Owning any property, especially a commercial investment property, can be stressful, even more so if you manage the property by yourself or have a property manager who might not always be on their A-game. If that’s the case, what makes a good property manager for your commercial property?
A good commercial or residential property manager can help you rent and manage your investment property without taking additional time to manage the day-to-day operations. They’ll find tenants, collect rent, and maintain the building. The service is available for both residential and commercial properties.
Suppose you’re looking for an expert property manager who can help your business shine with their administrative skills and attention to detail. In that case, this article will provide some great insights on spotting a good property manager for your property.
What We’ll Cover:
- Staying on task
- Communicating effectively
- Responding to tenants
- Promoting efficiency
- Setting goals
- Making quick decisions
- Organization skills
An Expert Property Manager Is Good at Staying on Task and Ahead of Schedule
Although this may sound like a simple concept, it isn’t easy to do in practice, especially if your property manager manages more than one building or has more than one client.
Property managers often see large workloads of responsibility and sometimes face challenges when completing tasks within the given time frame. However, an expert property manager knows how to manage their time well to get ahead of schedule whenever possible.
Why Communication Is Key as a Property Manager
As a property manager, communication is one of the most important skills needed. It’s not enough to communicate effectively with tenants and property owners–a good property manager must also be able to communicate effectively with other parties involved with the property at all times.
Strong communication skills as a property manager include communicating with vendors who provide services such as landscaping or pest control; contractors who work on repairs; attorneys if you need legal advice; etc.
The ability to communicate effectively will help ensure smooth operations across all aspects of the property, from the tenants, the contractors, and at the end of the day, you as the owner, saving you time, money, and frustration when your property manager communicates effectively.
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Good Property Managers Listen to Their Tenants and Respond to Their Needs
To be a good property manager, you must listen to your tenants. This means being available when they need something and willing to respond quickly when they do. It also means being open-minded about their needs and how they might change over time and communicating with them clearly so that everyone is on the same page about what’s going on with the property, including the landlords.
It can be hard for some people who are normally in control, especially as owners. Other people make decisions without consulting you first; however, your property manager can make small and seemingly mundane decisions without bothering you as a landlord! As a landlord and property manager, the key is to have an open dialogue when you start your working relationship and express when and how you want to be contacted.
Property Managers Will Constantly Be Developing Systems to Help Boost Efficiency
It’s important to remember that property managers always look for ways to improve their business. They are always trying to develop new systems and strategies to make their job easier, more efficient, and ultimately more profitable.
One of the best ways to do this is by using technology. Many different types of software can make your life easier and help you run a more profitable income property.
However, it’s important to remember that not all software is created equal. Some of them are great for small businesses but not so much for investment properties, so this new system might take a while to develop, but once your property manager has an effective and proven system, they will likely get you on board as well!
A Good Property Manager is Good at Making Decisions Quickly and Effectively
A good property manager needs to make decisions quickly and effectively; this is especially important in the case of natural disasters where your property may sustain damage.
Your property manager will need to be decisive, which means making the right choice based on the information available without relying on emotions or personal preferences which might differ from yours.
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A Strong Property Manager is Self-Driven and Goal Oriented
A good property manager sets goals and works towards them with you as a landlord and has the plan to achieve their goals, with the steps they need to take to get there.
You should know how to prioritize your time and tasks efficiently without feeling overwhelmed or stressed by things that aren’t as important in the long run (i.e., ensuring your tenant’s heater works before you do something else like gardening).
As mentioned, the best managers will stay on top of their responsibilities, including communicating with tenants and owners and maintaining a good name for themselves in their community. A good property manager will ensure they’re always up to date on any issues in the building. They will also ensure that the landlord is aware of any issues that may impact them financially or legally and are always looking for ways to better the property and save money.
Many excellent property managers will set quarterly or yearly meetings with the landlords; they assist in reviewing goals, updating on progress, and setting new goals.
The Best Property Managers Have Great Organization Skills
Organization is key to being a successful property manager. Staying on top of deadlines, tasks, and projects is a critical skill that separates good Property Managers from great ones.
The best property managers can juggle multiple projects simultaneously while maintaining composure and staying calm under pressure. They know where all their paperwork is located, so they don’t have to look for it when an emergency arises.
Having a good property manager on your team of real estate professionals will only help you as an investor and landlord continue to grow, be profitable, and eventually purchase more properties while maintaining your career and work-life balance.
For more information regarding investing, property development, or property management in Central Massachusetts, visit our NAI Glickman Kovago & Jacobs services page as you grow your real estate portfolio.
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About NAI Glickman Kovago & Jacobs
As the leading commercial realtors in central MA, NAI Glickman Kovago & Jacobs is your home for commercial land for sale. We have an award-winning restaurant, retail, office, industrial, multifamily, and medical real estate management record.
We can also assist with land acquisition and development as a commercial brokerage. Our deep local knowledge comes from decades of business partnerships with commercial contractors and key community vendors. Whether buying, selling, or leasing, we can find the right property to fit your needs.
Contact us today if you need help finding brokerage, commercial construction management, or real estate property management in Worcester, MA. You can also follow us on Facebook, Instagram, and LinkedIn for more updates about commercial land for sale in Worcester, MA.