- January 27, 2016
- Posted by: @dmin
- Category: Uncategorized
You’ve already invested in the property. You’ve made attempts at looking after the maintenance and repairs, screening through tenants and you may have even looked at hiring repairmen to fix everything you’re not sure how to fix.
Property Management isn’t a job that just anyone can do since it can be so demanding.
If you’re researching property management companies, chances are you’ve struggled to handle the maintenance of your property on your own.
If you are a property owner that is looking to designate the day-to-day tasks of managing a property to a property manager, how do you determine who to trust? There’s a lot of pressure from various sources that forces you to get the right person for the job.
Think of how much time you spent screening through tenants. The interviews, background checks, and extensive paperwork took forever. It is vital that you spend that much time and effort screening through property management companies and managers. According to Harvard Business Review, 82% of the time companies hire managers that are not right for the job. This confirms that finding someone who balances the necessary skills to manage a team or a property can be quite the task.
Well, we know what it takes to be the best property manager out there and we’re here to help you out. It’s not an easy job and the responsibilities are endless. We’ve outlined 3 traits for you that a property manager needs to have for you to trust them with your investment.
Open-communication and transparency:
When trusting someone with your investment, it makes perfect sense to expect financial transparency from them. You want to know where your funds are utilized and when you’re paying a property manager to look after your property, you want to be kept in the loop.
That is why a key component of the relationship is based on finding a property manager you can trust. A large part of that trust is developed through honesty and clear communication. Cultivating this open-communication in advance is integral to building a positive relationship between you and your property manager.
Finding a property manager that treats your investment like their own is a tough task but if you find a manager who is willing to discuss their procedure and be honest with you about how things are being managed, you know you’re on the right track with the choice you’ve made.
If your property manager is dodging your calls and takes days to get back to you, the relationship is obviously not going to work. No one’s perfect, but if you have a communicative property manager that respects not just your investment, but you as an individual, chances are they’ve got you covered. Go with your gut and find someone you connect with and who is forthcoming.
Knows the market and is well-researched:
It may seem like stating the obvious for property management companies but it’s of the utmost importance that you find a property manager that knows the market. In a city like Toronto, where property laws change and new ones are created frequently, it is necessary to stay updated on emerging property regulations.
Regulations vary from condo buildings to duplexes, so finding a property manager that is knowledgeable and stays up-to-date on regulations and the market is the best way to protect your investment and your tenants.
The property managers that will serve you best are ones that are the ones that understand the importance of preventive maintenance: being aware of problems before they arise. This will only happen if a property manager is well-versed in the laws and rules and regulations of managing different properties.
How do you know if you’ve found the right property manager in this regard? Look at testimonials, experience, and the company’s history to ensure that both the company and manager are experienced.
Knows how to manage a team and can multi-task:
Not only do they have to know their market, as a property manager they have plenty of responsibilities that vary from day-to-day. They should be able to multi-task and work with different people on various levels, all with different temperaments.
Nearly 2.5% of subjects can multitask without performing worse at either task, in controlled settings, according to Psychonomic Bulletin and Review. You just need to find what this study dubs as the ‘supertaskers’: a property manager that is accustomed to not only multi-tasking but is personable.
Some of the responsibilities, to list a few, of a property manager, are to provide their clients or board members with monthly maintenance reports, maintenance and up-keep of the building, dealing with contractors and repairmen and to keep records of all the properties they manage. They are in charge of supplies, finances, employees, and boiler rooms, which requires a great degree of organization on their part.
These tasks require a variety of skills and often result in high-pressure scenarios when trying to balance these tasks. Therefore, it is key that the property manager is a people person who knows how to administer these tasks and lead their team towards success.
Property managers are the middlemen, so they have to master the balancing act of supporting the building staff and keeping you, the property owner, at ease. So when you’re looking for a property manager, ensure that they can anticipate and handle the logistics of the property without losing sight of the responsibilities they have towards tenants and you as the property owner.
A lot of the time, you go through multiple property management companies before you find the right fit. Once you find the right company, they’ll connect you with property managers and you can check off this list to make sure you find the right one for you. Hiring the right manager cannot only sustain high productivity but when everything falls together, these managers can contribute to 48% higher profit to their companies than the average manager.
Going through these steps might mean it takes you a little longer to find a property manager, but chances are if you take the time you’ll find someone who will ensure you benefit from your investment.
ICC® property management has been in the business since 1992. We would like to assist you in finding the right property manager for you. If you are interested in the many services we provide to professionals involved in property management in Toronto, contact us for a consultation to get started on finding a property manager.
