The importance of having a good property manager can’t be understated. They are responsible for managing your property portfolio, maximising your returns, and a heap of things in between! As such, it’s vital that your property manager has excellent communication skills, the experience to be good at what they do, and a passion for what they do.
COMMUNICATION: Property managers have a responsibility to communicate effectively with both you as an owner and the tenant occupying your property. Of course, the primary relationship for you is with your property manager because let’s be honest, you’re paying them. However, to facilitate this, property managers also need to communicate well and establish a good relationship with your tenants. A good property manager will remain on good terms with tenants so they are more likely to let you know when there are issues with or damage to your property.
From the property manager’s perspective, it’s vital to ensure your tenants feel like you are listening to them but, by the same token, don’t become a ‘yes man’ and give in to every request your tenant makes. Ideally, the property manager is a liaison between tenant and owner and will approve requests that the owner would perceive as reasonable.
EXPERIENCE: We all know that experience is important! It only makes sense that those working in the industry for longer have the best skills. According to an article published by Elite Agent, agents with more than 10 years’ experience generate approximately 50% more CGI than those with less experience (1-10 years).
When looking at experience, though, you also have to look at the turnover rate of your property manager. Traditionally, property management has one of the highest turnover rates in the property industry, so you want to find someone who not only has a lot of experience but who also has retained their job for a significant portion of their career. Ideally, you want to find property managers like we have at Red & Co, who have zero (that’s right – ZERO) staff turnover in property management.
THE CARE FACTOR: Last but not least, it’s always better to have someone working for you who actually enjoys what they do and are passionate about getting you the highest possible return on your investment. Property managers are often responsible for multiple properties in their area, so you should be confident that your property manager has the capacity and the will to give attention to all properties they manage. After all, it can be all too easy to focus on tenants that may be more problematic and forget about the ones that aren’t causing difficulties.
Passion often comes hand in hand with the low staff turnover mention above, as property managers who are happy and care about what they do are more likely to stay put! The more passionate your agent is, the more chance you’ll have of them going above and beyond your expectations.