What to Look for in a Property Managers
Everything you do about your business is an investment and you have to proceed to your every decision with precaution. Like many other things you’ve purchasing and plans you’ve been plotting to beautify your properties, a property manager is also one of your assets so you have to choose only the best among your applicants to ensure that your business is going to last.
So considering that you already have applicants’ resumes in your hands right now, what exactly are you looking for in these applicants? I understand that they are no super human and it would be such an incredible bliss to have even one of them to possess all of your qualifications. Considering this fact, you’ll just have to hire the candidate who has met most of your criteria.
You might want to consider an applicant attitude-wise first. Is he emotionally stable? Does he have control of himself in case extreme emotional distress? Is he flexible? Does he take negative criticisms properly? He have to understand that while being a property manager is a tough job, most of the time, property managers don’t get thanked for what they do. In worse cases, they even get blamed for even the minor glitches that happen around the community because “it’s their job in the first place”. Being a property manager need a strong heart and a stable mind. Next, you have to consider how deep is this person’s knowledge about the area where you property belongs. Has he lived in the place long enough to have submerged himself to the customs, culture and whereabouts of the area? You won’t know what to do if you don’t know what you’re dealing with. Knowledge is power.
Is this person knowledgeable enough about real-estate mechanics, as well as how to invest on it? Does he know how to ride on the momentum of investors? It is undoubtedly a pre-requisite to know the game by name and rules prior to playing it. In addition, this person has to have many connections. You might have not considered this but networks are very important in deals and getting new clients. You can get from them recommendations, and even possible renters. He just has to take care of these acquaintances well. Also, it is important that this person is a good negotiator. His connections, his incredible grasp of the rules and etc. might as well go to waste if he doesn’t know how to negotiate. He has to be able to convince people that your property is better than the rest no matter what happens. Another skill that comes hand in hand with being a negotiator is the ability to sell. Of course, if you can negotiate, you can easily sell. Not necessarily all the time, but it’s a likely scenario.
On the final note, this person, preferably, has to be an investor and renter at the same time. That way, he will be better with finances and dealing with clients. Good property managers are good investors. They may come with a price, but they are guaranteed to give money that is due to you every month.