I was recently reading a LinkedIn Property Management Professionals Group forum posting on the qualities of a good property manager and thought it would be a good blog topic.  As I read the list, and it is quite a long list, I began to think, wow that would be an extraordinary person if they had every quality listed, though I would add integrity and honesty to the list.

But do any of us get measured in business by those qualities?  Yes and no.  If you had all of the qualities in the list and did not keep a property rented for an owner, would the owner give you good reviews?  I know a lot of successful real estate professionals that understand the ins and outs of building operations (keep the property in good repair and looking good) and know how to keep the property leased (understand how to advertise effectively and negotiate a win/win deal with the tenants), but do not know technology well.   Understanding the core of the business we are in is the essential ingredient for success in any field.

So what would my list look like if I wanted to find a good property manager?  Here are a few examples:

Property management industry knowledge - You would expect the property manager to understand the comparable rents in the area and know the direction rents were heading in the near to mid-term time frame.  He/she should be able to counsel the owner on what the rent should be in order to rent quickly and stay rented, while getting the highest rent possible for the property.

Understanding of how to keep a property well maintained – The property should be maintained to the standards set by the owner, for the appropriate cost for the area, and in a fashion that keeps the tenant happy.

You see, I believe in keeping your eye on the core business and not being distracted by the elements that other people are experts at.  A good property manager could outsource the things that do not apply to the core business.   Basic knowledge of things like contract law, accounting, and software should be required, but a lease can be reviewed by a lawyer, books can be maintained by an accountant, and software can be outsourced to a good property management software company.

The qualities that I, as a rental property management software provider, will be measured by must include a strong understanding of technology, since that is my core business.  The qualities that a property manager will be measured by will be a strong understanding of real estate.

So the answer to the question of how we are measured is very much yes and no.   A good property manager does need to have many of the qualities on the list, as all of us do.  But just as important if not more important is a strong understanding of the core business, managing properties.

Rob Crichlow
DIY Real Estate Solutions

This entry was posted on Wednesday, February 17th, 2010 at 11:02 am and is filed under Property Management Tips, Residential Property Industry. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.