Whether you own a single asset or a portfolio, having an experienced property management team on your side is crucial for your asset’s financial success.
Communication is key. One of the greatest benefits of having a Property Manager is that they are the main point of contact for your tenants. Tenants should feel comfortable approaching their property manager with maintenance requests, building and safety issues, cleanliness of space and common areas, and also when they have questions regarding their lease.
Accounting. Strong property accountants provide the backbone of a solid property management team. Many properties have dozens of invoices each month that need to be processed, approved, and paid. Competent individuals that you can trust to research and approve for accuracy and pay your invoices on time are imperative to your asset’s continued profitability.
Improve and maintain the asset. Property management is not just about paying the bills. You want property managers who can bring new ideas and help foster growth; whether that be with full scale renovations, energy efficient upgrades, or even a landscaping overhaul. Whether the goal is to reduce expenses or to increase curb appeal, your property manager should have a clearly defined goal with an anticipated outcome.
These are just some of the traits of a great property management team. Selecting the right property management team will help turn your investment into a profitable endeavor.