When you start investing in real estate, simply to have your own home, numerous dream properties, or an additional income stream, the first thing you need to look at is property management. After all, managing numerous properties at once is not an easy task since it takes your full attention.
In this case, if you’re looking for an outstanding property manager, you need to know the signs that they’re great at their work, especially since you’ll be trusting them with your properties. To make it easier for you, here are the five telltale signs you need to check if a property manager is great as you can see below.
1. Great with finances
A big part of property management is handling the financial aspect of all the properties that a manager is currently handling. This is because property managers are responsible for checking that rent is collected, handling bills for maintenance and repairs, property arrears, and even calculating commissions.
In short, if your property manager can provide you with a summary of the finances they handled within a timeframe in an organized and easy to understand manner, it’s a great sign that they’re good at finances. Make sure to check as well if there are areas that they forgot to collect rent, pay for repairs and more. Besides that, you also need to ensure that your property manager has a good understanding of the basics of real estate finance concepts including net present value and internal rate of return.
2. Sets long-term property goals
When it comes to managing a property, it’s not as cut and dry as simply collecting rent, finding tenants, and ensuring repairs and maintenance are done on time. Great property managers make sure to check where they can improve on the processes, increasing the number of tenants, envisioning how the property is doing years later and what they can do to reach that. If your property manager has long-term property goals to ensure your properties generate high profits, then it’s a great sign you should either hire them or keep them.
3. Excellent communication skills
One sign that you cannot overlook and is a must for your property manager is that they have excellent communication skills. This includes building a good but firm rapport with tenants, communicating readily with you and keeping a good relationship with numerous services so a variety of maintenance and repairs can be done quickly and effectively.
3. Proficient in the real estate industry
Amid the other signs, the most obvious thing you need to check before hiring a property manager is if they have experience. Make sure though that their experience is well-founded and they show it via their actions, otherwise you might go through more property difficulties at a later date. Additionally, your property manager should be able to answer any and all questions you have regarding real estate including current laws, standard procedures, and more.
5. Multitasking genius
A great sign that a property manager is outstanding at their work is if they are a multitasking genius. This doesn’t mean they have no lapses or rooms for error when it comes to handling properties but simply that their success rate of ensuring everything is handled properly on time and as necessary. After all, managing a property involves not just collecting rent but guaranteeing everything is working well.