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Wednesday, April 20 2011

Phoenix Property Management.  What makes a good property manager?

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.

Posted by: Opulent Real Estate Group LLC AT 02:39 pm   |  Permalink   |  Email