Do you own a commercial building? As you will soon realise, managing the property can be quite nerve-wracking. In most cases, you will have a difficult time dealing with clients and maintenance contractors. The best approach would be to hire a property manager to manage your property. Below is an extract discussing what to examine when hiring a property manager.
Local Contacts
Local contacts are an essential concern when hiring a property manager. Typically, the professional should have existing relationships with maintenance contractors and real estate agencies. Remember, the manager's primary responsibility is to keep the property in excellent condition. Therefore, they need to repair the driveway, repaint the structure, conduct landscaping works, keep electrical fixtures functional, and ensure security. Local contacts ensure the manager has an easy time vetting and hiring professionals to maintain the building. Moreover, relationships with real estate agencies help the manager increase the building occupancy. For instance, the agents could refer clients to your property or invite the manager to real estate expos to help them market the property to prospective tenants.
Legal Skills
The property manager does not have to be a lawyer. However, they must comprehend real estate law and regulations that govern tenant-landlord relations. One of the manager's tasks is to draft the tenancy agreement. They must ensure that the contract protects the landlord's interests without alarming the tenants. For instance, while the contract could allow clients to sublease their units, it must have strict guidelines to ensure the new tenants abide by the property's rules and regulations. Besides, the manager must ensure that the agreement does not expose you to legal suits. For example, it should not prohibit clients from enjoying their fundamental freedoms. Moreover, it should comply with your state's tenancy regulations. For example, the contract should not allow the manager to kick out clients without notice.
People Skills
People skills are essential when hiring a property manager. Remember, the professional spends considerable time interacting with the tenants. Typically, they should have excellent communication skills to ensure they understand the tenant's requests. Besides, it enables them to pick up non-verbal cues that help determine the suitability of a tenant during vetting. For instance, they can quickly tell that a client is not truthful.
Finally, examine the manager's pricing. For instance, do they impose an hourly, monthly, or annual charge? Some managers opt to be paid a commission. The arrangement is advantageous to the property owner since the manager must ensure full occupancy to receive maximum income.
Reach out to a property management company like First National Real Estate Penrith to learn more.
Share16 June 2022
Are you thinking about quitting your corporate job and moving to the country to keep chickens and enjoy the view? Are you tired of small towns and ready to trade your land for a charming house in the city? Are you happy where you are but just need a small change? Then, you are in the right place. Although all of those situations are vastly different, this blog aims to cover them all. Hi. My name is Melissa. Over the years, I've lived all over the country, and I've closely followed the real estate market every place I've been. This blog is the culmination of my experiences. I hope you like it.