Commercial property is a great way to earn passive income and add diversity to your investment portfolio. However, owning the property is only half of the issue. The property must be properly managed. This is where a good property manager will be worth their weight in gold.
Attention to Detail
A good property manager will never gloss over the details involving your property. Owning property is a business and all money in and out of a business must be properly accounted for. You will be more than happy when tax season arrives if you chose a property manager who displayed good financial reporting and record-keeping skills.
Good organizational skills go hand in hand with paying attention to details. Your property manager will be less likely to miss details when they go about their business in an organized manner.
You do not want a property manager that is difficult for you and your tenants to access. Your property manager should always be available to address the needs and concerns of your tenants and keep you informed of all issues with the property you own.
It is one thing to be available to hear the needs and concerns of you and your tenants, but your property manager should also respond to all requests in a timely fashion. This is especially important in emergency situations when fast action is necessary to maintain the safety of properties and tenants.
Proactive & Prepared
There will not be as many problems to respond to if your property manager is proactive in his or her approach to prevent these problems. Preventive maintenance, equipment upgrades, and work to interior finishes of buildings are all things with which your property manager should be familiar.
A property manager who has crafted good relationships with a variety of vendors will probably be able to save you money on the goods and services needed to maintain your property.
Knowledge of the Market
A property manager that understands the market you intend to penetrate will understand the amenities desired by prospective tenants and the terms and conditions that will be favorable to both you and the tenant.
Confident, well-spoken, willing to listen, and competent are just a few of the traits used to describe people who perform their duties in a professional manner. If these traits apply to the property manager you use and the person also possesses the above-mentioned qualities, you have made a good decision.