If you own a property with the intentions of leasing or renting it, you will know first hand the time, effort, and money it takes to maintain a asset. When CRE owners don’t have the time or resources to manage their CRE property they hire a property manager to make sure their investment value grows. Rory Williams, Managing Partner at SVN/Demetree Real Estate Services, discusses five traits of a great property manager in the excerpt below. Understanding these five traits will be a great reference point for anyone looking to hire an property manager or property management firm. After you read the excerpt, we encourage you to click the green button at the bottom to continue reading!
What Makes an Exemplary Property Manager
Owning a property designed to be leased or rented is a significant investment of time and money. These properties—including retail centers, office or industrial complexes, self-storage facilities and homes—also carry a number of inherent challenges. What if I can’t get a tenant? What if my tenant is behind in payments? How do I keep up with the maintenance demands of the property?
Enter, the property manager.
Just remember, you invested a great deal into your property. How can you ensure that you have the best property manager for the job?
You can—and should—get references, check the person’s vacancy rate or ask the manager a battery of questions about tenant acquisition, maintenance, fee structure, etc. There are also personal traits you can discern by talking to a property manager. These are important markers that will help you make the right choice.
Look for these traits when hiring a property manager.
1. The property manager is an excellent communicator.
On the most basic level, this means he or she promptly follows up quickly on phone calls. If you leave a voicemail, and the property manager doesn’t get back to you, your tenant will probably be treated similarly. Additionally, if a property manager procrastinates, it could end up costing the property…