Traits of a property manager?

Question

Corina Eufinger · Answer

Good traits of a p.m.:

-they weight property decisions based more on what is good for the property than their own pocketbooks (within reason)

-transparency. With many software companies specializing in web based with log ins for owners there is no reason you should have access to your own cash flow reports when you want

-units:staff ratio.  You don't want a p.m. that is too bogged down because they are running a large operation with two people (1 admin and 1 maintenance).  A good ratio is for every 130 units 2 administrators and 2 maintenance staff (even if some are part time)

-tech savy and up on industry info. With so many advancements in the past 20 years that have changed the p.m. industry its important for your p.m. to up to date on the new trends and tools available that make your property (and themselves) relevant.

Bad traits:

-Lack of procedures.  Every p.m. should have a clear cut procedure for every action that normally occurs managing a property.

-Negative attitude towards tenants.  If the p.m. has a negative attitude towards tenants the relationship is sunk before it began.

-Lack of loyalty to the owner

Rob Orazi · Answer

As a property manager I think a PM that has good infrastructure is a good start ask a good many what if questions during the interview. Good thing to know is how many properties do they manage? then ask how many units does their largest client have? Couple things you get from these 2 questions 1 do they have enough staff to properly manage their properties and too if the firm has 80 properties and 40 are from one owner who do you think will get the most attention? Also you might want to know if the PM has their own properties again whose properties are getting the most attention. Ask what you specifically get for the monthly fee? What are extra charges and how much are they, then ask on average how much extra gets charged per month per client. The larger ones will have a goal to up charge per month they may not want to tell you that number but they have it. As a PM I dont collect a fee if dont collect the rent. So that may be an item to discuss as well. None of it is intrinsically good or bad. Its like hiring any other vendor do you think you care to build a working relationship with them or not. There will be things you like and don't like about all the folks you interview.The small guys is going you are really going to like but you'll be worried that he is over extended already, the large guy your worried is going to nickle and dime you to death.  So find the best fit and if doesn't work go find someone else.

Mike Cumbie · Answer

I think the biggest 2 things are competent and organized.

Competent as in knows when you need to get involved and when you don't. (and this falls on the owner as well, if they want to be informed every time a light bulb gets changed then there is bound to be friction. Clear expectations on both sides.

Organized: they should have the processes in place to handle most anything on their own, reports should show up monthly automatically and anything far from the norm should have a heads up given.

BadPM:

Reactive only. Just reacts to things and is lacking in the proactive management.

Traits of a property manager?

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