Five Characteristics of an Excellent Property Manager!

In my last article, MULTIFAMILY LOAN OPTIONS, I wrote about different criteria that lenders will evaluate when underwriting your deal. One of the most important criteria is the property manager. Property management will make or break your deal since they will take your operational play-book and execute it. Property managers are the spread between investor happiness and frustration.

Hiring a new property manager is not a decision to be made lightly. Your new team member should get along well with both tenants and owners, exhibit professional behavior, and have the experience to back them up. But what else should you look for before you hire someone new? How can you be sure you’re hiring a good property manager?

Traits to Watch For

Excellent property managers will consistently demonstrate these important characteristics in their dealings with tenants, other team members, and you. See if your potential new hire regularly exhibits these traits:

1) Excellent Communication Skills

You should never be confused about anything your property tells you. Make sure they communicate with you clearly, cordially, and frequently. Both you and your tenants should always be in the loop regarding what’s happening at your property.

2) Previous Experience

Experience on its own isn’t an indicator of competence. However, the nature of that previous experience can give you a few clues. Call their previous employers and ask a few questions. Was the candidate good at their previous jobs? Why did they leave? Learn about your potential new hire’s background.

3) Organization and Management

Managing a property involves keeping track of multiple factors on any given day, requiring a candidate who can multitask effectively and still get everything done on time. How good is your new property manager at organizing every moving part to take care of the property? Make sure they can stay on top of all the challenges this job will throw at them.

4) Flexibility and Creativity

Even the most perfect organizational system will fail occasionally. When this happens, a successful property manager should know how to handle the situation and develop an effective solution. How good is the candidate under pressure?

Bonus Tip: There’s no exact checklist for effective property management. The best way to judge a manager’s competence and creativity is to look at their track record.

5) Professional Demeanor

Through the entire process of effective property management, a trustworthy manager will maintain a professional attitude toward everyone. Not only does this mean residents and potential renters alike will be treated with respect and kindness, but it also means they won’t cave to pressure. A professional property manager sticks to the rules and does what’s best for the property and tenants above all else.

Selecting a Property Manager

Finding a good property manager takes time and discernment. While exact management plans and behavior will inevitably vary between candidates, a potential new hire who sticks to these key characteristics is sure to prove themselves to be an excellent choice for your property.

Live above the line,

Stevan Garcia