Property management is a juggling act, and those who can get it right will leap ahead of the competition in performance and results.
LJ Hooker compiled a list of the top qualities investors are looking for, and should expect to find, in a high-performing property manager. These are:
Experience makes for one of the best qualities a good property manager can have. Experience in both the form of a portfolio and past client references serves as tangible proof that the property manager is successful in their job.
2. Local market knowledge
Having strong local market knowledge is another important quality. Market knowledge helps the property manager understand the value and potential rent of the property. Local knowledge is also paramount because they will then be well versed in particular regulations enforced by the local council.
3. An investor mindset
A manager who has an investment mindset is something many don’t think of, but can be of great benefit to an owner. When property managers are able to think with this mindset, they can see and understand where changes need to be made in order to charge higher rent. Property managers who think like investors are invaluable when it comes to client liaison and being proactive at making recommendations to the owner.
4. Good communication and organisational skills
Property managers are expected to deal with landlords, tenants and contractors everyday.
In order for things to run smoothly, they should be highly organised and expert communicators. Good communication allows for property managers to manage and reduce disputes, resolve property-related issues promptly and liaise with the property owner on required items in a timely manner.
5. Focus on protecting both landlords and renters
Having a strong understanding of the relevant state laws results in a property manager being highly focused on ensuring the legal protection of both landlords and tenants. This kind of understanding and focus is a top quality in a good performance manager, as it shows a willingness to look out for and limit potential legal issues.
6. Committed to further study
And as a follow-on from the previous quality, the property manager should always be reviewing and staying on top of any legislative changes to property investment laws, government changes or other external influences that may impact an investment property or its owner.
This is a sign of a high-performing property manager as it highlights their capability of providing tenants and landlords with the right information.
When working in a profession reliant on other people, things can be stressful. Tenants, contractors and landlords might have issues or unreasonable expectations, so a property manager who has the ability to be patient and talk through roadblocks and issues is a wonderful asset to have.
Another quality of a high-performing property manager is assertiveness. Instead of letting missed payments go by without following up, being on the ball and asking for what is owed is the sign of a high-performing property manager who knows where the priorities of the owner lie.
9. Ability to manage problems
A property manager’s ability to think outside the box and manage problems is a winning quality. Things can always go wrong — tenants go missing in action or tradespeople don’t arrive. Instead of burdening someone else, a property manager who takes control and problem-solves is a great asset.
10. Attention to detail
In order to make money with an investment property, every cent that comes and goes needs to be accurately documented. A property manager who is committed to organising all relevant documents can have a huge impact on the success of an investment. This is because the accuracy of documents can help ensure you are still paid if a tenant doesn’t pay the rent, which can happen as a result of many unforeseeable reasons such as sickness, loss of a job or a relationship breakdown.