If you own even a single commercial property, you likely have encountered times when managing your property effectively was not always easy. For that reason, and especially if you own more than one site, partnering with a property manager can help take a lot of difficulties off your plate for a nominal ongoing expense.
The question is, how do you find the right property manager for you? The following are just some of the qualities that help set a great property manager apart:
One of the biggest jobs of any property manager is handling about issues that you, as the owner, may not always be able to do on your own — and that means patience is a key virtue, according to Buildium. Being able to handle any issues that arise without getting flustered or overlooking anything will be critical to their success.
Likewise, you need to be able to count on your property managers to handle issues on their own, without prompting, including scheduling regular maintenance. This helps you avoid more costly problems down the line, but also serves to impress your tenants, who may be wowed by your property manager's ability to anticipate their needs.
Whether they are dealing with you, your tenants or service providers, your property manger should make sure nothing is lost in translation, McGrath advised. Being able to communicate with everyone involved quickly, clearly and effectively is a must.
Much like a property manager can't afford for communications to be garbled or misunderstood, they also can't afford to overlook any of the finer details of handling your site's affairs on a day-to-day basis. As owner, you need to be able to rely on them to handle everything proactively and without a single misstep, and that starts with a high level of attention to detail.
In effect, when you hire a property manager, they are your representative to current and prospective tenants, as well as any service providers or contractors your building hires on an ongoing basis. REIQ explained that, for this reason, you want to make sure your property manager is never flustered and always behaves in a way that represents you well as the owner.
Finally, keep in mind what they say about best-laid plans. Your property manager will likely find that things occasionally don't go as you would expect, or want, and when that's the case, they need to pivot quickly to another way to address the issue at hand. Ideally, things will almost always go as planned, but you need to know that, if they don't, your property manager is ready to answer that new challenge.
Whether you're looking to expand your portfolio or just get a better handle on managing your current commercial properties, the real estate experts at Ray White Surfers Paradise are here to help. We have years of experience in this industry and would like to bring everything we've learned about the process to bear for you. Get in touch with us today to learn more about how we can help you maximise your commercial property investments.