What do rental property owners look for in a Loveland property manager? And with so many available, how do you know who is the right one to choose? Hiring a property manager for your Loveland rental property is a big decision, one that takes careful thought and planning. But it doesn’t have to be daunting. All you have to do is know what questions to ask and what to look for. Here are 7 qualities to look for in a Loveland property manager that indicate they’re the right fit.
7 Qualities that Indicate a Top-Notch Loveland Property Manager
When looking for a reliable property manager for your Loveland rental, professionalism is a key quality that makes a huge difference. You want someone who will represent you and your property well and isn’t going to cave under pressure when challenges arise. A professional property manager is reliable, speaks with respect regardless of the situation, and maintains an appearance and attitude that is both positive and helpful. They’re willing to help and offer solutions, and they do so without losing their cool.
Listen to the tone of their voice. Is it friendly? Positive? Do they sound interested and willing to help? Ask them about how they’ve handled challenging situations in the past.
Let’s be honest: one reason to hire a property manager is to have someone to handle challenging conversations and situations so that you don’t have to. Unpaid rent, lease violations, and unruly vendors; all require a firm and confident hand to navigate the situation and reach the right resolution, even if that means proceeding with legal consequences. If your property manager can’t do that, then they may not be a good fit for your rental.
Ask how resident and vendor disputes are handled. What procedures are in place when rent isn’t paid? How are lease violations addressed and followed up with?
Managing a rental property comes with a lot of stress. Between handling maintenance issues to ensuring residents pay on time and are happy, it’s a balancing act that requires patience. You need someone who will listen actively to concerns and address them quickly in a kind and professional manner, all while providing exceptional customer service to everyone involved. Patience stems from the ability to listen, engage, and provide reasonable solutions without rushing to conclusions.
Listen to how they listen to you. Do they interrupt you? Do they seem rushed or frustrated or are they engaged and focused on what you have to say?
Communication is a big part of effectively managing a rental property; however, there are also property managers who over-communicate. A good property manager informs you of important developments that you need to know about. They keep you updated on the progress of situations and follow through well. They engage with and communicate regularly with residents about maintenance, lease dates and renewals, as well as any potential issues that arise. Strong communication also means clear and concise communication. This avoids any misunderstandings or disputes that could arise later.
Watch for how quickly a potential property manager gets back to you. How well do they explain their services? Are they knowledgeable and transparent about their business? Do they speak clearly and respond promptly to voicemails and emails?
Property management has many different levels that all require expertise and understanding. From the ever-changing legal landscape to changes in rental market rates and trends, a good property manager needs to be knowledgeable about their chosen field. They should be aware of any legal requirements necessary to properly manage the home, from Fair Housing Laws to Warranty of Habitability, etc. They’re aware of any current trends in both the market and in what tenants look for. They should be able to make recommendations on how best to market your property and how to attract and keep qualified tenants.
A knowledgeable property manager is also one who is ready and willing to continue expanding that knowledge. They have access to resources that help to improve their level of expertise, from technology to market trends to landlord/tenant legislation and more. A knowledgeable property manager does not stop learning but continues to sharpen their skills to better serve their clients.
Ask questions about the local market and trends and what they do to stay on top of the changes in the market. What resources do they have available?
Organization plays a vital role in professionally and effectively managing a rental property. A good property manager is proficient in organization on many levels, including time management, multi-tasking, and keeping up with the necessary documents and information necessary to manage the property. They’re experts at juggling the many responsibilities involved with rental management and work as a team to ensure the entire process is smooth and organized. They keep records appropriately and document important information to maintain that level of professionalism required to do their job well.
Ask how records are kept, including leases, documents about the property, and any maintenance records. What is the organizational structure of the property management company? Is one person in charge of everything or are responsibilities split between a team of professionals?
Technology has increasingly become an important part of managing a rental property. From self-tours to online rent payment and applications to smart home features, property managers need to stay on top of relevant technological tools that benefit them, their clients, and their residents. Today’s property manager needs to embrace these changes and look for ways to incorporate relevant processes, software, and advancements to help make the entire rental process easier across the board for everyone involved.
Ask how rent is collected and disbursed. Do they offer online payment and signing options? How are showings and applications conducted? How do they utilize technology to make things easier?
Choosing a property manager for your Loveland rental property is a big decision, but it’s worth it. Take your time when deciding who to choose and trust your instincts. Ask plenty of questions and be sure to discuss your needs and expectations at the start to ensure your chosen company fits your needs. And be sure to give us a call as well. Our team possesses these qualities and more!
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