Property Management is easy, however being a great property manager is hard. Too many people settle for typical property managers and get burned in the process. In this article, you won’t find much about the specific practices, systems, or processes that a property management company might use to be successful. Mostly anyone can figure out how to manage a property and get by. However, the following traits are what portrays a great property manager.
1. Communication
One of the most important traits of a great property manager is communication. The ability to communicate keeps every person involved in different processes on the same page. Owners, tenants, and vendors all rely on proper communication to be sure that the best decisions are being made in a timely manner. This creates a great experience for everyone involved.
If a landlord or property manager cannot communicate effectively, is overwhelmed and is forgetful, or has too much turnover on staff, the communication will be poor. Owners and tenants alike will suffer from poor service.
When going through the sales process, note how easy or difficult it is to get in touch with your point of contact, and how willing that representative is to communicate often and openly with you.
2. Relationships
Has your property manager taken the time to build a relationship with you? If not, they likely aren’t building relationships with their tenants or subcontractors. The better your property manager is at building relationships, the better service you will receive, directly.
When a property manager builds a relationship with their client, they will truly want to understand their goals, their background, their interests, and more. Without this, the property manage will not understand how to steer the direction of that client’s property.
During the sales process of finding a great property manager, note if the representative is interested in you, or only your property.
3. Organization
Operating 10 properties can be challenging, now imagine operating 100, or even 1000. Juggling the financial statements, keys, maintenance issues, rent payments, and more can be a burden for someone who isn’t organized.
Ask your property manager how many units they manage and what their plan for growth is. This will give you an idea of how much organization will play a role with the property manager you are working with.
If your representative seems scattered or late to meetings, you might be able to understand how he or she will be handling your property. Organization plays a giant role in storing documents, money, and keeping up with inspections and maintenance. Without this, a property manager will not be great!
4. Trustworthiness
Finally, one very important trait of a great property manager is to be trustworthy. Landlords are trusting property managers with their largest assets. They need to be able to trust that their decisions are in the client’s best interest and are taking them closer to their goals.
Enjoy your passive income with the peace of mind that your property manager is doing what’s best for you. Having a transparent property manager that has a great reason for their decisions is a sure sign that they are looking out for your assets.
These 4 traits are paramount to having a Peak experience with a great property manager. This is an excellent foundation to build upon when searching for the best fit property manager for your goals.
