Owning real estate is not easy money. Industry leaders, like ENM Construction co-founder Daniel Greenhalgh, know that it takes more than just properties to make money. An important aspect that most people who engage in real estate forget is property management—and a reliable property management company is something that is not easily found.
QUALITIES YOU NEED TO LOOK FOR
First-time property owners easily discover that owning a property and managing a property are two wildly different worlds that although require overlapping skillsets, need attention to enforce efficiently. The easiest fix: employ a property management company who shall handle your affairs. However, which one?
While going for the cheapest risks you losing more in the long run when they fail to deliver, higher rates don’t mean better service. Before employing the services of a company, look for these five qualities that are telltale signs of a trustworthy company:
Good communication skills
Honesty and professionalism
Willingness to learn
As the cliché goes, “with knowledge comes power,” employing a company with a lot of know-how means that you will be able to tap into that vast pool of industry knowledge. Get someone who knows the market and the property like the back of their hands.
Having a knowledgeable company on your side means that you gain the ability to anticipate your competitors.
Not only must your company be knowledgeable of the industry, he or she must also know the rules and regulations that must be adhered to when renting or owning property. Negligence regarding this aspect can result in lawsuits being filed so be sure not to skip on these.
Communication is vital in any industry. As the property manager, they will be in charge of handling your property’s affairs and communicating daily the status of your property. They should be able to deal with and handle all kinds of people, from tenants to owners, without leaving anyone in the dark. A good property management company needs to ensure that no one gets left in the dark.
Almost a given when dealing with anyone in business, honesty and professionalism play an integral role in the daily maintenance and operation of a property. They are expected to uphold their fiduciary duty and execute their responsibilities with integrity.
Nothing can replace experience. With a complicated industry such as property management, you’d want to deal with people who know what they are doing and what needs to be done.
Preparing a variety of reports, keeping tenants up-to-date with property goings-on, and keeping up with the latest in government regulations and landlord/tenant laws are just some of the tasks your property managers are expected to perform. Don’t settle for anything less. Dealing with inexperienced property managers may cost you big time in the long run.
As proven by the ever-evolving management strategies by ENM Constructions co-founder, Daniel Greenhalgh, learning is a never-ending process. The moment you stop learning, that is the time you begin to fail both as a professional and in life.
Property managers, to stay relevant, should be able to keep up with the latest trends and developments in the industry, both locally and internationally. If your property management company refuses to do so, it might be high time to find someone else for the job.
Owning property is a momentous task that is made easier with the help of the right people. Make sure you find the right people for the job! Your entire future might depend on it.