Property managers should not simply “check all the boxes” when it comes to regularly inspecting properties, overseeing their clients’ assets, and fulfilling every rental property need. By understanding the 4 personal attributes a good property manager should possess, you can know what to look for when hiring a rental management team and separate the successful property managers from the ones who will not give your properties the attention they deserve.
Market Knowledge and Experience
Knowledge of local markets is what makes a good property manager and separates them fully from the crowd. A good property manager should keenly understand the housing market demands, forecasted trends, and real estate laws that dictate housing market behavior in your area and have a direct impact on your property’s return on investment.
For multifamily communities in particular, your chosen rental management team should be able to anticipate local market changes that will affect tenant retention and be prepared with a personalized strategy for growth that will keep your real estate assets profitable regardless of real estate industry fluctuations.
Ultimately, your rental management team should not just be there to regularly inspect your space and address any concerns or questions that come up. They should have a personal stake in your tenant retention, with a commitment to helping property owners boost their profits.
Exceptional Follow-Up Skills
One of the qualities of a property manager that matters most is their ability to not just respond to any questions or concerns, but to follow up on those projects through completion. Rather than looking for “quick fix” solutions, your team should be thinking about long-term tenant retention and property growth while carrying projects through to the end.
By putting a plan in place to address problems and keeping you updated during every step of the process, they prove that they have the forward-thinking vision to help you accomplish your goals.
Proactive and Prepared
Though being able to solve problems is a necessary attribute of a successful property manager, being able to anticipate problems before they become problems is key. With enough real estate industry experience, your rental management team can anticipate roadblocks that will hold you back from achieving your long-term goals and put a strategic plan in place to circumvent or overcome them.
An Investment in Their Tenants
Your property management team should not think of you as just another number.
They should have a clear sense of your property vision and know what steps you need to collectively take to turn it into reality. Watching your property grow and flourish should not just be one of your goals, but one that they share and take pride in helping you accomplish.
Since 1969, Quantum Residential has been an Accredited Management Organization specializing in the management of multifamily communities. We know exactly what makes a good property manager, and are committed to channeling our expertise toward your success.
Contact us to hear more about how we can help your properties flourish.