25 Feb Property Managers
Property managers handle the daily operations of a real estate investment. At a very basic level they collect the rent, pay necessary expenses and taxes and send reports to the property owner. But their primary function is to maximize the financial return that the owner will receive from the property. And, to do so requires one to contribute a significant amount of time and effort. Not only does a property manager have to wear many hats, they must also have good communication skills so they can relate to people.
Aside from the obvious things, like managing the physical asset and enhancing the property’s economic performance. Successful property managers exhibit certain personal characteristics and habits that contribute to their success. But to understand how to choose a good one, it’s important to understand what they do first. With this in mind, we offer some insight on what property managers do and what makes a successful one.
What Do Property Managers Do?
Property managers undertake a variety of activities to obtain the highest return from the rental property. In fact, good property managers handle nearly every detail of running the property, from finding tenants to setting rent rates. Their tasks include maintaining the property, marketing and filling vacancies, screening prospective tenants, enforcing leases and securing premises.
You can hire them for one simple task, like finding good tenants, or make them completely responsible for operating the rental property. Here are the typical responsibilities of professional managers, but please know that not all management services are the same, and everything is negotiable.
The Responsibilities Can Include But Are Not Limited To:
- Sets Rent Rate
- Markets the Property
- Finds Good Tenants
- Collects Rents
- Manages Finances
- Handles Maintenance Issues
- Manages Move-Ins & Move-Outs
- Creates Reports
- Performs Inspections
What To Look For
If you own a property that you want to rent out, but you do not want to be a landlord, a property manager can take care of the responsibilities for you. In fact, they handle advertising, interviewing and screening tenants, collecting rent, checking the property, and doing routine maintenance. With this in mind, here are some things to keep in mind when looking for one.
Characteristics & Habits of Successful Property Managers
The property management business is built on helping people. Owners want to meet their income goals, and renters want a nice safe and secure place to live. Filling and maintaining properties, working with different personalities and needs, and maintaining a good attitude the entire time is what successful mangers do. There are a number of important characteristics and habits you should look for when hiring a property manager.
Characteristics & Habits To Look For:
- Standard Operating Procedures
- Financial Stewardship
- Vendor Relationships
- Great With People
- Attention to Detail
- Tech Savvy
- Commitment to Training
- Patience & Willingness To Teach
Although it’s almost impossible to find a perfect property manager, you’ll want to find someone who displays the characteristics and habits of successful property managers. Sure, some people’s skills will be stronger in one area of the business than others. Regardless of their hard skills, however, you’ll want to find someone who displays the qualities of a good property manager. Great property management companies will be ahead of the curve, offer a higher level of service, and will be proactive in their approach.
Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help! We take care of all types of residential rental properties including homes, condos, and multifamily properties such as multiplexes, duplexes and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176. We will save you time, money, and the stress that comes along with managing your own rentals.