No two property managers are alike. Even if they’ve undergone the same or similar training, each property manager has specific skills and characteristics that set them apart from their peers. Your task is to find the ideal fit for you – one whom you’re not only comfortable with, but one with a wealth of experience that enables them to run your rental business.
If you’re wondering what makes a good property manager, we’ve got you covered. In this post, we’ve put together a checklist of the top qualities your property management partner must have. As you search for a property manager in Florida, keep this checklist in mind so you can be confident that your investment is capable (or even more than capable) hands.
#1 Over-Communication With Clients
Typically, your property manager can take care of concerns on their own, however, they should still update you so you aren’t in the dark. A good property manager won’t just send the monthly email to update you on what they’ve done with your investment – instead, they will over-communicate.
Over-communication is vital as it ensures you stay in the loop, even if you don’t personally need your property manager to update you with their every move. From daily, detailed updates to monthly recaps of their accomplishments, a good property manager must aim to communicate every rental-related matter. By over-communicating, they can give you a bird’s eye view of their operations, allowing you to take the backseat while giving you the chance to get involved in case the situation calls for it.
As an investor, it would be in your best interests to know what’s been done with your property even if you aren’t the one overseeing its operations. Your property manager may bring their expertise to the table, but at the end of the day, it’s still your property – this means that what you say goes.
#2 Clear Communication With Tenants
Clear, consistent communication should not only be practiced with clients/owners, but also with tenants. Bear in mind that just because a property manager is a great communicator towards you, that doesn’t always mean they’re cut out for the job – they must be able to give your tenants the time of day, too.
A good property manager will understand that without your tenants, your rental business wouldn’t be successful. They will treat your tenants with respect – this means maintaining communication with them regarding rental-related matters, such as rent reminders, disaster updates, and so on. In case a tenant has a concern, a good property manager will strive to come up with a solution, or at the very least a response, regardless of how trivial it seems.
#3 Time Management and Efficiency
Most property managers will oversee multiple properties at a time, making time management one of the most important skills on their resumes. When choosing the best person for the job, go for the one who can juggle their tasks without losing momentum. A good property manager will not be easily overwhelmed as more and more things get added to their to-do list throughout the day. In case something comes up, they must be able to deal with it while still having enough time to finish the rest of their to-do list.
Apart from time management, a good property manager must identify the most efficient way to get things done. It helps if they already have systems in place to aid them with their day-to-day processes, such as online rent collection, AI screening, and more. Time is money, so they must take as little time to perform their tasks without under-delivering.
#4 The Mind of an Investor
Whether for retirement, for your rental business, or merely for passive income, you’d undoubtedly want your property to make money after you’ve spent a fortune on it. Entrusting your property to someone who doesn’t think of your property the way you do is one of the worst decisions you can make. To you, your property has the potential to be a big money-maker, but to them, it’s just another job. A good property manager, on the other hand, measures their success according to your success.
With that said, strive to partner with a Florida property manager with an investor’s mindset. That way, you can be confident that they’ll do their best to meet your investment goals, whether it’s to maintain your cash flow or grow your portfolio in a few years. They’ll craft a strategy that aligns with your goals, identify ways to improve your property’s value, and calculate metrics like the internal rate of return (IRR) and price-to-rent (PTR) ratio to help you make sound decisions.
#5 In-Depth Knowledge of the Local Market
Property managers have a good grasp of real estate investing and a general understanding of how the market works. However, when choosing a Florida property manager, you must find one who is familiar with the nuances of a particular place. Each market has its own idiosyncrasies, like the type of people/renters, the types of properties they’re looking for, and their willingness to rent.
An in-depth understanding of the market can help you position your property correctly, and find ways to make it more appealing to your tenant pool. A local property manager can steer you away from pitfalls that will only lead to prolonged vacancies.
Other Qualities a Property Manager Should Possess
Communication, time management, market knowledge, and the right mindset aren’t the only things to look for when choosing a property manager or property management company. A good property manager should also display these qualities:
- Success takes time. A good property manager understands this, and won’t rush into decisions that will only put you in a tight spot.
- Rapid Response. It shouldn’t take your property manager days to respond to your texts, emails, and more.
- One mark of a good property manager is that they don’t wait for problems – instead, they try to prevent those problems through regular maintenance.
- Your candidate must get along with tenants, contractors, etc. while having the ability to be firm when it comes to business-critical matters.
- Have Working Relationships. To save you time and money, a good property manager must have established relationships with the best vendors.
Find Skilled Property Managers at Luxury Property Care
Choosing a property manager is one of the most critical decisions you can make. Partner with the wrong one, and you’ll have to deal with a ton of problems (or worse, end your rental business). But if you hire the best person for the job, you can maximize your investment and build a portfolio you’d be proud of.
Rather than risking partnering with the wrong person, why not work with one of our property managers? At Luxury Property Care, all of our property managers have years’ worth of experience and go through regular, extensive training, allowing them to run your investment efficiently and effectively. Call us at (561) 944 – 2992 or complete our contact form, and we’ll match you with someone who can help you rise to the top.