Landlords pour their savings into an asset in the hopes that it would generate a return. An effective method of generating capital from the property is renting it out. Most landlords defer to property managers to ensure that the property is habitable and that the most qualified tenant is selected to live in the property.
A major concern when hiring a property manager is to assess their core competency. While there is no definitive way of proving or disproving a property manager’s skill set, there are certain characteristics that a good property manager possesses.
They Answer the Phone - On Time
Communication is the bedrock of good services - and this applies to property managers. They will try to be readily available and strive to answer their phone right away.
This is important when the tenant is in an emergency and needs assistance. If a property management company doesn’t answer their phone on time, they are probably too busy or have their hands full. In either case, they may not be ready to provide services to you.
Property managers will also possess the necessary communication skills to persuade property owners to make specific upgrades and deal with difficult tenants. They have refined their negotiating skills and often use property management tools to streamline their communication strategies.
There are no Hidden Fees
Honesty and transparency are crucial to the role of a good property manager. This is why they are always upfront about the costs and fees associated with their services. Their pricing policy is simple, without hidden pricing tricks or last-minute changes.
Your property manager will discuss any budgetary requirements for hiring vendors to conduct repairs and perform maintenance checklists in advance for obvious reasons. How this budget is spread will be thoroughly documented so you know exactly where your funds are being spent.
They are aware of the Property’s Strengths and Weakness
A good property manager knows that the income from a rental unit is only as good as the property itself. This means they will strive to know the strengths and weaknesses of the property and take care of the latter.
They may visit the rental unit with a property inspector who will point out possible problems affecting your total income from the property. This knowledge will empower you and your property manager to make informed decisions, especially related to rental pricing.
They Know Marketing Strategies
Marketing savviness may be the difference between high rental vacancy rates and fully occupied rental units. Property managers use every tool in their arsenal to generate tenant leads. This will come in handy when your tenants decide to move on from the property.
Being market savvy means knowing which websites to use, how to take good pictures of the rental unit, and how to stage the property - all without breaking the bank. Property managers may also create unique incentives to make the rental unit more appealing to tenants. These may include move-in gifts, one-month-free rent, discounted rent, and other incentives.
Maintaining Professional Decorum
It can be challenging to maintain a good working relationship with both tenants and landlords - especially when they may be at their wit’s end due to their experiences. A good property manager can reel their own emotions while maintaining professional discourse with their clients.
They do not allow their behavior to turn sour or personal biases to affect customer service.
The Bottom Line
To wrap up, hiring a good property management company is key to your ROI. You should do the same with your property manager just as you would screen a tenant renting. They should respond to you quickly, address your concerns right away, and maintain professional behavior throughout their dealings with you.
Need a good property manager to look after your property? Contact us to learn more.