Habits of the Effective Property Manager
When looking for a property manager to assist you with getting the most out of your rental property, you certainly want someone who you can trust to do the job in the most effective manner possible. As such, when looking for the property manager to partner with you and your real estate investments, be sure to find someone with these key habits.
Habit #1: Sets Goals
Without goals set in place, your property manager will flounder with no set direction. Therefore, an effective property manager will work with you to set goals and to create a plan to help achieve those goals. This includes setting both long- and short-term goals as well plans for how to address potential obstacles along the way.
Habit #2: Proactive
An effective property manager will take a proactive approach toward helping you get the most from your rental property. A proactive property manager focuses on those things that are in her control and knows how to let go of those things that are not, which means she knows how to delegate and how to make adjustments in response to the constantly-evolving world of real estate and property management.
Habit #3: Organized
With so many different properties, clients and tenants to oversee, property management is a chaotic business. Therefore, an effective property manager will have a well-established system for remaining organized. This includes using scheduling functions and automated features for billing and other routine aspects of property management. Streamlining these aspects by using apps and other tools helps to reduce the time spent on repetitive tasks so more time can be spent on working toward achieving the bigger goals.
Habit #4: Set Priorities
Dealing with the various aspects of property management means knowing how to prioritize. Clearly, addressing damage at a rental property that could result in additional damage if it is not fixed immediately will take priority over completing a routine maintenance task. A effective property manager will know how to look at the situation at hand and will know how to select which tasks should be addressed first in order to minimize damages while maximizing profits. Similarly, an effective property manager will know when and how to address the problem on his own versus when it may be necessary to contact you to help with making a decision.
Habit #5: Constantly Learning
The real estate business can be fast-paced with new market data continually needing to be analyzed, new technology becoming available, and client expectations constantly changing. To help ensure you are receiving the best guidance and assistance possible, your property manager should be committed to learning. Not only should she be committed to learning more about the market and about trends in property management, but she should also be committed to learning more about you, your needs and your goals.
By finding a property manager with these 5 habits, you will be sure to get the property manager that will help you achieve your financial goals. Contact Ankor Management to learn more about how our team of professionals can help you!