a must. Good managers are able to talk and listen effectively, thereby helping to resolve problems in the most amicable manner. Prompt communication is also important as it can save a lot of time and money and keep people happy. A friendly and personable temper is also a good attribute of a good manager. Since there are lots of delicate messages that managers have to deal with throughout their tenure, it is important for them to handle them in a friendly manner and exercise discretion where possible. A good property manager should be able to find the right balance between firmness and friendliness for them to be able to carry on with their job in the right way.
Honesty- Honesty is another essential quality of a good property manager. Someone who is honest can be trusted at any time. When a property owner wants to know the state of their property, the number of tenants who are there, the number of tenants who have since vacated or any other such details, the property manager should be able to offer precise details without lying. When this is the case, there will be mutual understanding and a smooth working relationship between all the parties concerned since the manager will have exemplified a high degree of integrity and trustworthiness.
Thoroughness and attention to detail- In order for a property manager to work effectively, they should show high degrees of thoroughness and attention to detail in their job. This encompasses the sort of processes and systems that they have put in place in the form of checklists, paperwork, forms, spreadsheets, etc. It feels good when dealing with a manager who is updated about everything regardless of the number of properties that they are managing. This calls for a high level of attention to detail and an ability to put high level processes and systems in place.
Knowledge of legislation- Lastly, the right property manager should be one who has a very good understanding of the existing laws and regulations. When they have the right amount of knowledge, they will rarely find themselves on the wrong side of the law. They’ll subsequently be able to avoid fines and any other sort of legal liabilities. Ideally, when a manager knows the existing rules and guidelines, they’ll always work in accordance with those stipulations and ensure that the property owner will never be in trouble with the authorities.
Son-Rise property managers offer full service property management. Contact us today for a consultation!