Time. We all want more, especially with life as busy as it has become. Juggling work, family, health and well-being – it’s a busy game.
To help cope, more people are outsourcing, both at home and in business. Domestic tasks such as cooking, cleaning, and childminding are being outsourced, while professionally, we turn to accountants, bookkeepers, social media managers, content writers and more to help ensure the success of our business. The goal is a common one – to reduce stress and worry and to stop burdening ourselves with unnecessary work.
The same motivation should be applied to your property portfolio. Engaging a professional and knowledgeable team to manage your real estate investments will not only take any worry out of negotiations or rental dealings, it will ensure your property potential is maximised, without taking away any time from your already busy life.
Property managers are valuable partners to investors who need to maintain high standards across the assets they own, especially since they want to retain and increase the property’s value. While some investors may seek the advice of a professional, others may think self-managing is a better option.
So, what exactly is involved in self-managing your property? As you can guess, a self-managed property is one that’s overseen by the owner themselves. It means you are responsible for marketing the property, finding tenants, interviewing applicants, undertaking background checks, handling maintenance requests, collecting rent and handling rent arrears… the list goes on.
Forming a relationship with a property management agency means that all of these tasks are handled by a professional.
Regardless of which option you choose, it is crucial that, as an investor, you understand the role of a property manager and how they can help keep your assets in great condition.
5 attributes of a good property manager
As an investor, chances are you already know the role of a property manager. But do you know what it takes for that manager to be exceptional? Read on to find out what key traits you should look for.
- A good property manager communicates well
In business, there is nothing quite as challenging as poor communication. It can lead to all sorts of issues – misunderstandings and resentment, overlooking tasks or performing them incorrectly, a breakdown in relationships and failure to succeed.
As Leadership Management International founder and global best-selling author, Paul J Meyer famously said, “Communication – the human connection – is the key to personal and career success.”
There are many key traits to look for when hiring a property manager. When it comes to the property industry, an agent or manager’s number one asset – whether they are working with a vendor, buyer, renter or investor – is the way in which they communicate. This is particularly true for the property management industry.
An effective communicator can mediate any conflicts among tenants, solve problems on the property and keep you updated on all subjects relating to your investment. A good manager will listen, respond in a timely manner, be able to clearly communicate any issues or concerns (to both you and your tenant) and have the ability to calmly work through and defuse tension.
- A good property manager finds good tenants
As an investor you unashamedly want to find tenants who not only respect your property, but who are willing and able to communicate, meet in the middle on certain issues, and pay rent promptly. This is where a property manager comes into play.
A property manager’s role is to research and do due diligence to secure the right tenant for your property, and this goes beyond simply being able to pay rent. So, what makes a person the right fit for your home?
A good manager will be able to identify the ideal qualities and actions in a tenant, such as:
- Respect – They openly communicate and respond.
- Care – They maintain your property and advise the agent when issues need to be addressed.
- Understanding – They accommodate for and understand the importance of routine inspections and the need to provide access to the property for maintenance.
- A good property manager maintains positive customer relationships
Sought-after conflict resolution and harmony expert Thomas Crum (who has been invited to work with some of the biggest companies on the planet) says, “The quality of our lives depends not on whether or not we have conflicts, but on how we respond to them.”
It is a methodology that can be applied to many areas of business, particularly in property management. Being able to genuinely apologise and understanding how to maintain positive relationships with all parties involved is important to a successful investor/tenant relationship. And the person who needs to manage and apply these techniques is the manager.
When meeting with potential property managers, ask the question: do they understand the importance of responding respectfully and tactfully to not only your requests and concerns but the tenants’ too? The art of balancing and maintaining these relationships is the key to a harmonious relationship between all parties – and to a successful lease term.
- A good property manager manages their time effectively
The responsibilities of a property manager don’t always stop at normal office hours, so it’s essential that they know how to prioritise issues and matters accordingly.
Coordinating, listening and maintaining properties do not stop after 5 PM, and tenants generally expect their property manager to be able to respond quickly despite the time. A manager who has mastered the challenges of time management will understand the risks of not prioritising tasks correctly.
A property manager needs to be able to juggle multiple tasks and allocate their time accordingly to prioritise emergencies, maintenance concerns and communication about changing rental reforms and information. When a manager doesn’t respond appropriately, you risk tenant complaints, scathing public reviews and losing out on a lease renewal.
- A good property manager is diligent about the upkeep
Aside from finding tenants who treat the property as their own, property managers need to regularly inspect the property, schedule any service updates to the spaces or coordinate with credible tradespeople.
According to the Real Estate Institute of Queensland (REIQ), one of the five biggest mistakes a manager can make is to skip routine inspections. Scheduled inspections provide security for you as an investor and enable tenants to plan accordingly and not feel uncomfortable.
Missing inspections can result in financial burdens for you and unhappy tenants. Inspections ensure that you are able to stay on top of maintenance and monitor and plan for future substantial construction or renovation requirements. There is nothing worse as an investor than getting hit with multiple issues at once. Being diligent about upkeep can prevent this from happening.
A diligent manager will also stay abreast of the changing rental reforms, as well as the local market to provide rent appraisals for your property.
At the end of the day, properties are assets that need to be taken care of to retain and improve their value. This is why management is essential. Good property management will help keep your investment healthy and create a rewarding and positive experience. Reach out to one of our capable property managers to establish this at your property.