Top 5 Tips for Outstanding Property Management
Property Management is an extremely rewarding industry to thrive in however, inexperience can be disastrous. Here are five tips to help guide your management style and set you up for a lucrative career in commercial property management.
1. Keep Comprehensive Property Management Records.
A business person will never know when they are going to need an essential piece of information, but it is a sure thing that they will need them soon. By the same token, it is impossible to know exactly which kernels of information will be needed, but it is a virtual guarantee that they will make the difference between a profit and a loss. Keeping comprehensive records including work orders, leases, and legal correspondence can be invaluable when issues arise – and they will – with your commercial property. Virtually no one regrets keeping excellent records. Being organized and meticulous can help you become an outstanding property manager.
2. Perform Prompt Building Maintenance.
There are few problems with commerical property that fix themselves or get better over time. Almost everything requires intervention, and problems with the integrity of the building or its utilities have the potential to spin out of control with terrifying speed. A broken water line can wipe out the profit from the season, and possibly even the entire value of the property. Prompt and efficient maintenance is the only way to stop problems from getting worse, stay informed of new developments, and protect your investment.
3. Research Your Area and Common Issues.
The modern era makes it possible for anyone to gain the basic knowledge of a trade simply by putting in the time to research. There is no better way to supervise a property and make sure that maintenance is done properly than to familiarize oneself with the techniques and language of the trade. Repairs are done better when the property manager understands how they are done and the best contractors to complete the job.
4. Invest in Expertise.
However, there are always things that can only be learned through hard experience. Learning the basics of the trade should bring with it respect for those who have mastered it, and a high-quality property manager will always know what tradespeople and specialists they can trust to help maintain their property. They treat them well, compensate them fairly, and pay them promptly. Managing property is a long-term business, and it is important to maintain healthy relationships with plumbers, carpenters, and all the other professionals needed to keep the place in working order.
5. Visit the Property Often.
There is no substitute for the presence of management. Problems will be solved more quickly and propagate more slowly when the manager is a familiar face around the place. A good property manager will visit often and stay as long as they can.
If you simply lack the time to properly manage your properties, call the professionals at Harkins Commerical Real Estate. Our experience in property management in Central Florida is extensive. We understand the value of being outstanding property managers and are here to help you in any way possible.
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