When I am asked to do a property portfolio review and due diligence check, I am often amazed at how little investors understand about property management including dangerous mistakes being made. Many investors get it wrong with property management by only focusing on the cheapest fee rather than the Property Manager’s experience and their process for maintaining your investment.
What should you look for when choosing a property manager? These are some of the qualities I look for in an outstanding property management professional:
1 Communication. Although great property managers are busy, a lack of communication is still a red flag. Strong communication is a sign that your Property Manager has sufficient time to completely manage your property and has the interpersonal skills to keep tenants happy.
2. Confidence. The property managers that really stand out from the crowd are both really confident in themselves and in their knowledge of the property market. Confidence builds trust and trust is the key to securing quality long term tenants.
3. Experience. A quality property manager has relevant qualifications and industry experience and will be able to promptly resolve issues and avoid unnecessary conflict.
4. Knowledge. A property manager who understands their area and can answer questions about what other properties in the area are leasing for. A knowledgeable property manager can also provide you with additional information which can minimise risk.
5. Organisation. An organised property manager has a strong process for selecting quality tenants, dealing with tenants requests and to inspect the property every 6 months without fail. Investing in property is a lot about managing risk and tenants are the biggest risk to your property. It’s about getting it right from the start.
6. Passion. A passionate property manager will love what they do and this will show in the way they present themselves and in the way they deal with their tenants. A property manager with a can do attitude will keep properties full, tenants happy and cash flow constant.
Choosing a property manager is an important decision and an investment. You are investing in the right person whose responsibility is to ensure that the investment property you have invested a significant amount of money in is taken care of. Make sure you choose wisely and if you need advice then reach out because I am more than happy to help.
If you would like to arrange a personalised consultation where I can review your property portfolio, including the property management you currently have in place, then you can do so here.