Qualities Needed for an Effective Property Manager
Looking for an effective property manager can be a little more complicated than one might think. Sure, you can do a search on google for a property manager, but how do you know which one to hire? Property management isn’t simple, in fact, it’s a role that combines a variety of skills and professions in one: accounting, marketing, construction, law, insurance, and even more! So, what qualities are essential in hiring a property manager you can depend on?
#1 – FOCUS
You want to hire a property management firm, or property manager that is dedicated to their practice, versus one that provides property management as an added bonus. Because the full scope of providing effective property management entails so much, it’s crucial to find a company that has the expertise to handle all the potential needs that will arise, from addressing a faulty water heater, to negotiating a rent increase with aplomb.
Finding a property manager who owns a rental property of their own, and who is focused on property management themselves is a great way to go. As you can imagine, specialization is a valuable trait in any field, but in one that requires so much, like property management, it’s essential. Having a rental property of their own will give these property managers real insight into what’s needed to achieve optimal results.
#2 – HONESTY
As obvious as this may seem, it’s still worth mentioning. Having a property management company that is transparent and honest at all times will only lead to stronger relationships built on a foundation of trust and understanding. When entrusting the management of your asset to another, it’s crucial you know what they stand for, how long they have been around, and how they are perceived by those who have worked with them in the past.
Of course, you want to ensure your property manager has the proper training, certifications, and memberships. Make sure they are a member of the National Association of Residential Property Managers for starters, and look into what training they have. Though it’s not necessary, it may be wise to look into what certifications they have too. Different training and certifications will give insight into how much experience a property manager has and how well they will manage your asset for years to come.
#3 – MAINTENANCE SKILLS
As you well know, maintenance is one of the biggest expenses you’ll have to contend with as a property owner, so finding someone you can trust to ensure you’re doing the best possible for your asset is key. That’s why finding a property management company with a proven track record of successful maintenance is crucial. If your property manager has focus, and is honest with you, chances are you’ll be in good hands for this 3rd criteria too.
Communication is a big part of property maintenance. Your property manager should be an excellent communicator, so that when something goes awry, you’re confident you’ll be able to reach them to decide on a resolution. You also want the property management company to be proactive, and one that works with a trusted team of contractors who they collaborate with on the regular, as opposed to one who is always looking for the cheapest labor at the last possible moment. This is how your repairs will be addressed in a timely fashion, protecting not only your asset, but your tenants too.
Now that you know what to look for in a property manager, why not set up a free consultation with us to see if we fit the bill? We’re confident we do, and are happy to show you in just how many ways. Don’t delay, get yourself a property management company you trust today—Metro REIG, that is.
