What Makes a Great Property Manager?
At Glenroe, we have chosen to focus most of our real estate purchases in Edmonton AB.
In order to do this, we have had to rely on impeccable property management. We have no choice of being a 3-hour plane ride away from our properties!
We are fortunate to have the best property managers in the country, hands down. Having had properties in different cities, I have a lot of experience dealing with property management. Some good, some OK, some bad, and some terrible! You learn through all of those experiences though!
Here are the things I feel are crucial to have when dealing with property managers…
1. Their attitude about your properties…. do they really care about your properties or are your properties what makes up their income for their business? Do they think and treat your properties like they own them? (this is so so so important)
2. Their ability and commitment to stay in touch with you…. For me, this is one of the most important factors to consider with property managers. Do they answer the phone when you call? Are they available for you to discuss issues? How fast do they return texts or emails? I have worked with PM companies who only wanted to communicate with me once a week to update me on issues or vacancies (this drove me nuts), the faster they respond to you the more committed they are to looking after your properties. It’s as simple as that.
3. The relationship you build with them…. If you have heard me speak or have listened to me discuss joint ventures you have heard me emphasize the need for TRUST and CONFIDENCE in your relationships with people in order to do business with them. This is never more true when it comes to your relationship with your property managers. You are giving over the responsibility of millions of dollars worth of property for them to look after on your behalf. You better have a high level of trust and confidence in these people if you want them to take great care of properties for you.
4. The ability to deal with ONE “go to” person…. one-stop shop, one person to deal with for all the needs of your properties. I have found that dealing with several people in several divisions of a property management company can accomplish very little and become very unproductive. Dealing with one person for everything pertaining to your properties is far superior and holds that person accountable to be on top of everything on your behalf.
5. Clarity in reporting and accounting…. when you hand over properties to PM companies you need to have awesome communication. This pertains to how you communicate verbally with the property manager but it also has a lot to do with how the numbers are communicated. Numbers tell a story of how things are going. If they are not presented in a way that you understand them, then clarity becomes a challenge and problems creep in. With my property managers, I make it very clear to them what I want to know and have reports and invoices created that cater to my needs. If the PM isn’t willing to adapt to what I am looking for in presenting numbers then they won’t be working with my properties. Set your standards high, they are working for you, not the other way around!
6. Property Management is more than simply managing properties…. PM are sources of information for your business, they learn to become eyes and ears for you to grow your business, they should know their market better than anyone else, they should have a very clear understanding of what types of properties work best for you and want to see you grow your business.
Lastly, when you interview Property Managers ask them this question…. “What is it that you need from me in order to for you to do a fantastic job of looking after my properties?” This way the PM understands your commitment to making their job as easy as possible and thus they will return that favour to you!!
A special shout out to Sam and Elizabeth Bain of ARAC in Edmonton AB… they have what I have described above down to a science. They are the best in the business and I would HIGHLY recommend them to you if you are investing in Edmonton!!!! They are simply FANTASTIC.
Kind Regards,
John C. Heeney, CEO Glenroe Lending
Glenroe Farms Limited ( Private Lending )
We build LEGACY to create TRANQUILITY
john@glenroelending.ca
519 808 7370
