What makes a great property manager?
This is such an awesome question because if you ask 10 property managers this same question you’ll likely get 10 different answers so I can only answer this question from my own personal point of view – which I think will be vastly different from the majority of answers you’d get from other property managers.
I canvassed some of my peers on this topic this week and I got a range of typical answers such as attitude, common sense, being honest, being passionate, being a good communicator and being pro-active. And whilst these are all a requirement of being good, and great, even, and whilst I also agree that all these attributes are necessary – at a minimum – I wouldn’t say these things make the difference between a good property manager and a great property manager.
Yes, a great property manager knows their legislation and keeps on top of the many changes ahead, they have great systems and procedures, they do their routine inspections, they communicate well with their tenants and landlords, they stay on top of their maintenance and repairs and are actually really pro-active about it rather than being re-active and they’re great at building and maintaining relationships – with landlords, tenants, tradespeople and other professional who share their clients.
For me, a great property manager is someone who also has a knowledge and understanding of the business of investing – the dollars and cents of it; understanding, for example, the effect of an interest rate rise or cut or how serviceability for a new loan is assessed.
Understanding the basic machinations of the economy and how that trickles down to the investor and indeed, the tenant, and understanding the various vehicles an investor can use to invest in property are just two examples of what a great property manager should know. Not so we can provide advice to our clients about matters we’re not qualified to provide advice on – but so we can understand the investors experience, so we can have those meaningful conversations with our clients about their situation, and if need be, so we can offer to put our clients in touch with other professionals who are qualified to help.
It’s those intangible qualities that really make up the secret sauce of a great property manager and that’s where tonnes of value can really be added to the landlord investor.
In addition, I think a great property manager also has broader experience in other fields/peripheral industries and in part, I really think that it’s that broader experience that makes someone a great property manager. I know for myself that I’m an infinitely better property manager now, having spent time as a property developer and in the construction industry rather than spending all my time in the property management industry – and my clients benefit from that.
A great property manager is more than someone who leases property, collects rent and attends to maintenance and repairs. A great property manager is a hugely important and valuable member of the investment team that the investor builds around him or her and should be considered as an excellent source of advice and professional opinion. A great property manager should also be interested in the investors investment journey and be able to actively assist that investor in purchasing their second, third, and fourth even, investment property.
A great property manager adds immeasurable value to the investor.
We eliminate the stress, headache and complexity of being a landlord, owning investment property and renting it out.
It’s property management, but it’s about more than just managing properties.
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