Key Attributes of a Good Property Manager
A property manager is a real estate professional who is in charge of managing properties. The manager can be hired by either a real estate management company or as an individual. Real estate is a large industry that involves properties such as office buildings, residential houses, apartments, unutilized land, hotels and shopping centers among others. As a property owner, you need a professional to ensure that your valued buildings are well managed and the revenue is generated as it should be. Here are some of the key attributes of a good property manager.
A good property manager should be in a position to relay information that is important. Any information is important whether a tenant is not happy or the property owner wants to make a few changes. In every business no matter nature, business will not be as usual if there is no communication. The manager should be an intermediary between the owner and the tenants; should respond to e-mails and calls to enhance communication.
For anyone to be a property manager, they must have organizational skills that are quite important in an industry that can be hectic. Repairs have to be done as per the agreement with the client, financial records must be in order, lease expirations and pending payments must be filed correctly. Tenants must also receive their rent invoices on time. Such tasks are not easy to handle considering you are dealing with many people.
Must be aware of the legal requirements
Anything can happen even what involves the law and this is the reason a good property manager knows the requirements of managing real estate as one wrong move can cost the property owner. They must have a real estate license, must know how to go about trash removal when to submit tax returns and be familiar with the government requirements in general.
Up to date
The manager must stay updated on any developments in the real estate industry. Terminology and government regulations change from time to time which means without proper knowledge, both the manager and the owner can get into trouble. The manager should be interested in researching and learning more. Every document that promises commitment must be read before signing and submission.
When it comes to vendors, tenants, employees and everyone else, the property manager should know how to handle them. They must have a prior experience on how the industry operates as many of the rules in this sensitive industry can be quite intricate. With prior experience, you are sure that they have faced many different scenarios in the industry which while faced again, they would handle with ease.
Property management is a career just like any other thus, it needs skills. Not everyone can be a property manager as one needs passion and certain personalities. Experience is also very important especially when you have a good portfolio. These are just some of the characteristics to look out for but there are many others that can be helpful.