One of the key reasons why many investors owning rental properties are unable to maximize returns from their investment and accumulate wealth is because they do not hire good property managers to take care of their investments. In my case, I am very cautious about the person I am entrusting with my investments and the following are the basic qualities that I look for when outsourcing for management services.
Must Be Registered and Licensed By Relevant Authorities
One of the most important property manager qualities that I expect the person I have hired to take care of my investment to have is being legitimate. The property manager should provide proof that he/she is registered and licensed by relevant authorities to work as a property manager in the area. That gives me an assurance that I have hired a legitimate person to take care of my investment and not as a bogus person posing as a property manager.
Must Have Good Communication Skills
I expect my property to have good communication skills. The manager should be able to update me about my properties and the welfare of my tenants without waiting for me to ask. The person managing my properties should be able to listen to tenants and respond promptly to their queries without waiting for tenants to vacate the property or reach me with complaints.
Must Be Honest and Reliable
I am aware that my property manager serves as the link between my tenants and me. I, therefore, expect the person managing my properties to be a reliable and honest person whom I can trust completely with the management of my properties and the welfare of tenants.
Should Be Able To Handle All Property Management Tasks
I expect the person I have hired to take care of investment to be able to handle all property management tasks satisfactorily. This is because I do not live near my properties and I am always occupied with other commitments. The property manager should be able to screen potential tenants and accept only the best, collect rent and rental deposits, solve all tenant related disputes and file tax returns on my behalf.
Should Be A Local Property Manager
I normally go for local property managers when hiring someone to take care of investment. I am not saying that non-local property managers do not render quality services, but I have realized that local property managers are more effective from my personal experience. My plan is to acquire several rental properties and build my real estate portfolio. In that case, local property managers are in a better position to advise me on where to get better deals whenever I want to buy an additional property.
Should Have Good Reputation
A good reputation is one of the essential qualities that I expect the person taking care of my investment to have. I am aware that tenants are attracted to rental properties that are managed by a person with a good reputation. This means that if the person taking care of my rental properties is highly reputable, potential tenants will be attracted to it and vacancy rates will be minimal. That way, I will be able to maximize rental incomes and accumulate more wealth.