10 QUALITIES OF A GOOD PROPERTY MANAGER
It’s never too late to start investing in properties—additional income and assets in your name is always a good thing. If you want to invest in real estate in Cairns or any other place, you should hire a property manager to help you. Here are 10 qualities you should look for in an efficient property manager:
1. Has real life experience and continuous their education.
A property manager should have more than just property management experience. How many properties have they actually owned? Do they have any experience in being a landlord themselves? Aside from real life experience, thorough knowledge of real estate laws, standard operating procedures, and regulations are also needed.
Choose a property manager that is also committed to continuing their education, long after they joined the industry. One way to figure this out is to ask them about what they’re currently reading. Choose the one who’s reading books and modules related to their chosen field.
2. Professional.
Look for someone who is professional--they should be able to get along well with you, contractors, residents, and others. Speaks professionally and respectful to others. Presentable, and kind but firm, especially when dealing with serious business matters.
3. Has strong communication skills.
A good property manager should be a skilled communicator, both oral and written. They should be able to give you and the tenants updates about the property clearly and precisely at any given point in time. Clear and constant communication helps reduce disputes and ensures that everything is running properly and everyone is on the same page.
4. Must be organised.
Managing properties means managing different things all at once--renewing leases, managing evictions, managing new leases, and the like. It’s important for a property manager to stay on top of everything and being extremely organised. Find out what their organisational skills are like by asking them how they stay on top of things on the busiest of days.
5. Has the right mindset.
Another important quality of a property manager is having an investor’s mindset--taking care of your property as if it’s their own. They should have a basic understanding of how investing in property works and of its aspects such as net present value (NPV) and internal rate of return (IRR). Having the right mindset will help them make important decisions, like where to spend money on. It will also help them see the big picture and what’s better for the property in the long run.
6. Patient.
Property management is stressful at times--dealing with delayed payments, contractors behind schedule, or disorderly tenants can really get on someone’s nerves. This is why a good property manager should be patient and able to handle stressful situations with grace. Look for someone who is understanding and has good customer service skills. Customer Service experience is essential when choosing a property manager.
7. Knows when to be aggressive.
Being patient is important, but knowing when to be aggressive is tantamount for a property manager. Asserting themselves for the welfare of their client (you) and the property they manage is a quality you should look for. Tracking down late payments, badgering contractors, and warning disorderly tenants is something a property manager should be prepared to do.
8. Must be flexible.
Managing properties is not a walk in the park—it’s, in fact, quite the opposite. So many things can go wrong and problems can crop up any minute. This is why it’s important for a property manager to be able to weather through problems, to adapt and be flexible to any situation.
One way to discern a candidate’s flexibility is suddenly changing plans on the day of the interview—show up 15 minutes late or reschedule the interview on short notice. See how they will react to this—are they annoyed? Understanding?
9. Able to think out of the box.
In property management, there’s no blueprint to follow. Every investor will have different goals and properties have differences. Managing a property successfully sometimes needs a little thinking outside the box. A good property manager should recognise that and be willing to do things a bit differently.
10. Keep abreast of technology
Every industry is evolving very rapidly, thanks to technology and property management is no exception. There are new methods and technologies introduced all the time, and it’s important for the property manager you choose to embrace and be comfortable using these technologies so that your investment can stay competitive and thriving.
Having a good property manager is essential in owning a thriving investment property. If ever you decide to invest in Cairns real estate, we are very willing to help manage your property. Why? We have the 10 qualities above all rolled into a duo! Know more about our leasing services here. If you have questions, don’t hesitate to message us!
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