Hello BP! I'm interested in hearing your thoughts on what qualities and skills make a property manager truly stand out. Whether you're an experienced investor or just starting, having a reliable and efficient property manager can make all the difference in the success of your rental properties. Here are a few key traits I've found important, but I'd love to hear your insights and experiences: • - Communication Skills • - Organizational Abilities • - Knowledge of the Local Market. • - Problem-Solving Skills • - Proactive Maintenance • - Financial Management What other qualities do you think are essential for a property manager? Have you had any experiences, good or bad, that highlight the importance of certain traits? Looking forward to your responses!

Great question! As both a property management professional and an investor, I can attest that the qualities you’ve mentioned are spot on. I'd like to add a few more traits that I've found crucial for a property manager to truly stand out: • 1. Integrity and Transparency: Trust is the foundation of any good relationship, especially between a property manager and a property owner. A property manager who is honest and transparent about both the good and the bad situations that arise can help build long-term trust and avoid unpleasant surprises. • 2. Tenant Relations: A property manager with excellent tenant management skills can reduce turnover and increase tenant satisfaction. This includes handling tenant issues with empathy, maintaining open communication, and ensuring that tenants feel valued and respected. • 3. Adaptability and Tech Savviness: The property management industry is rapidly evolving with new technologies and tools. A property manager who stays current with industry trends, leverages property management software, and adapts quickly to changes can offer a competitive edge. • 4. Legal Knowledge: Understanding local, state, and federal laws is essential. A great property manager ensures compliance with all relevant regulations, which helps to mitigate risk for the property owner. • 5. Negotiation Skills: Whether it’s negotiating leases, handling vendor contracts, or resolving disputes, strong negotiation skills can make a significant difference in operational efficiency and cost savings. In my experience, a property manager who excels in these areas not only helps protect your investment but also maximizes its profitability. I’ve encountered managers who were fantastic in most areas but lacked in one or two key traits, and that was enough to impact the performance of the property. Conversely, I’ve seen property managers who excel in all these areas, and the difference they make is night and day. •

#1. Agree, Clear, consistent communication that is transparent and proactive, answer the questions before they ask it. And not just email communication, phone, if they call, answer. They want to speak to someone a lot of the time, a phone call is worth a 1000 words. #2 Repair Management, tracking expenses, following up with outstanding work orders, ensuring work completed with photos by vendors, notifying owners when there is a repair request by the tenant and track the time it takes from work order to completion, track the amount of repairs to a home at end of year so owner can see those expenses and try to get them on service contracts and off home warranties.

I self manage my units so my views are more related to the actual work of property management rather than communicating results to property owners. The most important factor in successful property management is not a personal quality or trait, it's having EFFECTIVE processes in place to support the business. Assuming effective processes are in place. The qualities and traits of an outstanding property managers are: 1) A direct communication style. --comunicating information in a manner that leaves no ambiguity regarding planned or expected actions--seeking (requiring) clear unambiguous answers or responses,--documenting agreements in writing. --Following up on actions and commitments: 2) a service mindset which is demonstrated by providing --a quality tenant experience. --strong financial results for property owners.

We try to tell our staff to treat the owners money like it is your money. Don't waste money if we can help it. It's not a hotel, the houses won't be perfect (unless it's new construction or luxury).

Newbies don't care about any of this. Even if they say they do, their actions speak louder than their words! Many of them mistakenly believe all PMCs are the same, so they usually just go with the cheapest PMC. So, price is all that's important to them.

Communication is the # 1 issue. Owners are ok, not happy lol but ok with paying for items and issues, just want to understand what's going on. let me add, and execution.

As a multifamily investor who rely heavily on PM, and who has been burnt by dubious PM, @Stephanie Michael response above reflect perfect my view of what makes a good PM. Inherent within these five qualities is the good communication skill. To this, I'll also add knowledge of the local rental market.

@Drew Sygit Sure, I'll bite. hah! To onboard? I've seen newbie owners step over dollars to pick up pennies. For sure. To maintain their business after a year or two? Referrals? To be considered a "good property manager" like the topic says? Not so.

34
Posts: 17
Votes

Nina PenuelaPoster

Property Manager
Florence, AL

Managing Your Property

What do you think makes a good property manager?

Nina PenuelaPoster

Property Manager
Florence, AL

Posted July 31, 2024 15:18

Hello BP!

I'm interested in hearing your thoughts on what qualities and skills make a property manager truly stand out. Whether you're an experienced investor or just starting, having a reliable and efficient property manager can make all the difference in the success of your rental properties.

Here are a few key traits I've found important, but I'd love to hear your insights and experiences:

- Communication Skills
- Organizational Abilities
- Knowledge of the Local Market.
- Problem-Solving Skills
- Proactive Maintenance
- Financial Management

What other qualities do you think are essential for a property manager? Have you had any experiences, good or bad, that highlight the importance of certain traits?

Looking forward to your responses!

3 Votes

32 Replies

Jump to Last Reply

Most Popular Reply

2,331
Posts: 1,440
Votes

Adam Bartomeo

Real Estate Broker
Cape Coral, FL

Adam Bartomeo

Real Estate Broker
Cape Coral, FL

Replied August 20, 2024 05:14

Almost everyone said communication and although, communication is important it is NOT #1! I am actually pretty surprised at the answers here. It's no wonder so many people get taken advantage of...

1. Integrity - Hands down is the #1 quality. Even if they are not communicating you can be assured that they are doing the right thing, the right way.

2. Execution - Execution is the reason you hire a PM in the first place, you don't hire them because of their communication skills. You hire them to execute with revenues and expenses. If a PM has integrity and is getting the job done, then there is very little to communicate about.

3. Communication - This is the #1 complaint about PMs throughout the US BUT if you really dig into the complaints then you will understand why the PM isn't communicating. The PM's aren't communicating because they aren't doing #1 and #2!

Adam Bartomeo
[email protected]
239-339-3969

Bartomeo Property Management

4.7 stars

148 Reviews

4 Votes

Sort By:

Oldest

Loading replies...

Struggling to find reliable real estate advice?

Join over 3 million real estate investors to build connections, learn from others, and share your journey — all for free!

← 1 2

Your Profile Views

Curious to see who's interested in your profile? Unlock your views with Pro

Connect with others

7 day free trial. Cancel anytime.

PRO

Upgrade to Pro

Market Finder - key investor metrics for all US markets

Deal Finder - investor-focused filters and notifications for new properties

Calculators - Unlimited access to 9+ property analysis calculators

Find an Agent

Find & Match With an Investment Friendly Real Estate Agent

Enter your market to get started

Rent Estimator

Address or ZIP