If you are investing in Milwaukee real estate, you will likely need help managing the properties. Learn these 5 signs of a great property manager so you can be sure you are working with the company that is best for you.
Many investors like to be in control, handling everything themselves when it comes to their investment properties. But as your portfolio grows, it is inevitable that you will need some help managing it all. From the screening, to the repairs, to handling tenant’s needs, a great property manager is worth their weight in gold. Finding a property manager whom you can trust and who operates at your high standards can feel next to impossible. Below, we offer 5 characteristics of a great property manager and what you can do to go about finding them!
Strong Vendor Relationships
A good property manager will help to fulfill the obligations of you, your tenants and your property alike. They will need to work with plethora of outside vendors so they could properly handle every task, such as repairs, cleaning, marketing and backgrounds checks. This is why it’s important for your property manager in Milwaukee to have good and long standing relationships with top vendors in your neighborhood. These relationships are one of the most important measures regarding your property manager’s professionalism, as they take long to make and are hard to maintain. At the same time, this will insure that your manager can just pick up the phone and make a call to help you solve any problem with the property you might have, without any hassle. You wouldn’t want something to go wrong with one of your houses just to have the wrong vendor sent out, or to waste weeks on finding a suitable one.
They Have Excellent Communication
An excellent property manager will have excellent communication skills. They will answer your calls quickly, just like your tenant’s calls and their vendor’s calls. If they are unavailable, they will return messages in a timely manner. They will communicate clearly so there are no surprises regarding your property or tenants. No matter who you are dealing with, you should have clear and straightforward communication.
They Are Accountable
When it comes to managing properties, things may not always go according to plan. It can be easy to point the finger at vendors, agents, and even the property owner. When something goes wrong, your property management company should be accountable and immediately begin working on a solution to the problem. When someone is always passing the blame, it’s a sure-fire way to know that they aren’t going to step up to the plate and handle things when needed. They need to be accountable for the financials, the marketing, and for the quality of tenants they place.
They Come Highly Referred
Looking for a great property manager in Milwaukee? The first thing you’ll want to do is ask around to see who some of your fellow investors are working with. Check with your colleagues and ask around when attending networking events. Find out who they are looking for along with what they like and don’t like about them. Other investors will be looking for the same things in a property manager that you are, and will help you to find the person most qualified to help you. Talking to other investors will also help you learn about who to avoid when looking for a property manager in Milwaukee.
They Are Proactive
A great property manager in Milwaukee isn’t just going to act as the go-between for you and your tenants. A property manager who specializes in working with real estate investors will be able to help you find ways to increase your ROI. They may suggest improvements to increase the value of your property or marketing strategies to attract more potential tenants.
They will also be proactive when they discover something wrong with the property – either with the construction or with who is living there. Taking action right away instead of waiting until something goes wrong can save you thousands. Whether it be is looked-over repairs or placing a tenant who winds up breaking the lease after only a few months. A proactive property manager will save you time and money, giving you the peace of mind to know that your property is in good hands.
When it comes to finding a great property manager in Milwaukee, don’t be afraid to screen a few and ask some questions. Get referrals and contact references to get a better idea of what they can offer you. We would love to help you find not only the best properties but also the best person to help manage them for you. Learn more about who we use and recommend!