The secret to successful property management is the ability to manage people. They need to balance their client's responsibilities as a landlord, with the tenant's expectations. As such, your property manager needs exemplary people skills, coupled with efficiency and expert knowledge. To select the ideal property manager for you, these are the key qualities you should look for.
#1 Local knowledge
A strong understanding of the local real estate market is absolutely essential. Understanding local market conditions ensures your property manager understands all relevant council laws and regulations. This means acquiring the property is far less stressful and the process is faster. Secondly, your property manager has an intimate understanding of the property's value and rent potential.
The sign of an empathetic manager is their commitment to the wellbeing of tenants and landlords alike. Having expert knowledge of the area's rental laws ensures both parties' best interests are protected. Understanding how frustrating legal issues can be, your manager minimises potential legal problems.
#3 Investor mindset
A successful manager must be able to put themselves in your position. That is, they should think like an investor. Through this lens, they know the precise changes to the property which will command a higher rental price. With this quality, managers are invaluable as client liaisons and in making expert recommendations to the property owner.
#4 Communication skills
Every day, property managers have to deal with contractors, landlords and tenants. This makes good communication skills and organisation an absolute necessity. Strong communication enables the property manager to: reduce disputes and minimise their severity, resolve problems with the property, and answer the property owner's questions promptly.
#5 Ability to manage problems
When acquiring a property, many issues can arise. Tenants may back out of their agreement, contractors fail to finish a job, and more. To make sure the process runs smoothly, your property manager needs the ability to think on their feet. A skilled manager can take control and resolve these problems.
Are you ready to hire a property manager? If so, contact the House Estate Agents team today for more helpful advice.