When a real estate magnate, regardless of the scale of their investment, decides to buy an apartment building, they must be aware of the importance of proper management.
It would be difficult for them to manage the properties themselves, which is where a talented and dedicated property manager comes in. Without the proper expertise, the real estate venture could very well become a money pit. A property manager’s main job is to ensure that the building is well-maintained and that the tenants are satisfied – while also collecting the rent on time.
They have to meet a long list of requirements, such as being a multi-tasker, and basic knowledge of the tenants of accounting, law, insurance, construction, and even engineering. Of course, this is a tall order, but it’s the perfect job for anyone who loves a challenge.
If you’re a real estate investor eager to find the perfect property manager for you, then the following guide should help clarify the most important qualities you need to be on the lookout for.
Property managers act as the go-betweens for different parties and powerful stakeholders, from the investors to the tenants and owners. Therefore, being able to communicate clearly and effectively is key.
The property manager should be able to listen to you as the building owner and understand your concerns, and they also need to be able to meet the needs of the tenants. Both verbal and written communication skills are incredibly important, and the property manager is responsible for finding ways to centralize information about the property, the latest updates, while also collecting vital pieces of news to share with the property owner.
Managing a rental property is not an easy task, and it requires an organized individual to lead the way. As the experts from DoorLoop.com note, a property manager has to juggle several responsibilities, including managing the tenants, paying bills, finding ways to improve the property, submitting interim and annual reports, spearheading efforts to streamline correspondence, making sure the building is compliant with all local and federal laws, etc.
A good property manager will know which tasks to prioritize, and will also have excellent bookkeeping skills. Moreover, they should be able to effectively communicate with you as the owner the steps taken to ensure that properties are running seamlessly. Organizational skills are a facet of the job that cannot be overlooked – without them, things can get extremely messy in no time.
Given that most communication happens online these days, the property manager – or the firm that represents them – should be able to help set up an online portal to collect things like work orders for maintenance, rent payments, and so on. This helps to facilitate all those tiny details crucial to healthy communication, that will help make sure that everyone is happy.
The maintenance of your property is something that you will want a trustworthy property manager to take over. This individual should have a proven track record in knowing how to keep the space in perfect condition, able to attract new leases while satisfying current clients, and remaining in compliance with all laws.
In general, it helps to make sure that the property manager or the firm representing them has a good Rolodex of maintenance contractors or even their own maintenance department. Look into whether they invest in cost-effective maintenance, and how often they do maintenance checks. This could make all the difference in the ultimate success of the investment in the long run.
5.Managing Maintenance Portfolio
The expense account pertaining to maintenance of a property is huge, and it would be incredibly wasteful to give it to less than competent hands. It is imperative that the property manager has enough experience with building management before an owner hands them over this portfolio since it is one area that can have a huge impact on the value of the investment
The role of the property manager is a tricky one, given that they have to juggle so much at any given time. The manager needs to be a leader, one who can skillfully connect with residents, the property owner, and other stakeholders, while remaining adaptable to new circumstances.
If the tenants are happy, the longer they will stay and help spread the word to other people in the community who will be eager to move into the building. Being able to foster healthy relationships is crucial to the long term fiscal viability of the property.
Effective property management is no easy feat. Ti takes an individual with a specific skill set and a ton of experience to ensure that a big building is running smoothly and harmoniously.
It is actually a big part of making sure that the real estate investment pays off since a poorly managed building or property is bound to cost more money than it is worth.