Far too many novice investors falsely believe that their property managers are entirely responsible for their investment properties.
They adopt a “set and forget” mindset and blindly hand over the care of their investment to someone who probably is overworked and underpaid!
Savvy investors, on the other hand, understand that while they might hand over the day-to-day administrative dealings of their properties, they must also manage their property manager.
Now, that might sound slightly obscure, but what I mean is that they take responsibility for ensuring the property manager is looking after their asset professionally.
So, here are five ways to manage your property manager.
Seasoned investors always select property managers with excellent communication skills.
There is nothing worse than a property manager who is unavailable to talk to a tenant or an owner when an urgent matter arises.
Regardless of the communication method, the best property managers always communicate clearly and regularly.
Property management can be a stressful job and the sector often has a high turnover rate because of it.
The best property managers treat it as their career and can manage the myriad ups and downs that are part and parcel of the job.
Smart investors find themselves a professional property manager who has knowledge of the wider industry as well as significant runs on the board.
Then they stick with them like property glue, because they are worth their weight in asset gold.
3. People skills
Some people just aren’t well suited for their vocations and this is especially true in property management, which is essentially people management.
That’s why the top property managers fundamentally like people, which ensure they’re able to keep their cool when things are becoming a little heated.
Sophisticated investors have learned to recognise the property managers who are people, well, people and those who are not.
Their property managers are people they can trust to look after their investments as well as someone who will be their trusted adviser and advocate when necessary.
As I briefly mentioned above, the best property managers treat the industry as their profession.
That means they have the skills and experience to be top performers, but they are also able to maintain professionalism when dealing with difficult matters such as increasing the rent.
They also find it easy to interact with other aligned professionals such as their landlord’s accountant or lawyer when needed.
This last point is also one of the most important because property management never stops moving.
There is always something happening, whether it is a broken water pipe, an inspection or a lease renewal negotiation.
There are so many parts that if a property manager is not organised, they will forever be behind the eight ball – and that is when costly mistakes happen.
As you can see, the very best property managers have a number of similar attributes which smart investors seek out before appointing them.
They also source recommendations from other landlords to determine which property manager will be the best fit for their property as well as for their own personalities.
Property management is a vital element of successful property investment with experienced investors always treating it that way.
Here’s how you can benefit
At Metropole, we help you build your wealth by offering the best property management services available because we are a different breed of licensed estate agents.
We do not sell real estate.
This means we will look after your property the way we look after our own.
Using our professional skills and the latest technology we find quality tenants, minimise vacancies and handle marketing, repairs, maintenance, accounting and legal compliance efficiently and cost-effectively.
And the real benefit is a generally better return on your investments with minimum fuss and more peace of mind.
You deserve a property manager who cares as much about your property as you do.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.