Experts agree that owning a home or property builds wealth over time. It’s less risky than stocks and bonds, but can be time-consuming and expensive. However, it provides an excellent platform for investors to diversify their portfolios and generate growing passive income by renting out properties.
Surely, owning a rental property is great, but what if you have an existing job, want to pursue other business ventures, or spend more time with your loved ones? The answer is simple. Find a good property management company that will have a good property manager and free up your time. Besides, owning a property doesn’t sound so passive if your phone rings early in the morning for a tenant repair request.
At Apogee Properties, we’ve had the opportunity to work (and still work) with some of the best property managers in Houston. In more than 10 years of managing properties in the Houston area, we have observed recurring traits that we deem exceptional. Now, let’s talk about some of the key traits to look for when hiring a property manager.
9 Key Traits of an Exceptional Property Manager
Long-Term Mindset
It can be difficult to find people who work for the same goals in a company, but if you do, then that’s fantastic. That’s why a property manager with the same mindset as you can make all the difference. He or she can help you accomplish your goals for your property investment.
Experience
Residential and commercial real estate management have different services and tenants. So, hire a professional who has experience with the type of rental property you have. A property manager with experience in managing residential properties will be able to identify value-add opportunities for your homes for rent.
Knowledge of Laws, Rules, and Regulations
Aside from the fact that a property manager should have “boots on the ground,” it’s a huge plus if they have up-to-date knowledge of laws, rules, and regulations. Surely, it’s not expected of them to provide legal advice, but knowing landlord-tenant laws in Texas is a huge factor when providing superior management services.
Outstanding Communicator and Listener
Property management is a service-based industry. Property managers will have to deal with all sorts of people. That’s why it’s imperative that an exceptional property manager knows how to communicate with and listen to tenants, vendors, and especially the property owner, effectively.
Responsiveness and Availability
An exceptional property manager will communicate and respond thoughtfully in a timely manner (and when appropriate). They make sure that your tenants are happy and that your property is being cared for. They are available for requests, complaints, and inquiries, and the response is timely and appropriate. Surely, (as the owner), you don’t want to handle calls 24/7.
Tech Savvy
It isn’t the 90s anymore. The duties and responsibilities of a property manager are becoming more complex and challenging. Every business needs help from technology to keep track of everything. A tech-savvy property manager can do more in less time with the help of technology, especially when it comes to online rent payment options, tenant and manager portals, and online maintenance requests.
Organized
Being organized does not mean being a perfectionist. An exceptional property manager with good organizational skills will have everything in order. You’ll have a system in place to monitor and track cash flow, expenses, and receivables. And you’ll avoid some major headaches, especially when tax day comes.
Patience
An exceptional property manager avoids the “ready, fire, aim” syndrome. Every decision, action, and word uttered must be well thought out as a lot of things will test the tolerance of a property manager. Patience and understanding guide decision-making and help get rid of undesirable thoughts that can cloud your judgment. After all, success is the result of years of effort and dedication.
Honestly, we’ve mistakes in hiring property managers in the past and we’ve paid the price of having unhappy tenants and even property owners. But these realities have thought us that you need to set a standard, stick to it, and never compromise. We hope that this article has helped you identify the qualities that you want in the person that will manage your property on your behalf.
Let’s connect today if you’re ready to begin your journey on the path to becoming a rental property owner or property investor.
Here are some articles you might be interested in…
What does a Property Manager do?
How a Property Manager Adds Value to your Properties
Questions to Ask Before Hiring a Rental Property Manager
Do You Need to Hire a Property Manager?
When to Self-Manage a Rental Property
How to Find the Perfect Property Manager
10 Reasons to Hire a Professional Property Manager in Houston
Work with Apogee Properties
Apogee Properties is Houston’s Premier Property Management Company. We work and live in Houston, and our property managers are local. We’ve been in business for more than a decade, providing comprehensive property management services in the Houston region, ranging from a studio condo to a multi-family million-dollar estate. Contact us to learn more about our property management services, and what we can do for you and your rental property.
