The rental property management market is fiercely competitive, with dozens of firms competing for clients. Landlords are unlikely to choose a property manager without doing their due diligence first. Therefore, they will shop around to determine their options and select the company that best suits their needs.
Successful property management companies hire driven individuals who know the industry inside and out. Their knowledge and expertise are essential for creating sustainable, long-lasting relationships with property owners and renters. Here are some qualities the best property managers possess and why they are important for success:
Table of Contents
Qualifications
According to state, federal, and local laws, landlords should only work with certified property managers in Colorado Springs or other U.S. cities, where their property is located from companies like Evernest, the Ashford Realty Group, and Byrne Real Estate and Property Management. The alternative is working with giant rental property management companies like BH Cos. and the Lincoln Property Co. Evernest has a team of qualified professionals working out of four of Colorado’s metropolitan centers: Colorado Springs, Denver, Boulder, and Fort Collins. Evernest hires the best agents to ensure its clients receive top-quality service and have no reason to look for new management. Evernest prides itself on giving its clients personalized service contextualized to the Colorado Springs rental market.
Landlords should inquire about a property manager’s qualifications and ensure that their license details are up to date. Agents who consider themselves lifelong learners attend additional training to stay on top of the latest rental trends and developments, allowing them to offer their clients the best possible service. These are the individuals landlords should aim to work with as they are dedicated to honing their craft.
Communication
Successful property managers have outstanding communication skills. Some people are born with an innate ability to communicate with others. Others need to learn these skills as they grow and develop in their profession. Regardless of their approach to mastering the art of communication, agents must use their skills to form relationships with landlords and tenants.
Landlords will assess potential property managers based on their communication style. An agent who never returns calls and remains unavailable will not inspire a client’s confidence. Working in the property management industry requires great interpersonal skills, among which communication is critical. This includes verbal and written communication. A successful property manager is comfortable in any situation and well-versed in communicating with people from all walks of life.
Organization
Most property managers have several clients on their books, each with a set of requirements the agent must meet. It can become overwhelming when unfriendly timeframes and competing priorities become prevalent. A property manager can lose control of the process if they are not organized.
Successful agents adopt a methodical approach to their work, creating and implementing systems that allow them to work efficiently and deliver on deadlines. They schedule their time for the various tasks that occupy them but work with sufficient flexibility to change their day if an emergency arises. They have checklists and to-do lists they follow to ensure all tasks are completed on time and to the client’s satisfaction. It is a balancing act that takes time to master. However, property managers who do not learn organization skills will struggle to deliver the service their clients demand and could lose clients due to their inefficiency. During their quest to find the best property manager, landlords will ask how many properties the agent is currently responsible for and how they manage their time.
Attention to detail
Most experienced property managers agree that the devil is in the detail. They know that one missed step in their process could cause a disaster. For example, ignoring aspects of prospective tenant screening could cause them to place an unsuitable tenant in a client’s rental home. Property managers cannot afford to take their eye off the ball at any stage as the implications could be long-lasting.
Landlords want to know that no task is too big or small for their property manager to handle. They pay for a service and expect the agent to deliver it. They need agents who have an eye for detail and do not allow the minutiae of property management to get away from them.
Deadlines
Time management is an essential skill a successful property manager possesses. Successful agents do not wait until the last minute to perform tasks. When it comes to renting collection, the agent starts reminding tenants about payments a week before they are due. They prepare accounting statements for landlords on a monthly, quarterly, and annual basis without their clients phoning to ask for them.
Property managers set deadlines for tasks, such as screening. They expect reports from those performing vetting tasks when they are due. They hire contractors for repairs and maintenance and expect them to adhere to deadlines. Successful property managers lead by example, as others will strive to work within set timelines when they see the agent also does so.
