Being an excellent property manager requires a unique set of skills and qualities. It is essential for them to be able to listen and communicate effectively, as well as be proactive and involved in their work. They must also stay up-to-date with the latest industry knowledge and be sensible and resourceful. Moreover, they should be pleasant and eloquent when dealing with tenants and other stakeholders.
In our experience, there are certain characteristics that successful property managers usually possess. When interviewing potential candidates, it is important to ask a series of probing questions. For instance, you can inquire about the number of properties they have managed before and if they have any experience in reviving troubled properties. Additionally, they should have a thorough understanding of local real estate laws, regulations, and standard operating procedures.
Having an investor mindset is also beneficial for property managers as it allows them to make informed decisions such as when to offer rental concessions or what to spend the money on. If the candidate does not have direct experience in property management, make sure they have some sales or customer service experience. When evaluating a potential property manager, look for someone who is willing to listen and has excellent customer service skills. They should be able to handle complaints and stressful situations with grace.
Furthermore, they should know their limits when dealing with sensitive business issues and demonstrate assertiveness in their words and actions. A good property manager always treats others with respect, speaks professionally, and dresses appropriately. Technology can also be very useful for residential property managers who manage multiple rental properties in different locations. ButterflyMX is one such platform that simplifies access for more than 8,500 multifamily, commercial, gated community, and student housing properties.
Clear and accurate communication helps reduce the incidence of disputes and ensures that all equipment works efficiently. Finally, zoning laws often change over time so it is important for property managers to stay up-to-date with any changes in regulations that may affect the properties they manage.