Choosing the right manager for your property can be a daunting task. So, what qualities make a good property manager? Being in the industry for over 30 years has shown us what property owners and investors are looking for and how to deliver on expectations.
One of the highest priorities, if not the highest, for the vast majority of rental property owners is communication. Owners want to know what is happening with their property. And with good reason! A considerable amount of money has been invested into a property and an eagerness to see how the property is doing is anticipated. From finding a tenant to updates on costly repairs, owners want to be involved in the approval and progress of these various issues. Though some have no debt against their properties, many do. Being informed helps them budget for the following month and plan accordingly. Even if an update is not available, letting an owner know that no update is available is an update in itself.
Property owners want a property manager who is knowledgeable in the field, knows the business well and legal procedures. Owners are looking for guidance during difficult circumstances, non payment of rent and handling of maintenance repairs. Being familiar with what the law states enables a property manager to be effective in addressing these issues. Knowing how insurance claims work, home warranties and HOA’s is just as important. Really, understanding the business is important.
Owners want efficiency, both with the processes employed to costs incurred. Most rental property owners want their houses rented in a timely fashion, maintenance issues handled quickly and efficiently, utilizing well priced vendors. Owners want their properties inspected when promised. Having the knowledge, communication skills and resources enables a property manager to be efficient in all areas, with few delays.
Yes, property managers must wear many hats to be successful. And they must wear those hats well.