Is Your Property Manager Doing a Good Job?

Is Your Property Manager Doing a Good Job?

Is your property management company working in your best interest? Keeping in mind that your major concern should be looking into loans, cash flow and the capacity to borrow money. Property managers should take a load off your hands so that you can focus on more important tasks leading to future growth. Here are the qualities you should look into when assessing a property manager’s performance:

Does The Property Manager Take Good Care Of The Property?

Neither too little not too frequent repairs are a sign of good property management. You should gain insight into the repairs and billing done on your property to see if the property manager is taking good care of it. If they’re neglecting the property, you’ll be paying for every little repair and maintenance. On the other hand, frequent and pricey repairs could signal an ethical issue with the property manager. They could be charging you for non-existent repairs, or striking deals with local service providers to perform unnecessary repairs to charge you extra. They should work in your best interest, obtaining the best deals with service providers.

A good property industrial property management company cultivates working relationships and good communication with the local businesses and population. A bad property manager will allow late rent payments, let incidents of vandalism slip or have a bad relationship with the tenants. Disputes, unfriendly relationships, and poor business connections are some of the tell-tale signs you’re not dealing with the best property management company out there.

Are You Getting Improvement Suggestions?

If the rent is staying put, it’s never a good sign. Reasons for that could be out of the property manager’s control. For example, the rental rates in the area could be decreasing, or the rental market could be losing value. However, bad property management could also be the reason why your rent isn’t increasing. A good property manager should work towards increasing the rental value of your property. They should work towards property management strategies that increases the rental value through conscientious and timely upkeep, as well as suggesting smart upgrades and adjustments of the property.

The ultimate goal of a reputable property manager should be to increase the value of the property, not allowing it to stay put. Not only inspections and repairs, but also invested work into improving the overall value of the client’s property is one of the Latitude Properties goals when working with clients. If the property manager isn’t showing interest in using all of the property potentials, they’re not having your best interest in mind.

Dealing with a bad property manager could leave you in a financial loss, damaged property and unused potential. When choosing a right industrial property management company, look into the degree to which the management is invested in their own work. They should have a positive working relationship with surrounding businesses and communication skills to support communication with the tenants, avoiding disputes.