Categories Property Management

How to Spot an Excellent–Not Only Good–Property manager 

I’ve always believed that even though you make money when you purchase, you won’t be able to cash in until you implement a great management strategy (not just a good one).

Since we have been managing our assets, we know what works and doesn’t. We hired a manager recently for an apartment we bought that was too far away for us to manage. After building my management team, and interviewing other management firms, I realized there are certain things that set apart a good company from a great.

What it Means to Be a Property Management

The property manager is a mediator between the tenant, and the owner. The property manager may be asked to represent the tenant’s interests to the owner. The property manager’s role could include things like maintenance, general upkeep and switching utilities over when the tenant moves into a new home. Sometimes, the role of the property manager is to represent the owner’s interests to the tenant. It could be things like collecting rent on-time, new leasing or renewals, completing work orders submitted to the property manager, etc.

Let’s look at what makes a good property manager.

Related: 10 tasks a property manager will take off your plate (to free up precious time! )

What makes a great property manager?

1. Maintaining Quality

The quality of the living environment for the tenant is what you are referring to. The property manager does not just complete work orders but goes above and beyond to solve issues for tenants, instead of dismissing them as “not my concern.”

Imagine that they are managing a multifamily and a tenant is being constantly disturbed by the upstairs neighbor playing loud music late at night. A great manager will intervene and speak with the loud tenant to make sure everyone is happy. They will step in and mediate to help tenants when they can.

2. Tenant Happiness

What are the actions of happy tenants? Happy tenants pay their rent on time and treat the apartment like a home. They also stay longer. Don’t get me incorrect, some people will not be satisfied no matter how helpful they are. You can’t change that. You can make them feel valued by doing small things.

In one of my buildings, I give away $50 gift cards to tenants who pay their rent on time. I also hold a lottery once a year to give away a flat-screen TV for tenants who paid their rent on time throughout the year. And I let my tenants know about this so that they can have a shot at winning.

These raffles show that I am proud of my property and this may make them feel proud to live there. This also shows my appreciation for the tenants. A little appreciation goes a long way.

Related 6 Simple tips to keep your tenants happy (and paying)

3. Maintaining Building Quality

It is not just about completing the work order. It is about having the foresight to do preventative maintenance on the building. A tree leaning on the building is an example. A good property manger will groom the tree or ask about cutting it down beforeit crashes into a unit in a bad thunderstorm. This prevents emergency maintenance.

Maintaining the building involves other things such as roof inspections and testing smoke alarms. This will prevent any future major damage. The property manager will not serve both the owner and tenant if they don’t do these things.

You’re done. You should always remember that the basics are collecting rent and dealing with work orders. The best property managers go above and beyond.

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