Managers are all important members of a company, as they can either help increase it or they can cause it to fail. In the current real estate environment that companies must try to keep in, it is important that all the abilities have a well rounded personality. Here you can easily understand why it is so important to get the property manager who has the right attitude, skills and experience.
Depending on the type and size of your property ownership, property managers must use different skills. If you only have a few apartments or single family houses you rent, your property manager must have very good communication and customer skills when managing your tenants. If your property holdings are quite large, staff handling skills are very important. You never want to get a property manager who is in the store just for the money.
Small Real Estate Holdings Management
Maintaining a 100 percent occupancy rate is crucial for the smaller property manager. After all, having 10 or 20 percent unemployment, you can put yourself in a very big negative cash flow position very quickly. Your boss must keep your rent and the tenants are happy. He or she will not have to become a victim of a tenants story of the tenant why the rent was not paid on time.
Your boss must also be able and willing to handle minor maintenance issues such as painting, plumbing, electrical and carpentry. Managing your property is not a full time job, and if your boss himself can handle minor maintenance issues, it would go a long way to maintain a positive cash flow.
Medium Real Estate Holdings Management
The primary difference between small and medium sized property management is his ability to manage independent entrepreneurs. Your property manager will not have time to do much of the maintenance himself. What you are looking for is someone who can develop a relationship with other small businesses or independent entrepreneurs who can make the most of the maintenance on your property but do not pay full price for that service.
Your property manager needs the ability to see a maintenance problem and determine if the problem needs to be addressed immediately or if it can wait a few days. If it may take a few days, your property manager must arrange arrangements with one of his independent contractors to get the job done in good time. Independent entrepreneurs usually give a spread of prices if they can do the work around their schedule.
A good place for property managers to start building relationships with independent entrepreneurs is to talk to people working on Home Depot, Ace Hardware and other repairs. Talk to someone in the paint department if you need to paint the paint or electrical department if you need electrical work. Somebody always seeks extra work. Independent contractors will require a lot of monitoring to ensure that the job is done up to your standards.
Large property management
The primary difference between small and medium and large property management is his ability to handle employees. Your property manager will have several full time employees. Addressing personal benefits, holidays, keeping track of sick days and personal days is an art form and can be quickly eliminated if it is not done properly.
The perfect property manager
The perfect property manager is one that you have trained yourself. If you have a lot of real estate properties consider dividing it into small holdings. If you have four or five property managers and one does not do the job to your satisfaction, then fire that person and give that property to the boss who does the best job for you. After a few years, you will end with one or two perfect managers.
This would be a lot better than transferring your properties to a large real estate company and find out a couple of years later that you suddenly have a 30 percent vacancy rate and all your real estate needs major repairs because the minor repairs were not taken care of.