A property manager must be able to listen and communicate, as well as be proactive and involved, up-to-date and knowledgeable. He must also be sensible and resourceful, pleasant and eloquent. For all the property managers who are diligently trying to stand out, the list goes on and on. It's almost impossible to guarantee that someone is a good fit for your business or property.
That said, in our experience, it is possible to detect a number of important characteristics that large property managers usually have. When you interview a potential property manager, ask a series of probing questions. How many properties have you managed before? Do they have any experience revolting troubled properties? A good property manager will also have in-depth knowledge of local real estate laws, regulations, and standard operating procedures. Having an investor mindset helps property managers see the “big picture” and allows them to make important business decisions, such as when to offer rental concessions and what to spend the money on.
A candidate who doesn't know these concepts should not be automatically disqualified, but you should make sure they show a willingness to learn more about real estate investment. When you interview a potential property manager, look for someone who seems willing to listen. Look for someone who has excellent customer service skills. Evaluate whether a person will be able to handle complaints and stressful situations with grace.
If a candidate doesn't have direct experience in property management, make sure they have some sales or customer service experience. Most importantly, when dealing with sensitive business issues or demonstrating assertiveness, you must know your limits and have control over your words. A good property manager always treats others with respect, speaks professionally, and dresses well. The technology is very useful, especially for any residential property manager managing several rental properties in different locations.
Join the more than 8,500 multifamily, commercial, gated community and student housing properties that have simplified access with ButterflyMX. Clear and accurate communication helps reduce the incidence of disputes and ensures that your equipment (and your competitors' properties) work like a well-oiled machine. Meanwhile, zoning laws often change, and you'll need to be aware of changes in regulations that may affect the properties you manage.