What do you want from your property manager?
Performance - Results - Communication
Property management can feel like you are never on top of everything, even as a professional. But at Davine Realty we deliver the best service and use all our experience to manage your investment. Here are a few qualities that you should expect from a high performing PM.
An investor mindset
⁃ A manager who has an investment mindset is something many don’t think of but can be of great benefit to an owner. When property managers can think with this mindset, they can see and understand where changes need to be made to charge higher rent. Property managers who think like investors are invaluable when it comes to client liaison and being proactive at making recommendations to the owner.
Experience
⁃ In the form of a portfolio, year in the industry, client reference recommendations.
Focus on laws to protect both landlords and renters
⁃ Having a strong understanding of the relevant state laws results in a property manager is highly focused on ensuring the legal protection of both landlords and tenants to sort out the legal issue.
Local market knowledge
⁃ Market knowledge assists the property manager understands the value and potential weekly rent of the property.
Good communication and organisational skills
⁃ I know from experience property managers are talking all day long… landlords, tenants, contractors and all that’s in-between. Good communication allows for property managers to manage and reduce disputes, resolve property-related issues promptly and liaise with the property owner on required items promptly.
Committed to further education
⁃ Like any industry, the real estate business is changing and reviewing legislation, investment laws and rights that landlords and tenants need to be aware of. It is up to the property manager to make this information clear.
Ability to manage problems
⁃ Someone that can take control of the situation is vital when people go MIA or tradespeople charge more than quoted. A proficient PM will handle the situation without placing the burden on someone else or distressing the landlord.
Patience
⁃ When moving a tenant in it is a waiting game. waiting for references, confirmation, details and bonds. Patience is crucial to ensure things are done correctly and roadblocks are worked through.
Assertiveness
⁃ Following up on late rent and unperformed maintenance is important to provide the landlord with the best service and to keep things moving. Letting it go another week or month will not sort out the issue.
Attention to detail
⁃ Detail in inspections, detail to money in and out, details in legislation and reports are all important. Without this attention to detail, there could be money not recorded or accurate reporting done.
- This is because the accuracy of documents can help ensure you are still paid if a tenant doesn’t pay the rent, which can happen as a result of many unforeseeable reasons.