How Do You Know If You Have a Great Property Manager?

Over the years I have written about Property Managers, what to look for, what property management is, checklists etc, but how do you know if you have a really great manager?

A property manager or property managment company is the key in maximising your investment property. You need it well cared for and to obtain maximum rents to make it a valuable long-term investment. To ensure that you get the most out of your investment you need a "Great Property Manager" but who is that person, or team? How do you know when you have struck gold?

1. Get Feedback From Your Tenants. Ask about their manner, their response to issues - small and large. A property manager that responds quickly to an issue, pleases the tenant and also ensures that the quality of the property is maintained. This will save you in the long run.
2. Do Some Research. Once or twice a year, have a look on line at comparable properties and see what the asking rent is. This will show you if you are getting the maximum from your property and if it isn't, then maybe you need a 'sit down' with your property management company.
3. Spot Check. Go along with your property manager on a property inspection at least once during the tenancy. Check to see what state the property is in. If it's a mess and there are repairs that need to be done, it is a strong indicator you do not have a great manager. While you are there, check to see that the number of people on the lease is the number of people living there. If the number of tenants on the lease is 4 and you show up and there are now 4 people per bedroom, then there is something very wrong with your property manager.
4. Communication. When you sign on with the property manager, be clear about what sort of communication you expect from them. Let them know how often you want to be updated and in what form. If they fall below this, then sorry, but your do not have a great property manager.
5. Understand The Job.  You don't need to know the ins and outs exactly, but if you have a general idea of what is involved then you will get a fairly clear idea of what to expect from a property manager. For example there job isn't to increase the value of the property, but to maximise the yield from the property. Having said that, with all the years of experience that your property manager should have, they will be able to point out some areas that you may want to consider.
6. Reasonable Expenses. Don't 'set it and forget it', check your statements, look at the numbers, are the expenses reasonable do you think? Talk with your property manager when you sign on and have an idea what you will be expected to chip in each year. If it's a lot higher or lower find out why.
7. Do They Appreciate Your Tenants? How does your property manager talk about your tenants? Do they appear fed up with them? Do they talk highly of them, are they friendly and on good terms. Property managers are there to help you make money, but they need to be good with people. If they appear exasperated all the time, why is that?
8. Let Them Know. Thank them, let them know you are happy with the job that they are doing for you, that way they can continue doing a good job.
9. You Can Fire Them. It's never a nice thing to do, but if you don't like what they have been doing for you, change managers!

If you are looking for a GREAT property management company, I know where you can find one!

How else do you know if you have a great property manager?