Do you need to hire a property manager? Many property owners, condo boards, and co-op boards may be hesitant to hire one because a bad property manager can have long lasting effects, including financial, on your building. However, hiring a great property management company is a great asset. Here’s some important characteristics to look for when considering a property management company.
Experience is extremely important. Ask how many properties they have under management and for how long. Also ask if they have turned around troubled properties. An experienced property management firm will have thorough knowledge of local laws, regulations and standard operating procedures.
A property manager should care for your property as if it was his or her own. Property managers should have a good understanding of the difference between internal rate of return and net present value and be able to calculate cap rates and cash on cash returns. This helps to see the big picture and to make informed and expertly guided decisions - together.
Persistence is an important trait because there will be delays with contractors, unruly tenants to deal with, and buyers who may have unrealistic expectations. When interviewing, look for a property management company that listens and has great customer service skills.
Having a successful property, is truly a balancing act. At times, the property manager will need to aggressively track down late payments and hold a contractor to task. Your property manager should always take on challenges on your behalf.
A property manager will need to be extremely professional because he or she needs to get along with board members, residents, contractors and others. Look for someone who speaks professionally, treats others with respect, and does not shy away from responsibility AND accountability.
Communication skills, written and oral, are important because the property manager needs to convey what’s occurring at the property. Clear communication helps reduce disputes and ensures that the property runs like a well-oiled machine. Since there are so many moving parts, a property manager needs to be extremely organized. Property managers need to be well versed in technology because new technologies are being introduced all the time.
How a property management company deals with problems is important because there are things that can go wrong. The more flexible the property manager is, the more he or she will react properly to any unforeseen situation. They should be willing to think outside the box and be committed to ongoing improvement in how they service your property.
All Area Realty Services knows what it takes to run buildings smoothly and efficiently while keeping both tenants and owners happy. With over 30 years of experience, and many clients with All Area Realty Services for decades, All Area can be trusted with taking care of your building and tenants.