Seattle,WA Property Manager: Learning the basics and doing it right every time

The Property Management business as a whole has so many wonderful underlying safeguards to protect the community, the property owner and the tenants that live in the property, for the greater good for all.  The key role of a Property Manager is to manage the property effectively, and a property manager must be familiar with all of the factors that influence its marketability- what contributes to the value of the property, its rental rates, its occupancy rates, market value and purchasing power, social status, and life-style of the community.  In this blog I'll talk about what makes a good property manager, and later I'll talk about the value of professional property management within the community.

Owning and operating a property management company that deals with people as a professional business takes a lot of  knowledge and compassion with thoughtful understanding of the wants and needs of the tenants. When making management decisions, such as setting rental rates, the property manager has to consider the current state of the real estate market, trends in occupancy rates, market rental rates, general employment levels, and supply and demand within the market.

Over the years, I have learned the basic principles needed to be a successful Property Manager, and I guess it shows.  When I have to refer and owner because their property is outside my service area, they almost always ask "what should I be looking for in a Property Manager?"  My advice is to ask them about the basics I described above.  If they are knowledgeable and confident, it will show.

And yes, I do take my own advice- one of the many questions I ask potential new clients or when hiring a new Property Manager within the company, is "what's your knowledge of the business?"  Fundamental knowledge about the nature of investment property is the foundation to a successful management partnership together.  (On a personal note, another big consideration with potential new owners is simply that if I would not be comfortable living in the property, I won't manage it either). 

Another part of being a good Property Manager is being able to wear many hats, one of which is an educator.  Keeping owners up to date on state and local Landlord Tenant laws that affect the property is a big part of this, along with all the other subjects that come up with a property- maintenance, repairs, insurance, structural concerns, and many others.