The main goal of every investment property is to turn a profit. When dealing with multi-family properties, that profit is dependent on happy tenants. Dealing with families and their homes requires a softer touch than other types of investments. Some landlords may choose to manage the property themselves in order to increase profits and have more control. Many successful investors with multiple properties find value in the additional oversite, as Steven Taylor Los Angeles did while growing his business. However, if you want to focus your energy elsewhere, it may be worth it to hire a property manager. Here are the essential characteristics property managers should have in order to keep the units full and passive income rolling in.
Communication
Property managers are responsible for a variety of tasks that all rely on excellent communication skills. Not only do they communicate with the tenants, employees, and contractors about the property, they also share information with landlords or a board of directors. This puts them squarely in the middle of most conversations concerning the property.
Emergencies happen at all hours of the day, so property managers must be willing to live attached to their phones. They should enjoy helping people and not sound bothered when a repair is needed and contractors are called. Facilitating building maintenance and repairs requires the ability to explain issues to landlords and contractors while supporting the needs of tenants.
Market Knowledge
One of the reasons some investors like to manage their own properties is because they are already familiar with the real estate market. When researching a potential investment, Steven Taylor LA learns the growth trends and marketable traits for that location. This information is essential when purchasing a property, but should also be referred to when managing it.
Property managers are responsible for setting competitive lease terms and rates. They review agreements for service technicians and other contractors. Managers need to be aware of local housing regulations and new laws that communities are debating. Having knowledge of the housing market gives managers a basis to negotiate from.
Balance
Saying a property manager needs to be able to multitask is an understatement. The answer is various from people to multiple topics all day long. In order to keep tenants and investors happy, they must balance the needs of both. Friendly communication and understanding keep tenants happy. Profits and financial reports keep investors happy. Therefore property managers regularly balance logistical tasks while also catering to people.
