By: Raymond James
About the Author:
Ray is a sought after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.
Today, investors have embarked on placing their hard-earned resources into different types of investment. In most cases, investors cannot manage their properties due to tight schedules. For instance, imagine owning several apartments and responding to every call from the tenants. The gap brings in the need to hire a property manager to manage their investments. Apart from collecting money, they have to respond to clients’ inquiries and calls, ensure regular property maintenance procedures, and provide advice where necessary.
However, you can’t just hire any property manager since an individual’s qualities will determine whether your investment becomes profitable or not. Since many investments have failed to take root due to ineffective property management, below are qualities to look out for in a property manager:
- Outstanding Communication Skills
Property managers should intelligibly communicate since they respond to issues raised by tenants. In most cases, tenants report issues with high emotions because they are paying rent from their hard-earned salary. Therefore, the property manager has to have good oral skills and calm down the tenant as they find a remedy to the problem.
A property manager should also respond promptly and effectively to issues raised by the clients. Failure to satisfy the tenant with prompt response will see tenants leaving the apartment to a well-managed property. Such tendencies reduce the tenant retention rate, reducing the amount of income for the property owner.
Successful property managers communicate effectively with the landlords. The landlord needs to be kept up-to-date with the daily occurrences. As a property owner, you need to be advised appropriately on rental payments, maintenance issues, vacating notices, and important tenant recommendations. Adopting technology may help promptly relay important information between the property manager, landlord, and tenants. Well, will you then get a property manager with inadequate communication skills?
- Professionalism
Professionalism entails how property managers portray themselves during their day-to-day dealings. A quality property manager should be ethical, transparent, respectful, friendly, patient, a good listener, competent, aggressive, humble, and reliable. If you find such professional qualities, go for that property manager.
- Effective Organizational Skills
Property managers manage different properties in different places. Therefore, an effective property manager must remain organized and efficient to satisfy tenants and landlords. The manager needs to manage time well and prioritize issues well. The property manager will also require effective systems to coordinate different projects simultaneously. Therefore, organized property managers can respond promptly to issues raised at different locations.
- Highly Educated And Commitment to In-Service Training
In order to do their duties diligently, property managers have to be highly educated on property management, finance, and accounting. Property managers also need to undergo in-service training to improve their professional gaps. The industry is dynamic and keeps changing due to legislation and trends; hence property managers need to know the relevant changes in the sector. Such knowledge will lead to high renters’ retention rates and save the landlord from costly penalties due to non-compliance with local laws.
- Knowledgeable On The Local Market And Trends
How can you manage a property without proper knowledge of the real estate business and the current trends in the market? A knowledgeable property manager will know the average rent, the most effective advertisement method, and renters’ priorities in the specific area. Such information is crucial in attracting renters to your property.
Also, knowing the market trends in an area gives insight into the required property’s improvement. Renters are willing to pay more upon getting specific services, such as WiFi connectivity, adequate parking, and recreational services. Availing of such services will add value to the property, hence more rental returns.
- High Experience In Property Management
Experience in property management entails two things: personal experience in property management or experience in working with an experienced team. Therefore, don’t dismiss property managers with less experience but have worked with an experienced property management team. Such persons end up-becoming successful in their work since they have learned the art of managing properties from their previous team. Property management experience helps solve day-to-day issues effectively and aggressively attract tenants in a tough rental market.
- In-Born Investor’s Mindset
Successful property managers have an inborn passion for investment, hence can bring in new ideas. Persons with investors’ minds enjoy their work, and they don’t require to be pushed to perform. They maximize rental yields and are also conscious of property tax compliance.
- Strong References
Reference from other landlords and renters indicates that a prospective property manager has the potential to manage your property successfully. Reviews about property managers can be obtained from google reviews, where renters and landlords give their experience with the specific property manager.
Final Remark
Looking for a property manager? Look no more! At ShieldManagement.Com.Au, we offer our clients the best property management services. You will find all the above characteristics with our agents. Contact us today!
