Key Factors to Examine Before Enlisting a Property Manager for Managing your Property
If you are looking for a Property Manager for taking care of your Property, then Hiring a Property Manager is a major decision to take care of your property. The Property Management Company that you hire will be responsible for your assets and will be on the Front end interacting with the Tenants, contractors and all the other areas to upkeep your property.
Having taken the decision, you need to decide on the Property Management Services you require and streamline based on attributes which will suit you.
Professional with Good Communication Skills
The Property Manager represents you and therefore you have to be sure of his professionalism. Good Communication Skill is the basic requirement of a Property Manager since he has to handle multiple tasks and has to interact with multiple people for upkeep of your property.
It can be stressful at times when there are delays in works or rent collections and patience is another virtue that a Property Manager needs to have. At such times, the Property Manager need to be assertive at the same time polite to get the job done.
The property manager needs to build strong relationship with the tenants, community, vendors and neighbourhood. Good Communication skills along with quick and timely response are the essentials of essentials of a good property manager.
Multi Tasking Ability
Property Managers do several tasks and at times it happens that multiple tasks come at the same time for different properties. The Property Manager should have the infrastructure and ability to perform the tasks with an organized approach.
Technology & Learning
Technology is growing in leaps and bounds and this has brought in lots of changes in the communication methods. What was imagined years before (like video calling) is now a days very common among kids too. A good Property Manager should embrace the latest technology, software and use it to his advantage to give quicker and more effective service.
We stop growing when we stop learning – I have heard this from people. A good Property Manager should be a good learner and competent with information about the market, rules and regulations, factors affecting property rental and sales and all other factors related.
Efficient Management
There is a saying which says that “Money saved is Money earned”. A Property Manager with Good Negotiating skills will save money for you by skilfully negotiating with the contractors, tenants, vendors, annual maintenance contract service providers and various other areas. Reduction of cost and efficient financial management will increase your income.
It is also important to handle expenses and to efficiently rectify issues when they are small and not delay it for a high expense at a later date. He has to be proactive to foresee the future expense and do the timely repairs to avoid major repairs in future.
He should efficiently manage the rentals with minimum vacancy period there by maximising the returns on investment.
He needs to be tuned with the Rental Dynamics and be shrewd enough to suggest value added things to increase the rental income for the owner.
Ability to manage the day to day chores like advertising, screening tenants, rental agreements, rent collection and upkeep of property with timely repairs and maintenance and Tenant Management.
Decided to hire a Property Manager
Property Better than U
Clearly list out the Property Management Services that you are looking for. No one knows your property better than you.
Hire a Property Manager
Hire a Property Manager who is aligned to your thinking process and values.
Detailed Discussion
Discuss all minute details - Have a detailed discussion about the list with your Property Manager – it could be negotiating rents, maintenance of the property, inspections and regular updates of your property.
Trust your instincts
Trust your instincts and gut feeling to sense if there is transparency, genuinely, sincerity, professionalism, sense of commitment, patience, negotiating skills etc.