An essential part of investment in real estate and property development is associating with a competent property management team. They are the ones who care and nurture your investment, ensure the highest performance of your assets and returns and hold all the responsibilities related to your investments and property portfolio.
What does property management entail?
The responsibilities can vary according to custom agreements and requirements, however, there are some common tasks that pervade all property management skills.
First, the rent and tenancy responsibilities.
Second, the physical maintenance and functioning of the property including repairs, building inspection, etc. Keeping abreast of legal regulations and updates about real estate, building codes, leases are the third avenue in the knowledge domain for property managers.
And finally, there is the maintenance and recording of budget and all finances.
If you want to make sure that your property is going to be managed by the best in the business, chalking out your expectations can help you choose the right professionals. As an overview, here are five things to expect from your property management team:
Clear guidelines about the operating policies
Often a detailed owner’s manual will explain the policies and procedures of a property management team’s functioning. The way they run a building, execute routine tasks, communicate, handle roadblocks, etc. This should help you understand how an individual or firm works.
Thorough property inspection
It is a testament to their credit if they evaluate your properties with attention to detail. The complete and proper knowledge of the building will help your property management team to assess the best way forward for working on it. The general condition of utilities, repair work, etc. will be useful for a well-documented property to be managed at the optimum.
Managing the best tenant relations
From building rapport with existing tenants to cultivating new ones, a new team should give relevant consideration to tenant relationships for the benefit of a property owner. They should be able to understand the modern tenant who is looking for productivity instead of just a space. Today, tenants are quite clear about services and their access to it.
A host of CRE technologies is in the market as a component of overall property management. It helps leasers as well as owners to access information and increases productivity in the property management processes. This also helps in streamlining the communication process.
Don’t expect them to just manage your investment but to make money for you as well. They should advertise your property, find the best tenants for your space, and negotiate a successful relationship after proper screening.
Make sure that your property management team is aligned with your principles and work ethics. Don’t ever compromise on the competence checklist, for it has the potential to bring in a respected partnership that should hold true for a long time.
Frank Carioti & Roy Spagnolo know what your expectations should ideally be. They stress on being dependable and available in their approach as property managers.