The skills required to be a good property manager
The responsibilities of a property manager are frequently underestimated. Sadly, both the property owner and the tenant will carry the consequences of bad property manager. Aside from the financial impact, long term damage can be done to the landlord’s business, relationships and to property if your property manager fails to deliver.
Property management in New Zealand is currently not regulated, so anyone can theoretically become a property manager. Be cautious whom you chose for your portfolio, whether that is one property or more than one. Have a look at this article.
- Communication Skills
A property manager with that X-factor usually has excellent communication skills. Communication, both verbal and written are critical when dealing with numerous parties, especially when agendas differ. Bringing all parties onto the same page and managing expectations and compromise will stand to benefit all parties involved. A good property manager will understand and work towards long-term benefits of the property owner and that usually results in better and happier tenants.
- Legal Knowledge
Property managers don’t need to be lawyers, but they certainly must know the law. Both property owners and tenants will approach property managers for advice. An in-depth understanding of property and tenancy legislation will ensure that the services that are delivered and received are within the confines of the law and within the confines of what is right.
At times that legal knowledge can be sorely tested, especially when advice regarding matters relating to tribunal are required.
- Organisational Skills
This is a skill that every good business has to have, and property management is no exception. Having good systems in place is vital for a property management company that performs well.
- Marketing Skills
With each change of tenancy, the property must be effectively marketed. Today that requires skills in the on-line space and services like Facebook, Twitter and Trademe are more than just handy tools. Good property managers will also have a ready database of tenants that could be approached if a property becomes available.
- Investor Skills
Where a property manager thinks like an investor, they are in a far better position to understand what is important to investors and property owners. Having an interest and an eye for opportunities that exist with a property or in the property market can net a property owner a handsome amount in additional rent or in sale value.
It is no coincidence that all our staff at Metro NZ Properties are themselves investors.
These are by no means all the skills required to be a good property manager. Perhaps when your current property manager performs below your expectations, have a look around at some other options. We’d gladly meet with you to find out about your properties, your current tenancies and your investment ambitions.
Changing property managers may seem cumbersome. It does not have to be. With our well-established systems, our organizational skills, our legal knowledge, and our can-do attitude well soon have everything organized for you and all parties will be better off.