3 Signs That Your Property Manager is a Strong Investment Partner
If real estate investment is your priority, your property manager should be more than the person who manages your property; they should be a person you look to for insight, someone you would trust with your own home and an established member of your region’s real estate community. How do you know if your current or potential property manager is that person?
- They treat tenants like human beings. Properties are investments. Tenants are people who protect your investment. After all, they are the first line of defense for your property. If they don’t feel respected or supported, they will be far less likely to care about your property and treat it as if it were their own. If your property manager talks down to, or about, tenants that’s a big, red flag.
- First and foremost, make sure you property manager has a proven process for vetting tenants.
- Listen carefully in conversations with property managers to glean what their perspective is on tenants.
- Read through lease agreements and other written communications used with tenants. Make sure they are clear, respectful and non-threatening in tone.
- Make sure that you have access to communications between tenants and property managers and regular feedback from tenants.
- They are more proactive than reactive. It’s inevitable; repairs will surface at your investment property. There will be urgent situations. But, there are also ways to minimize emergencies and stay on top of regular demands that come with owning an investment property. That’s where maintenance comes in. Your property manager should have a clear plan for checking in on your property consistently and at regular intervals. And, they should be equipped to adapt to varying tenant equations. Meaning, a residence where small children or pets live may need more attention than a residence where retired couples live. If you can comfortably say, “My property manager is on top of it,” then you’ve found a good potential investment partner.
- They are introspective and committed to constant improvement.
How do your property managers view themselves? If they take the time to look at their own internal processes and how they execute required tasks, chances are, they are committed to improvement. How can you tell?
- They take steps to protect your vital information and are keeping up with ever changing technology.
- They ask you and other clients what you need, how they are doing and how they can better serve you.
- They provide regular updates about successes and include key metrics, where relevant.
If a property manager possesses these three qualities, chances are, you are on the road to a great partnership.