1. Ability to deal with all types of tenants.

Being a landlord sometimes requires less-than-comfortable interactions with tenants. If you can’t bear the idea of confrontation, this may not be the role for you. At the same time, understanding and compassion is a key trait. If you lose your temper easily or tend to act out of emotion, this industry could be a poor choice. As a property manager, you will have to act in a professional, but firm, manner when working with tenants.

2. Experience in marketing and applicant screening.

One bad tenant can turn a profitable venture into a money pit. Owners benefit from an established procedure that a property manager uses. A property manager that uses appropriate market analysis, tenant screening, and statement accounting will ensure that the property is doing well. Property managers also often earn licenses in real estate. A properly licensed manager will understand laws and duties required in that state. 

3. Guru of home maintenance and repair.

A tenant will enjoy their home most of the time. However, maintenance and repairs will occasionally be necessary. Maintainance can be a make-or-break issue for a tenant. Therefore, they will appreciate a property manager that provides quick and thorough service. Whether it’s unit preparation between tenants or a plumbing issue, they should diligently supervise all work done by preferred vendors.

4. Value for Service. No Markups.

The industry standard for tenant placement is 8-10% of collected rent and 50% of the first month’s rent. While this is an additional cost to the property owner, it ensures that their property will be well-managed. There should be no markup on maintenance or repair, and any funds resulting from late fees or penalties should belong to the property owner.

A residential property manager is a partner in a rental business. Managers that exhibit these traits will become an essential entity and achieve the best chance of success.