There is always some uncertainty involved when considering hiring a Dallas property manager. Those with investment properties want to know that this professional can do a better job than they could do themselves. Even established real estate management companies will be hesitant to hire someone if they are not sure they will do the job just right.
You can never tell for sure if the professionals looking to manage your investment companies will be the right person for the job. Nevertheless, there are some important characteristics and qualities that are essential for any worthy property manager.
If you are looking to add a property manager to your growing company, or looking for someone to handle the minutiae of property management, here are some things to look for.
1. Extensive Experience
Obviously, if they are inexperienced, they will be hitting a considerable learning curve and you may have to pay for this important education. Be sure to ask plenty of probing questions on your first interview. Have they handled many properties before? What type? Do they have experience with floundering properties? Furthermore, an experienced property manager will have extensive knowledge on laws, codes and best practices.
2. A Mind for Money
Having a mind to make money is one of the most important things you find. This perspective allows your property manager the perspective and experience to see the bigger picture and make the judicious decisions that result in higher profits. This is not the easiest skill to determine but by far the most important. You should not dismiss a candidate just because they lack knowledge in some areas, a willingness to learn and a passion for profits is the most important when it comes to real estate investing.
3. Patience
Property management is a game of timing and calculated decisions, to say the job is stressful is a massive understatement. There will be troublesome tenants, slow contractors and investors with champagne expectations from their tap-water properties.
With this in mind, look for someone with a persistently cool and calm personality. Gauge how well they are willing to listen to comments, doubts and complaints. If they have a graceful way of speaking and explaining, this greatly improves business interactions and investments.
4. Tenacity
Along with a healthy helping of patience and congenial personalities, your property manager will also need the tenacity and aggression to bring in the cash. They will need to be strong and persistent when dealing with contractors that are behind on their work or tenants behind on their payments.
5. Communication Skills
Any good property manager will be able to communicate well through speech or written communications. They should be able to keep you abreast with everything that is happening on your property. The capacity to communicate clearly with your property manager will ensure there are few misunderstandings that can lead to serious disputes.
6. Organization
Property management is a tedious task and there are so many moving parts and details that must be addressed in a timely fashion. In order to stay on top of the leasing, releasing, schedules and important dates they will need a firm command over their time and resources. It may be a good idea to ask about the organization skills and techniques of any candidates you are considering for the position.
7. Ingenuity and Resourcefulness
The tricks and techniques involved in property management are not carved in stone and every individual situation will need a fresh perspective and clever plan if it will be brought to full fruition. It takes boundless creativity and imagination to properly manage a property. If you want someone who will make a big difference look for someone who has no problem thinking outside of the box.
