Top Qualities of a Good Property Manager
A professional property manager can be the difference between success and failure for real estate investors. Learn the qualities of a good property manager.
Integrity and Reputation
A good property manager understands their reputation can directly affect the success of their real estate. A trail of unhappy tenants, delayed payments, or neglected maintenance can spell disaster for a real estate investor. In addition to managing your rental property, a property manager will be responsible for handling the money of both you and your tenants’. They’ll collect rents and security deposits as well as transmit your income to you while placing security deposits into the correct accounts to hold for tenants.
Experience and Knowledge
Property managers will be your guides for compliance with applicable housing laws and regulations. They’ll know when to call the property owner and when to take care of a tenant’s concerns. A good property manager will be able to handle multiple properties seamlessly, without straining to address tenant complaints or maintenance issues. They will be skilled at appropriate tenant screening procedures and understand how to market your properties to find reliable tenants.
Communication and People Skills
The property manager receives complaints and requests for maintenance and deals with tenants who’re behind on rent or who’ve violated rules. Clear communication coupled with people skills is critical, and they need to be able to solve problematic situations with minimal escalation. However, where there are chronic issues with tenants violating policies or failing to pay rent on time, a property manager must know how to be firm, and what steps to take to proceed with an eviction if it becomes necessary.
Organization and Record-Keeping
Poor record-keeping and lack of organization can get a property owner in trouble come tax time. It can also create legal risk if there is a dispute about fair housing laws or compliance with other landlord-tenant laws and regulations. All claims for retention of security deposits must have supporting documentation of damages, invoices, and payments for repairs. Reasons for denying a rental applicant must be reasonable and non-discriminatory, and property owners will have to prove it. Your property manager is your repository for all the documentation of tenant communication and the response made on the property owner’s behalf.
Familiarity with Management Software
A good property manager looks for ways to perform efficiently. This may include the use of property management software, allowing tenants to pay rent, register work requests, and make complaints electronically. One of the qualities of a good property manager is a proactive stance toward new technology that could streamline your operations and increase your income.
Finding a property manager, or property management company that displays these qualities of a good property manager takes a little digging and a lot of networking. Selecting the right person or company will be critical to your real estate business’ success.
