If you own multiple properties, managing each one of them can be a great challenge. Marketing your rentals, handling maintenance and repair issues, resolving tenant complaints, collecting rent and monitoring lease agreements are just some of the tasks that you need to accomplish. These tasks can eat up a lot of your time and can cause a great deal of stress and anxiety.
This is where hiring a property manager will make sense. While hiring a property management company doesn’t come cheap, it offers many advantages that will help make managing your properties easier and more efficiently. A good property management company brings its know-how and experience to your business, giving you peace of mind that your properties are in good hands all the time. If you do decide to hire a property management company, you need to look for expertise and experience, however, there are also certain skills that you should consider. A great property manager possesses a combination of hard and soft skills that will enable them to handle unique situations successfully.
Here are some of the skills that you should look for in a property manager:
The property manager will be at the front line of your business, dealing with tenants, contractors, real estate agents and others. Good property managers must be able to communicate clearly with different types of people to make sure that messages are delivered accurately, especially when handling tenant complaints. Being aggressive while still being respectful are two characteristics that property managers need to balance. These characteristics will be very useful in dealing with late-paying tenants and erring contractors and suppliers.
Property management involves many transactions, from monitoring building inspection and maintenance schedules to attending to correspondences regarding the property and managing and collecting payables. You need to find a property manager who is exceptionally organized and detailed-oriented as a minor oversight could lead to a significant blow to your finances and reputation.
Eye for Improvement
A good property manager must be good at spotting areas for improvement. Part of this is demonstrating concern towards safety and security. Your property manager must be able to scan your property and determine what improvements can be done to make your property not only look better every day, but also, keep it a safe and secure place for your tenants. In relation to suggesting improvements, a good property manager also has some knowledge on budgeting. They must know how to put together a budget that can accommodate suggested improvements while considering your bottom line.
Knowledge on Law and Finance
Managing a property does not stop at building smooth relationships with tenants, contractors, and agents or making sure that the property is in good shape. It involves a host of other responsibilities such as legal documentation and preparation of audited accounts and tax returns. Property managers must have knowledge on the legal and financial aspects of managing properties to be able to help you make sound and ethical decisions.
Looking for a property manager to help you take care of your property better than you can involves in-depth screening. With the above skills and qualities in mind, your search for the “perfect” property manager will be easier.