Choosing the right property manager is essential for successful property investment. A great property manager should have strong organizational and communication skills, be able to effectively market and fill vacancies, negotiate leases and contracts, maintain and improve properties, manage budgets and expenses, and provide excellent customer service to both tenants and landlords. With a trustworthy and communicative property manager, you can rest assured that your investment is in good hands and that your tenants are happy and satisfied. This can lead to better tenant retention, higher occupancy rates, and ultimately, greater returns on your investment. When it comes to property investment, choosing the right property manager is key to success.
5 Key Things I Look for When Selecting a Property Manager:
- Experience and expertise in property management: When choosing a property manager, it’s important to look for someone with experience and a track record in managing your type of investment. This will ensure that they have the expertise to handle any issues that may arise. Be sure to speak with them on the phone multiple times to get a sense of their understanding of the role.
- Strong communication and customer service skills: A good property manager should have exceptional communication skills and go above and beyond to serve your tenants. This can lead to longer leases and fewer problems for you as the landlord. Look for enthusiasm when you speak with them, as this can be a good indicator of their customer service skills.
- Financial management skills: A knowledgeable property manager should have a good understanding of the costs associated with your investment. They should be able to pay your investment’s bills from the rent and manage the property as a small business, taking the load off the landlord. This can lead to better financial management and a smoother cashflow for the investment.
- Marketing and leasing expertise: It’s crucial to have a property manager who understands how to market your property and show it in its best light. This can lead to higher yields and better occupancy rates. Ask your property manager about recent leases and what their marketing strategy looks like.
- Maintenance and repair skills: A good property manager should have a good understanding of how much repairs should cost. They should also have reliable consultants to help when things go wrong, without overcharging landlords. This can help with managing the cash flow of the investment and ensure that repairs are done in a timely and cost-effective manner.
Once you have found a good property manager, hold onto them, use them for all your properties if those properties are within the same area, and try to negotiate lower fees to ensure you can maximize your returns. Most of my investment fees are 5.5% to 6.6%. Anything above is starting to become too expensive.
If you want to learn more about working with good property managers or get referred to one, please reach out below and we can catch up.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
