Tens of thousands of property managers exist, ranging from primary operations and disruptive start-ups to regional businesses and individuals. It's a field where you can't continually assess candidates based on their client list and work examples, and you can't consistently rank them based on education and certifications. Property managers come from various backgrounds, and depending on the firm's size, they may do only one or all of the roles.
There are some characteristics that all property managers must possess because they all have obligations to fulfill. Not sure what to look for? Here are some handy tips in looking for an effective property manager:
Insurance, mortgage payments, and taxes are all unavoidable expenses. Then there are the costs that can be controlled, such as turnaround times, marketing, and maintenance or upkeep. Rather than mowing the grass less regularly, hurting tenant satisfaction and retention, locate a more cost-effective vendor. It is not about reducing costs, but rather about controlling costs.
Get a manager who is familiar with the sort of property you have purchased. Commercial properties and tenants have distinct characteristics compared to residential properties and tenants. Retail will face different challenges than an office. Due to their understanding of rent and cost standards for this sort of property, an experienced person will be able to discover value-add possibilities to boost your net operating income.
Accounting and property management functions are increasingly often separated in many commercial real estate firms. Unfortunately, this implies a big pool of professionals with little to no knowledge of financial statements and accounting. Therefore, investors should conduct thorough interviews with possible firms and, if necessary, use the aid of their CPA in picking a firm.
Suppose a property manager spends half of their time on paperwork. In that case, the other half is spent interacting with people, showing apartments to prospective renters, meeting with maintenance experts, and providing service to existing tenants. Nobody expects to be ignored, scowled at, or asked, "Who are you again?"
As the person in charge of screening renters, collecting payments and keeping vendors/contractors on schedule, the property manager should have a charming smile and steel nerves for difficult discussions regarding money owing because such talks will have to take place.
While regular business hours are the norm, this profession receives many off-hours inquiries and urgent requirements during business hours, which necessitate patience and a friendly attitude.
While the real estate industry has been reluctant to incorporate disruptive technologies, many developments have been completely entrenched. Property listings, for example, are constantly delivered and marketed digitally. On both the vendor and rent management sides, invoicing and collection are frequently handled through programs such as QuickBooks and applications. Although tangible copies of financial papers should be kept, no one should rely on paper systems longer.
To recap, a competent property manager possesses a diverse range of abilities. It may appear challenging to discover all of them in a single individual.
Are you looking for real property management in Ottawa? Fahel & Co is a property management company that provides high-quality services to both renters and landlords. Get in touch today!