Property Manager's 5 Must-Haves
When it comes to property managers, there are certain qualities you just can’t do without.
Attention to detail, passion for the job, property and market knowledge and excellent systems and support should all be mandatory when you choose a property manager for your investment property.
Here’s why they’re so important.
Attention to detail
With so much paperwork and important dates that need to be met regularly, attention to detail and organisation are critical skills your property manager simply has to have.
With the job encompassing everything from rent reviews to serving notices, one day can make all the difference. Likewise, general documentation needs to be done correctly as one small error can affect many things in the longer term.
Within the properties themselves, a property manager’s ability to pick up on the features and little details that will appeal to certain tenants will help to deliver happier tenants who’ll want to remain in the property longer, providing a more stable rental income to landlords.
Passion
If you have had investments for a long enough you may have had a bad property manager – one who is painfully slow in responding to you, is prone to errors and just never seems to care.
That’s why passionate property managers are priceless. You’re looking for the ones who are just as interested in the tenant six months after they move in, as they are on the day they’re signing them to a long lease.
Property managing can be emotionally draining, so a passion for the job and the industry are critical qualities in order to remain in the game long-term.
Knowledge
It almost goes without saying that exceptional knowledge is an absolute must for any property manager who’s worth their salt.
They need to know everything there is to know about a property and the rules and regulations that govern the rental real estate industry, as well as having up-to-date knowledge of the current market and where their clients’ properties sit within it.
The scope of a property manager’s job can be staggering, constantly changing hats, from understanding rewiring a house to understanding land tax assessments. No matter the issues, a property manager should either know the answer or know where to look to find it.
Client interest
One of the unique aspects of being a property manager is that you’ve got clients on both sides. You’re working for both the landlord and the tenant, so a great property manager must be able to successfully attend to both.
Handling the greatest asset that most people will ever own comes with great responsibility, to nurture that asset as best as possible and to be ever mindful what that asset represents.
A Property Manager should also appreciate that these properties are the homes of tenants, and while they may not own them, the emotional connection can be very strong.”
Support
What happens if your property manager is sick, or takes a couple of weeks of annual leave? Are there systems and processes in place to ensure tenants and landlords aren’t left in the lurch?
Property managers are human, so one of their most important attributes is to have a good support network within their organisation so that there is back-up when required and clients aren’t left waiting.