We all know what makes a bad property manager, but just what is it that makes a good property manager? Let’s take a look at what are the traits to succeed in property management in Sydney, by removing all the cliches associated.
As we know, there are many different personality types, styles, and methods to being a good real estate agent.
Enthusiasm, knowledge, experience, culture, and service-oriented values are generally the key factors, but there is a lot more.
1. Two Years + Experience
For a property manager, it’s definitely important to have had at least two years’ worth of experience behind them.
Once you’ve been in the role for 2 years, you’ve pretty much already come across most situations.
It is true that some scenarios can take us by surprise – but with some experience behind them, they will be more equipped to deal with whatever comes their way with a level head, and authority.
2. Thick Skinned
A good property manager should be customer service driven, show a lot of understanding, and be a good listener first and foremost – but they also need to have a thick skin.
Tenants are not always the easiest to deal with. They can be needy, emotional, rude, and blame everything on their property manager – even when it might actually be their own fault!
From experience, often these tricky conversations and situations can happen in short spaces of time.
It is paramount that the property manager not take things too personally!
Not only tenants, but some tradesmen, and to be honest, some landlords also tend to be difficult at times too.
There are days when the 5% of their property portfolio takes up 95% of their time, often over very menial things.
This can easily start to weigh down or impact property managers who wear their hearts on their sleeves.
Whilst having a thick skin alone is not a guarantee of the property manager being good, it is a good sign.
3. Honesty Being the Best Policy
The property manager you need is the one that will be honest with you – no matter the cost.
If you are about to hit the market, your rental agency in Sydney will need to be totally honest about the asking price, otherwise, you could be about to lose huge income in the form of opportunity cost for every day the property remains vacant.
You can’t necessarily trust the property manager who suggests the highest price.
Trust your instincts, your own research, and always get at least a second opinion.
The honesty also needs to extend to the level of disrepair or upkeep needed, or the chances of a financial hit if a situation goes to the tribunal, even if you get a ruling in your favor.
Ultimately, telling you that there is a problem or that the responsibility falls on you is something that needs to be done from time to time, and even though you might not like it, you need your property manager to do this.
The highest-level property manager is also able to give you advice on issues that many others may not know enough about.
For example, to have a tax depreciation schedule prepared for your investment property is an absolute must, especially if it’s a brand-new build.
Many property managers don’t know enough about these topics, let alone have the connections to put you in touch with the relevant professionals in each field.
If you are in the stage of changing property managers, this may be a good question to ask them: “what kind of industry expertise are you able to impart with me?”
5. Not Constantly Busy
At first, this might seem like a misnomer. If an agent is not busy, then that must be a bad sign, right? Wrong.
Remember, there is a difference between the illusion of being busy, and actually being busy.
If a property manager can seem like they’re not busy, even when they are, it means they are always able to slow their thoughts, respond to your calls, and give you the time of day that you need. It also implies that they are very organized!!!
Now that you know this, maybe it will help you feel even more confident in making your choice of agent, or perhaps in reassessing your current agent.
Or maybe even help you to see if you are the right person to become one yourself! Either way, I hope this helped.
Charlotte Peterswald is a vastly experienced real estate agent and property manager, with successful offices in both Hobart, Tasmania, and Sydney, New South Wales. Charlotte has also experienced life in France, after living there for a number of years. Valuing customer service over all else and part of that is to share the wisdom and knowledge she has acquired over 30 years in the industry so that everybody can make better decisions in their real estate needs.