Finding an experienced property manager for your rental unit is one of the most productive things you can do as an investor to maximize income. But finding the most well-rounded professional who aligns with your values and goals is no mean feat.
It takes an experienced investor to see through the big promises and marketing buzzwords agencies habitually use. So how do you cut through the hype and find the right property manager for you?
Simple: You identify them based on the following six qualities.
How Much Experience Do They Have?
Everyone has to start somewhere, but you don't want your rental unit to test for an inexperienced property manager. You can gauge their level of experience by asking a few questions.
- "How many properties have you managed before?"
- "Have you experienced any trouble with certain tenants?I If so, how did you overcome the problem?"
- "How do you collect rent from tenants?"
- "What is your preferred software for keeping track of the rent/maintenance/contractor deadlines?"
It is important to take a holistic view of their overall experience instead of looking at the number of years under their belt. For example, you should consider:
- The rate of returns for their clients
- Have they handled rental units similar to yours?
- Can they find tenants to minimize vacancies?
Taking a look at the bigger picture will help you evaluate if they are a good fit for your rental unit.
Look at their Communication Skills
Managing tenants is an art form that requires a good combination of emotional intelligence and people skills. Your property manager will have to strike negotiations with the tenant in your favor without upsetting them. As a rule, the better their people skills, the better they will manage your rental unit.
You can find gauge their people skills by having a one-on-one conversation with them. Take note of how they talk to you, how they make you feel, and how they make others feel. These skills will prove to be invaluable when dealing with complicated situations and uncooperative tenants.
Look for Industry Expertise
The government highly regulates the landlord-tenant relationship at both the state and federal levels. Breaching these laws can result in hefty penalties. This is why it is important to stay on the right side of the law while accomplishing your goals. An expert property manager will be able to lean on their acquired skill set to boost your bottom line and make sure that your rental unit complies with the law.
The property manager knows what they're doing and will help you avoid hefty fines and penalties.
Are They Patient in Stressful Situations?
Property management is not an easy job by any stretch of the imagination. A successful manager needs to be patient with tenants who may be running behind on the rent, contactors who aren't' completing their tasks, and investors with unrealistic expectations.
When evaluating a property manager, try to look for someone who patiently hears you out. They will go above and beyond to provide you with great customer service. Try to decide if they will be able to handle stressful situations without losing their cool.
Are They Assertive?
Successful property managers should have the natural ability to get others to listen and do as instructed. This may require a little aggression now and then (within a certain limit only - and context matters!).
For instance, they will need to track down late payments and hold contractors accountable. The ability to be assertive (when needed) is an important trait when looking for a potential property manager.
Follow Their Reputation
The best property managers are highly recommended by their clients. Also, a reputable property manager will always come with references to help you check. Don't be afraid to follow up on those references because a highly qualified property manager is proud to offer them. It is worth noting that new PMs may still be in the process of building their reputation, so you may want to relax your criteria somewhat for reputation.
In any case, word of mouth does serve as a good indication of what other people are saying about the.
Looking for a qualified property manager?
If you are looking for a property manager who can take over the duties of a landlord from you, get in touch with us to learn how our experts can help.
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