The face of the global real estate industry is changing and competition is much more than ever. In today’s tenant-driven market, finding new tenants for commercial properties has become quite complex and time-consuming. So, the best way to increase the value of your commercial property is by hiring a good property management firm.
Many commercial property owners are hesitant to hire a property manager. But, in reality, hiring an experienced real-estate manager can be the best decision an investor can make. However, finding the right property management professional makes all the difference because not all managers are the same. With the changing real estate market, property managers also need to keep up to date in order to maximize efficiency and succeed in managing customer needs and expectations.
A successful commercial property manager goes beyond just taking care of the buildings or maintaining property grounds. Whether you’re a property owner or a growing property management company, you need to find a good fit for your company or property. So, let’s take a look at the top qualities of a great property manager.
1. Experience Counts
First, you need to consider the qualification, training, and experience of the real estate manager. Ask how many properties he/she has managed previously. The manager you select should have experience in a range of properties from small retail outlets to office blocks and commercial tenements. An experienced property manager also possesses knowledge of local real estate laws and regulations.
2. A Mindset of Investor
A great property manager has an investor mindset and will take care of your property as if it were his or her own. It’s important that the professional is well aware of the difference between the internal rate of return (IRR) and net present value (NPV). Before hiring a manager, ensure his ability to calculate cap rates and cash-on-cash returns.
3. Patience also matters
Property management means dealing with unruly contactors, nagging tenants, and demanding investors. This can be extremely stressful which requires a lot of patience. The good property managers are patient to deal and listen to their customers, as well as efficiently handle complaints and stressful situations.
4. Consider Tech-Savviness
The changing face of the property management industry means property managers need to stay up-to-date. Look for a tech-savvy real-estate manager who has knowledge of the latest technologies from software applications to hardware that enables landlords to conduct self-showings.
5. Communication Skills is the Key
Basically, a property manager is supposed to deal with people throughout the day. Not all customers speak the same language and have a similar background. Therefore, the property manager should be comfortable communicating with people from varied background and personalities. So, look for a professional who has impeccable communication skills. The manager you hire must be professional and should be a people person. This will ensure his ability to deal with residents, contractors, and others in a polite but firm manner.
6. Look for an Ethical Person
If you want peace of mind, find an honest, reliable, and ethical property manager. The property manager is going to collect rents, security deposits, and handle other financial aspects related to property management. Moreover, a property manager needs to always be upfront with the renter. This means reliability and honesty of a manager is something that goes a long way in ensuring the success of your commercial property management.