5 Qualities Of A Great Property Manager
For investors or owners, a great property manager can make the difference between having a quality and stress-free asset to a frustrating and time-consuming headache.
Yet often times, owners and investors don't fully grasp the complexity of property management, and that it takes a unique and special set of skills to do the job well. Below are 5 key elements that make a great property manager:
Resolving Maintenance and Repair Issues Decisively And Efficiently
A great property manager always ensures that a property is kept in a good state of repair through addressing maintenance issues in a timely and efficient manner. Property managers maintain a list of preferred vendors that give corporate discounts.
Effective Leasing And Renting Strategies
The best way to elevate a client's investment return is ensuring that the property is leased quickly to appropriate tenants and on agreeable terms. Top property managers will utilize a proven blueprint to boost a property's rental income. This would include: minimizing vacancies, attracting the right tenants, utilizing proven screening techniques to find quality tenants and negotiating applicable contracts. Finally, top-notch property managers should keep up-to-date with market movement and conduct regular rent surveys to ensure that investors are getting the most out of their assets.
Prompt And Timely Rent Collection
A high-quality property manager (or management company) should have well-established structures in place to ensure that rental fees are collected on time. Policies regarding late or incomplete payments will be fair but consistent, and any penalties should be firmly enforced. Property managers should be mindful that a rental contract is legally binding and take whatever action is required if the terms and conditions are violated.
Communicate. Communicate. Communicate.
Good communication is one of the most important factors of the relationship between property managers, owners / investors and tenants. An excellent property manager will keep in regular contact with landlords as well as keeping lines of communication open with tenants.
Accuracy And Reliability
Accurate record-keeping is an essential part of property management. It's important for tax and audit purposes, potential resale of the property, as well as safeguarding compliance with legislation and local council requirements. Reliability and attention to detail go hand-in-hand with accurate record-keeping, and a quality property manager will assure that issues, whether small or big, are managed appropriately and professionally.
At PacRim Properties, we are passionate about property management, and meeting the needs of the clients and tenants we represent. Feel free to give us a call with your property management questions at 907-563-3345.