There are many options available for property managers, but it can be a challenge to sift for the one excellent manager for your high-value investment.  What are 3 important qualities you should look for in a professional property manager?

1)      Your manager, whether an individual or a company, must have demonstrated that they are available for emergencies 24 hours every day, 365 days per year.  If the heating goes out in a unit on Christmas Day with the tenant and visiting relatives in residence, the manager must be able to get a qualified professional on site for repairs within hours, not days!

2)      Your manager must have smooth and adept tenant communications skills.  Happy tenants, paying on time and renewing their leases, are a foundation of profitable multi-family properties.  Do tenants feel this management team is respectful, responsive and able to fix their problems? Or are tenants only too eager to escape at the end of their lease?

3)      Evaluate the management cost as a ratio of the income from the property, keeping in mind that quality management is a key part of a successful property.  Good property management is not cheap.  Whether an individual or a company quality property management can make you money, or lose you money. Good management in multifamily is worth its weight in gold!

In the long run your property and your profits will be better off in the hands of knowledgeable, expert management, and you may wish to hire a professional rather than do it yourself.  A manager who is indifferent about maintenance or rude to residents can lead to long-term damage to your property and aggravated tenants who leave in frustration.  Good management cares for your property and helps tenants feel this is the place they want to stay long term.

For more information on how you can escape the rat race for good and create lasting, generational wealth with real estate, download my FREE ebook, “How to Find Underpriced Properties: Secrets for Creating Wealth with Real Estate in ANY Economy.”