Some people love to invest in real estate. This industry is full of opportunities to earn a passive income. Multi-family homes are one of the most excellent assets of a real estate investor. The number of doors in these structures translates to the number of rent each month.
But, this number of renters could also present some challenges. This means that many maintenance issues could crop from each unit. Also, the tenants have different personalities that a landlord should get acquainted with. Some owners delegate the care of their properties to a property manager. What qualities should this person have to succeed in this role? Here are the most notable ones.
Proactive with the Care of Property
An excellent property manager must always be active in the care of a property. Being conscientious with some details can increase the appeal of the property. For example, a property manager may have their eyes set on custom stone house numbers to put up on the property. They see that this stylish feature adds a tasteful element to the multi-family home. Tenants would love the clear signage that will separate their unit from the others.
Being proactive also means being a step ahead of things. Periodic inspections of the units will help cut repair or maintenance costs. An excellent property manager has a preventive approach. This is better rather than waiting for the damage to come to great lengths.
Proficient in Organizing
Overseeing a property with many units will need top-notch organization skills. One must remember which unit needs a certain item or repair. There are also a ton of documents needed for the lease and payment of each tenant. Records of payment for each unit must be systematic. Their job description also includes screening potential tenants. This requires a definite set of criteria to look out for. Property managers also are the frontliners with contractors.
With all these tasks on their shoulder, one can forget a task or two if they do not follow an established system. Thus, a property manager must be proficient in organizing. Thanks to technology, many applications can make the job easier.
Personable in Communicating with Others
One of the reasons why a property owner hires a property manager is to deal with tenants. Renters have different personalities. Property managers serve as the spokesperson of the owner. Thus, they must be very personable in communicating with tenants. There may be instances, too, that they will mediate when there are disputes among the tenants. Property managers must know what to say and how to deliver it. This will help not incite any negative emotions from both parties.
Property managers must also have good communication skills to give a clear report. They must communicate well the status of the property and any concerns from the tenants. Being vague in reporting will give a false impression to the owner. Misleading information might affect their decision-making.
Practical with the Use of Time
An excellent property manager knows how to make good use of their time. They approach the day with a clear track of what to tackle first and last. But, they also know how to squeeze in more time when there is an urgent matter that crops up.
They have to deal both with routine work and with unexpected things. Good time management does not mean that one must stick with a rigid routine. They must know how to distinguish which is a high-priority task and must address this first. Without this knowledge, they tend to waste time when an issue goes full-blown.
Placid yet Firm
A property manager must develop a good rapport with people around them. This list includes the property owner, the tenants, and the contractors. But, even with this high engagement, they must maintain an air of professionalism.
This is most applicable to contractors and tenants. They must have the balance between being patient and being aggressive. In the case of contractors, some may be behind the agreed schedule. A property manager must know how to deal with it in a diplomatic way. But, they must also put their foot down when there is a need to complete the work. They have to negotiate for the shortest turnaround time without compromising quality.
In the case of tenants, there is a range of problems such as unruly behavior or late payments. A professional property manager must exercise tolerance when addressing these issues. But they must be aggressive enough to settle it without having to succumb to lame excuses or reasons.
A property manager that has these qualities is a great relief to property investors. The latter must be very careful with selecting someone to fill this position. Property managers are like brand ambassadors. They represent the values and vision that a property owner holds.