Updated: Mar 14, 2022
Whether you own a single rental unit or a multifamily apartment, it’s always wise to work with someone who’s knowledgeable and experienced to help you deal with problems as they arise. As a landlord, you’ll be multitasking a lot – and that increases your chances of making costly mistakes.
But thanks to property managers, property owners can delegate the complicated task of being a landlord – it takes just a few clicks and some phone calls, and you can pretty much generate a passive income. But all this depends on hiring a good property manager. There are some key traits that some top property managers in Las Vegas, for example have. To make your search a tad bit easier, let’s discuss these traits.
Gets Along Well with Tenants
Tenants in 2022 are very diverse from millennials achieving new milestones to gen-z kids just entering the workforce and working alongside retirees with significant disposable income. An important trait of every property manager is their ability to work with tenants from different backgrounds.
Empathy is necessary for this line of work. Their job requires property managers to empathize with the tenant’s pain points and needs. All the knowledge that a property manager has might be useless if they don’t understand human psychology. This is why people skills are invaluable.
Property managers can also help you draft an airtight leasing agreement that clearly defines the responsibilities of each party. This minimizes the likelihood of running into any legal problems later on.
They’re Problem Solvers
Property managers have to solve problems every day. Whether this includes occasional maintenance issues that are hard to avoid, such as burst pipes and overflowing toilets or hiring a contractor for a new paint job – there’s so much that needs to be done. Property managers often use technology to keep tenants appraised of ongoing issues, such as rent collection, preventive maintenance, tenant screening, and so on.
It’s a good idea to hire a consultant who uses proper-solving methods such as apartment management systems and rental property management software. This allows them to stay on top of all their day-to-day tasks.
Pro tip: Before hiring a property manager, ask them how they approach problems and what software they may use to stay abreast of ongoing issues.
They Know the Right People
A big reason why landlords hire property managers is their network of contacts. For example, if your rental unit is in bad shape because of a water leak and you live out of state, who do you call for repair? You could hire a property manager who maintains a network of contractors and vendors to deal with ongoing maintenance issues at a discount.
They Display Confidence
You want to work with someone who gives off an aura of confidence. If a property manager is confident that their relationship with you will be fruitful, they must have achieved positive results with other clients. Confidence in this line of work is an acquired skill that comes with repetition, experience, and knowledge.
A confident property manager will be open to feedback and won’t be afraid to provide recommendations. They won’t be dumbfounded when confronted with questions, nor will they lose composure when things don’t work out with a tenant – an important skill in the hotly contested rental business.
So make sure to connect with confident property managers.
Low Vacancy Rates
If your multifamily rental unit has low vacancy rates compared to other establishments in the neighborhood, it most likely means your property manager is doing something right. Perhaps the community is satisfied with their work or their marketing efforts are highly effective. You’re happy either way.
Keep these skills in mind when you interview a property manager in your area. They will come in handy and play a role in boosting your business. As a property owner, you should take full advantage of your investments and build a booming business that can survive through thick and thin.