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 must also keep up to date to maximize efficiency and manage customer needs and expectations. A successful commercial property manager goes beyond caring for the buildings or maintaining property grounds. Whether you’re a property owner or a growing property management company, you must find a good fit for your company or property. So, let’s look at the top qualities of a great property manager.
1. Experience Counts
First, you must consider the real estate manager’s qualifications, training, and experience. Ask how many properties they have managed previously. The manager you select should experience 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 theirs. The professional must know 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 contractors, nagging tenants, and demanding investors. This can be extremely stressful and requires a lot of patience. Good property managers are patient in dealing with and listening to customers and efficiently handling complaints and stressful situations.
4. Consider Tech-Savviness
The changing face of the property management industry means property managers must stay current. Look for a tech-savvy real-estate manager who knows the latest technologies, from software applications to hardware, that enable landlords to conduct self-showings.
5. Communication Skills is the Key
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 backgrounds 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 politely but firmly.
6. Look for an Ethical Person
Find an honest, reliable, and ethical property manager if you want peace of mind. The property manager will collect rents and security deposits and handle other financial aspects related to property management. Moreover, a property manager always needs to be upfront with the renter. This means the reliability and honesty of a manager go a long way in ensuring the success of your commercial property management.
