What makes a good PM?

[Learnings]

Hey guys.

Im currently shooting for Assistant Property Manger jobs to enter the Real Estate game & was wondering what you experienced landlords find valuable in a PM.

Extending beyond the common sense realm of returning phone calls and collecting rent on time, Is there any common pitfalls you feel should be avoided?

Ive read alot of info about how garbage some of them can be, and would like not to make the same mistakes.

Just doing due dilligence I guess

 

[Ana]

Well, one of the more important ones is that they do the research into potential tennants property.

The really good PMs also suggest ways for adding value to the property which will also increase the rent. eg. Lets ask the tennant if they would pay an extra $20 per week if we install an airconditioner for them, etc

Other things include, following up with tennats, doing regular inspections, if the landlord is interstate offering to take photos when they do inspections, chasing late rent, representing the landlord at a tribunal (if required), making sure the tennants clean & repair the property properly when they move out and if they don't organising for the bond to cover it, etc.

Wishing you every success,

Ana

 

[poppy]

Im currently shooting for Assistant Property Manger jobs to enter the Real Estate game & was wondering what you experienced landlords find valuable in a PM.

What the owner of the Property Management business (ie your potential employer) would find valuable in an employee, and what a landlord finds valuable in their PM may be totally different.

 

[pully]

What the owner of the Property Management business (ie your potential employer) would find valuable in an employee, and what a landlord finds valuable in their PM may be totally different.

how very true. each agendas are different.
it would not be an easy job.
i like an attention to detail in inspections. good prompt follow ups of any issues. it pays to nip potential problems in the bud before they blossum.

empathy and understanding of the owners need for professional management of their valuable asset. mindful of their responsibility to the tenant but clear that the landlord pays the bills.

regards

 

[Project1080]

You hit the nail on the head Pully. it's the landlords who pay the PMs wages. Without em, you ain't got a job.

Get yourself in the door then once in, forget the income side for a while but ask yourself and concentrate on one fundamental question - how can I make my clients happy and satisfy their needs? If you are able to answer this question, you'll eventually have them beating a path to your door. For me, the service and advice more than offsets an slighty higher price than the next best PM. Although I do have a really good deal with my PM.

Project 1080

The project: 10 IPs in 80 mths.

 

[Pushka]

I just replaced my PM. They were a big company, with all the good credentials, but they lost the art of customer service. They had too many people dealing with the one owner, so everything got jumbled up, I would ring someone and they would say I should ring the person dealing with maintenance not rent collection! As if I have time to ring four different people.
The new person is passionate about her business, she communicates well with me but without overcommunicating; she will then work out what is in my best interests, and she isnt afraid of working! And she is the only one I have to deal with.

 

[Jacque]

Pop over to www.invested.com.au and have a read of my essential questions for interviewing potential PM's (under Articles)- might help you out with expectations from landlords etc.

 

[Learnings]

Thanks for the feedback guys. I get your point poppy & plan to market myself accordingly.

Income isnt my main reason to be there, If i want to get 10 ips by 2019 I couldnt think of a better place to gather information Ill be taking a substatial paycut taking the job.

My main motivation is learn the industry from the 'inside' hopefully greatly advance my knowledge on the local markets.

Ive done the agents rep course twice so feel pretty confident on the 'book smarts' now I would like get some street smarts & experiance.

Jacque: Cheers reading now

 

[Xenia]

Learnings it took me a while to work out what shooting for....property game.... meant!

But from replies it seems you want to apply for a property manager assistant position correct?

Here is one thing we look for in our agency: Mindset! That is attitude, emotional stability and positiveness.

We used to hire people with experience but soon found out that we did not like the "experience" they came in with. We now have our own in house training so mindset is much more important.

The agency you choose to work for is an important descision. They should be customer focused and yes landlords are the clients, but they should also look after their staff.

I have sacked property managers because of a wrong attitude towards clients, mainly a "rich landlord" attitude a tall poppy symptom which I dispise in the industry.

But I have also asked landlords to leave because they were being too unreasonable and overdemanding and wearing down my staff. Unreasonable petty clients also mean that the other 99% of great clients miss out on service.

The role of a good manager is to create and keep a certain level of morale and positiveness and quicky get rid of anyone either staff or clients who are causing a disharmony! Then giving 100% to good staff and clients!

 

[Learnings]

Thanks for the reply

Correct - I am applying for a assistant PM postion - but not soley for a "career"

I just want to jump into real estate and start swimming around in it to help my personal portfolio expand. From 0 to 1 hehe. On a side note more finance interviews on the way & I should be a homeowner soon

Ive just been given a substantial raise at my current position so I need to rethink what I need in the near future - money or knowledge.

I am considering the best of both worlds and just renewing my REIV membership for access to the data & staying at my current postion until the work dries up to maximise my ratrace income until the passive starts coming in.

Its all exciting around the 1st property so much to do