Many people are hesitant to hire a property manager. Can someone care for your property as you do? In fact, leading Chicago property management companies are skeptical of hiring someone new for their business. After all, wrong hiring can be significantly damaging to a business.
Of course, you can’t guarantee a manager will be perfect for your property or company. However, a good manager should have three qualities. So, without further ado, here are three major qualities of a skilled and good property manager to look for, whether you are a property owner or a property management company.
You might want to assure that a property manager will care for your property as if it’s their own. In that case, look for a manager that has an investor mindset. In fact, novice property managers must have basic knowledge, such as the difference between net pressure value (VPV) and internal rate of return (IRR). The property manager should know how to calculate cash-on-cash returns and cap rates.
Property managers with an investment mindset can see the bigger picture, which equips them to make crucial business decisions, such as where to spend money and when to offer rent concessions. If you find a candidate lacking investment knowledge, you need to look out for someone else.
Chicago condo management or other property management revolves around dealing with different people. A good property manager needs to keep investors and clients updated on what is happening to their condominiums, flats, or other properties. Furthermore, residents want clear communication about building maintenance, policies, and other crucial matters.
So, if you want to hire a property manager, they must have exceptional communication skills. Precise and clear communication helps to close property deals successfully and helps eliminate the chances of a dispute or mixup. Strong communication keeps a property running and attracts more people to it.
Property and condo association management companies require a manager with a lot of patience. This job can get super challenging and stressful at times. Tenants can be late with rent payments, contractors might be behind schedule, and investors might have unrealistic expectations. However, the property manager should have patience as they have to deal with stakeholders diplomatically and wisely.
They need to have the ability to listen before putting their opinion forward. This approach will help you handle stressful situations and complaints. Patience is a primary tool for quality customer service in property management.
So, if you’re looking for a property manager, remember the mentioned tips. Worried about where you can find the right candidate? Connected Management can help you find the right candidate. We provide you with the support and guidance you need at a stellar price. Contact us today to get started.