Property Management | good property manager

Top 9 Qualities of Having a Good Property Manager

A good property manager can make a huge difference when it comes to the success of your investment property. But, how can you distinguish between an effective property manager and a bad one? When looking for top property managers, there are some qualities you must take into consideration.

 

Characteristics of a Good Property Manager

There are about 43 million housing units in the United States that serve as rental properties. That number increases with each passing year, as more people choose to rent rather than buy for a variety of reasons. Investing in a property to rent or lease out to tenants has become a popular way to earn extra income. More often than not, though, these investors lack the time to manage their investment properties, driving them to hire property managers.

Just like almost every other business, you will discover both bad and good property managers out there. The trick is to learn how to discern between the good ones and the bad ones. Whether you are an investor or a property management company on the hunt for a good property manager, here are the characteristics you must look for:

 

1. Good Communication Skills

executives | top property managersReal estate management requires excellent communication skills in order to work successfully. This is particularly important in the property management industry where everything can seem more frantic and busy. A lack of communication can quickly derail your work and cause misunderstandings between parties. A good property manager always keeps an open line of communication. That means picking up the phone, answering e-mails, sending messages back, and keeping the communication channels open at all times.

To do well, a good property manager must know how to deal with people. The property manager must know how to exercise self-control and be a reliable defender. Investors and tenants need to feel that they have someone they can trust and approach when problems come up.

 

2. Knowledge/Experience

A good property manager should come equipped with the necessary knowledge required to perform his job well. He should be able to produce as well as interpret all sorts of reports, including financial reports. Property management also involves, to a certain extent, accounting and marketing. Therefore, he must have, at the very least, a familiarity with both subjects.

He must also stay informed on any changing laws regarding ownership of property, homeowner/tenant, and other property-related laws. These rules constantly change, and many of them are quite complicated. To accomplish this task, it is important that the property manager has a firm understanding of all these important issues.

Beyond all this, a good property manager must always stay hungry for knowledge. He must be willing to learn new things and be open to taking courses to further his studies. This is how a good property manager remains as such.

 

3. Thinks Like an Investor

Property managers take on the responsibility of looking after an investor’s property. Therefore, a good property manager is one that treats your property as if it was his own. That means caring for the property, ensuring maintenance and repairs go well, looking for ideal tenants, and maximizing profits. An effective property manager knows when to compromise on rent and when to spend money.

 

4. Professionalism

professionalism | top property managersOne of the most important traits of a property manager is professionalism. There is a difference between simply being nice and being professional. A property manager must maintain a degree of professionalism in dealing with external parties such as tenants, customers, suppliers, and colleagues. He should be friendly but firm, especially when handling more delicate issues that those affected may misconstrue as a personal matter, such as increasing the rent.

 

5. Organizational Skills

A property manager will inevitably be pulled in a dozen different directions on a particular day. It is imperative that a manager stays on top of their to-do list and stay focused when things grow busy. A property manager is required to be a brilliant juggler of several tasks, always keeping both owners and also tenants happy.

Some people have no inherent organizational skills, but that does not necessarily mean they cannot succeed. They may need outside help in the form of technologies and tools such as property management software. The most important thing is for them to have a willingness to learn and develop their organizational skills.

 

 

6. Detail-Oriented

A good property manager pays close attention to the details, making sure to keep both investors and tenants happy and protected. He must carefully inspect the property, taking note of any potential safety hazards that could result in legal liability. Then, he must address these safety issues in a timely and organized manner. While it is equally crucial to consider the big picture, property managers must also watch out for the little things.

 

 

7. Tech-Savvy

software | top property managersTechnology is ever-evolving, and new programs and tools enter the property management market all the time. These tools are designed to make property management easier and more streamlined. As such, a capable property manager must know how to use different hardware and software applications. Property management companies should look for tech-savvy managers — or at least ones who are ready to learn — to stay competitive in the industry. After all, the future is digital.

 

8. Adaptability

What if a tenant stops paying rent and suddenly disappears without a trace? What if maintenance services fall through? A number of things can go wrong on a daily basis, which is why adaptability and problem-solving skills are imperative qualities in a property manager. Assessing whether or not a property manager has this quality can be difficult. A good way to gauge this, though, is to make sudden changes, such as rescheduling a meeting an hour prior, to see how he reacts to the situation.

 

9. Patience

Property managers juggle multiple tasks and interact with a variety of people, so stress and pressure naturally come with the job. A good property manager, though, has the patience and composure to handle all of it. He must know how to deal with unreasonable investors, difficult tenants, and incompetent contractors without losing their cool. While patience is a valuable trait in a property manager, that does not translate to being a pushover.

 

Check Off These Property Manager Attributes

For both investors and property management companies, the quality of your property manager has a significant impact on your investment and reputation, respectively. Thankfully, a good property manager is not necessarily hard to find. There are many already working in the property management industry. You just need to know where to look.

If you are in search of credible property management companies with competent managers in Florida, look through the Florida Property Management directory. Conversely, if you are a Florida management company looking for clients, consider advertising with us to widen your reach.