Selena Walkere is a London-based professional writer who works with Alexander & Co. Selena loves to share her knowledge about the latest trends and investment techniques in the local real estate market which helps home buyers and sellers.
It’s not just you who is worried about hiring the right property manager. Even property management companies think twice before they hire someone new because one bad hire could be bad for business. Now, the work of a property manager is no easy ordeal so he or she must be fit for the job. Keeping both the tenants and the owner satisfied is no cakewalk, so the property manager that you hire must be excellent at his or her work.
A property manager is meant to save your time and effort while making your property fly off the rental market – but how do you choose the right person? Here are the four must-have qualities which you should look for in a property manager to ensure that you’re hiring the right person.
A good property manager must be experienced
Practice makes perfect and experience is the best teacher. While interviewing potential candidates as your property manager, ask the candidates how many years of experience he or she has in this field? Ask questions about the prevalent taxes, laws and standard operating procedures about the locality. Does the candidate have experience in flipping houses? Has the candidate been able to sell troubled property which wasn’t selling before? What kind of advertisements and sale strategies will the candidate apply to sell or rent out your property?
A good property management service provider will have a firm grasp about the constantly changing rules and regulations as well as years of experience with a handful of knowledge. Even the educational qualifications can be a good criterion to judge; a person with a background in business, accountancy and real estate should have the traits for a good property manager.
A good property manager should have good communication skills
Communication is a two-way stress – you want a property manager who is willing to listen and explain. While interviewing a potential property manager, notice how well he or she listens. You want a property manager who will understand your needs and wants and work accordingly; a property manager who will hear but not listen will never be able to meet your expectations.
You also want to hire a property manager who can communicate easily with the prospective buyers and tenants. He or she should be able to strike deals and have difficult conversations like an increase in rent and evacuations with ease. Clear communication can help you and your property manager work together like a well-oiled machine.
A good property manager is genuine, reliable and straightforward
The last thing you want is for your property manager to cheat you and not pay you your due. While interviewing potential candidates, try to see how genuine and trustworthy they are – after all, you are letting them handle one of your biggest assets! Look for someone who is willing to work with you and for you, someone who is going to help you build up your real estate.
You could speak to companies and clients who these property managers worked with previously to find out just how reliable they are. A good property agent is reliable – they reach the venue on time, they have all the required paperwork with them and is very organized.
Organization is key when there are multiple projects that your project manager has to handle – this means maintaining a calendar for due dates, knowing when the lease payments are due, paying bills and preparing financial reports.
A good property manager will be proactive
If you are paying someone how many ever pounds a month to manage your property, deal with tenants, act as real estate agents and work within the laws, you want that person to be proactive. If your property manager does not make an effort or take the initiative, then it is almost like you’re burning money.
If you need to tell your property manager how the laws have changed or how much to increase the rent or even something as simple as where to look for tenants, then your property manager is not doing the job he or she is paid for. You need to hire someone who has the drive and the passion to manage, sell and rent your property without you having to give direction every step of the way. After all, self-initiative is the best initiative.