There are three major responsibilities of a property manager – finding a tenant, collecting money and providing regular inspections. While most property managers will handle this with ease, great property managers understand that role extends far beyond these basic responsibilities. PRD nationwide are the leading property managers locals trust to look after their hard-earned investments properties. If you are looking to hire a great property manager you need to know the attributes to look out for when meeting with prospective property management companies. Read ahead to find out what they are.
There is no substitute for a professional property manager who has years of industry knowledge and experience under their belt. References from current clients can be helpful, and you should always ask the property manager some probing questions including:
· How many properties have you managed previously?
· Do you have any experience turning around troubled properties?
· How long does it take you on average to let a property?
· For how long have you worked in the industry?
A great property manager will also have thorough knowledge of local real estate laws, regulations, and standard operating procedures.
The ability to be patient at times and assertive at others is a sign of an excellent property manager. They should be able to get along well with landlords, residents, contractors, and others in a kind but firm manner—especially when dealing with sensitive business matters and issues such as late or missed payments.
Excellent Communication Skills
A strong property manager with exceptional communication skills, gives them the ability to manage and reduce disputes, resolve property-related issues promptly, and liaise with property owners on required items in a timely manner. They should be able to convey to both landlords and renters what’s happening at the property at any given point in time.
Local Market Knowledge
Great property managers have their finger on the pulse and are intimately familiar with the local region. A good property manager should be able to provide detailed information on local services, facilities and infrastructure, understand the value and potential rent of the property and be well-versed on particular regulations enforced by the local council.
There’s no ‘one-size fits all’ policy when it comes to property management. Each property is different and the goals of every investor are also slightly different. Good property management extends beyond collecting rent and dealing with maintenance issues, it requires thinking outside of the box, being proactive and taking control to manage small issues before they become major problems.
First-Rate Marketing Skills
Proper marketing of a property will ensure the best tenants and the best rental income. There are a few aspects that you need to ensure are implemented to achieve the highest possible rental return in the quickest possible turnaround time:
· Professional photography
· Professionally worded advertisement
· A listing on portals such as domain.com.au
These are all vitally important to the success of a rental property as they will ensure your property is seen first and capture the attention of a higher number of quality tenants.