It’s hard to understate the importance of a good property manager. Not only do they make it super easy for you to collect rent, but they will also be an important part of your investment success.
However, getting the most out of your property manager requires you work with a good one. But just how do you know you’ve found someone who is really going to make your investment journey easier and more profitable?
Here are some qualities of great property managers:
1) They’ve Got Experience
Managing property is not a simple task. It’s about much more than just making sure tenants pay rent every month. As a result, you’re going to have a much better experience if you work with someone who has been doing this for a while.
As a result, when you’re thinking of hiring a property manager, make sure to ask for their credentials, testimonials, and references. Those who receive positive review from past clients are going to be worth their weight in gold.
Also, double check their certifications, and ask them how they stay on top of legislation changes. This last part is particularly useful because an experienced property manager will have quality systems in place to help them adjust with any changes in local, state, and national laws.
2) They Understand the Local Market
This is important for two reasons. First, your property manager needs to have a good understanding of the value of your property. This will help you set a competitive but profitable rent, and it will also help you know when the time has come to ask for more. Managers with local experience can see when a neighbourhood is getting popular and they will know how to adjust rent so that you can get the most out of your property.
Local knowledge also comes in handy when dealing with the law. If your manager is plugged into the local scene, they will be able to handle changes much more quickly and easily, helping you avoid costly penalties and delays down the road.
3) They Think Like an Investor
You’ve hired a property manager to help you maintain your property and maximise your investment. As a result, it’s of utmost important that you find a manager who understands property investment and who is going to be a partner as you go through this journey. Furthermore, when your manager thinks in this way, they will feel more like a partner and less like an employee, which creates a better working relationship and makes things go much more smoothly.
4) They Know How to Communicate
Your property manager is going to be the liaison between you and the tenant, and they will also be your advocate. It’s important they know how to communicate clearly and effectively. They should also know how to adjust their approach depending on the situation. For example, there may come a time when they need to be firmer with tenants, and there may be a time to be gentler. They need to know the difference if your life is going to be easier.
When searching for a property manager, take your time to find the right person. Make sure they have the above qualities, and also make sure you feel a relationship is possible. Do this and your investment journey will be much easier and happier.