The Importance of a High-Performing Property Manager and What You Should Look For in Yours
If you own a rental property, you’ll know that a great property manager is your number one ally when it comes to achieving the best returns on your investment without any headaches.
You might also have discovered that not all property managers are the same.
Finding the right person with the specialised skills and in-depth knowledge needed to outperform the field and offer the most effective & efficient property management strategies for you can be a bit of a challenge.
We’ve put together a list of the eight most important qualities to look for in a property manager so that you can make sure your valuable investment is in the right hands, right now.
- An Experienced and Supportive Team
As in every profession, the more experience a property manager has, the more extensive their knowledge and skill base will be. It’s a good idea to ask for references from other clients or, if your manager is a relative newbie, to check whether they will be supported by a team of more experienced colleagues.
- In-Depth Market Knowledge
With experience comes knowledge. A high-performing property manager will have extensive, in-depth knowledge about the local rental market – what’s available, what tenants are looking for, and what the current market conditions are. Well performing managers will always be studying the market and using their knowledge to position your property in the best possible way, attracting great tenants and optimising your rental yield.
- Understanding of Current Legal Requirements
A property manager must have a solid, up-to-date understanding of the legal requirements of tenancy laws to ensure that both the landlord and tenant are protected, and that any agreement is valid. Having a working knowledge of the financial aspects of property investment is also important, as it will ensure all their records are compliant with current standards.
- Strong Communication Skills
Because property managers are essentially intermediaries between a landlord and a tenant, it’s imperative that they communicate professionally, promptly and very clearly to ensure that everybody is kept up to date and on the same page. Your manager should offer regular updates and communicate effectively over the phone, in person or in writing.
- Adaptive People Skills
Knowing how to communicate is just one part of having great people skills. An engaging property manager needs to be able to deal with all sorts of situations and should understand what sort of approach is going to get the best results at any given time. Emotional intelligence, tact, and the right degree of assertiveness are key factors to be on the lookout for.
- Excellent Organisational Skills
Effective property management requires a high degree of organisation. Not only does your manager need to keep meticulous rental records, but they also need to be able to coordinate inspections, organise maintenance and contractors to make a tenancy run smoothly, meeting your investment goals and keeping great tenants happy. They also need to be able to deal quickly and efficiently with any issues, from a dripping tap to an unexpected vacancy. Always your property manager about their problem-solving strategies.
- The Right Mindset
When it comes to optimising your investment, you need a property manager who can think like an investor, understand your investment goals and offer strategies and advice about your rental property that will work in your interest. A top manager will have a professional, proactive and flexible mindset that drives them towards excellence.
- Absolute Transparency
An executive property manager will never resort to sugar coating information or making vague promises to convince you of anything. Honesty, clarity and absolute transparency in all of their dealings with you, the tenants and any contractors. It is imperative to the success of your relationship with your property manager.
In Short
As an investor, you need to be able to rely implicitly on your property manager to provide an efficient, effective and honest service.
Finding the right person for the job can make an enormous difference to the success of your investment, so it’s important to take the time to check that your property manager has the skills and expertise needed to successfully look after your property.
Don’t be afraid to ask your property manager about their experience, strategies and support networks. Nothing is as important as your peace of mind and nothing will give you greater peace of mind than making sure your investment property is in the right hands.
Did you know for a limited time only if you sign a new 12 month property management contract with KORE Property Group, we will give you 3-months property management for free*.
To talk to our Head of Property Management, click here REBECCA SMITH – Kore Property Group
