Six Attributes of a Successful Commercial Property Management CompanyGirlie Hawthorn | July 24, 2018 | 0 | Real Estate
Property management is not a very popular part of the real estate industry, but serious investors know that it’s the most critical bit. Many people think property management is just about the collection of rent, payment of bills and fixing of windows and toilets. Well, this is far from the truth. Property management is one of the critical functions in creating and preserving the value of your commercial property. That is to mean that a good commercial property management Brisbane has today can significantly improve the cash flow generated by your investment.
But for your property management company to achieve this goal it has to have in-depth knowledge on certain topics including accounting, marketing, leasing, taxation, engineering and property operations. Aside from this knowledge, a good property management company must possess several important traits in order to be successful. These traits include:
- Communication Skills: Property management involves a lot of communication, and your property manager needs to have excellent communication skills. His communication lines must be open at all times so that you can your tenants can easily reach him whenever an issue comes up. He must be able to communicate in writing and verbally in a concise and clear manner.
- People Skills: A successful commercial property management Brisbane offers must have the ability to work well with people. They must have outstanding customer service skills and a positive and friendly attitude. They should have the temperament, tolerance and patience to deal with all kinds of personalities.
- Professionalism: A commercial property management company must maintain a high level of professionalism when dealing with renters, vendors and employees. This means being able to treat everyone equally and separating emotions from business matters. A successful commercial property manager remains firm when it comes to sensitive business decisions, but friendly at the same time.
- Attention to Detail: A slight mistake in property operations can spell out disaster. For instance, forgetting to post a payment to a tenant’s account can get you into a serious lawsuit. As such, a property management company must be detail oriented. They pay attention to every single detail so as to protect you, your renters and their company.
- Transparency: It is fundamental for your commercial property manager to work under full transparency. They should be able to provide you with all the disclosures to do with financial incomes and expenditures. It should also be open about all the affiliated companies it works together with. A professional property manager is registered under an associated group where you can report any unethical activities.
- Knowledgeable and a Good Researcher: Your commercial property manager will be responsible for managing expenses and creating revenue. It goes without saying that they should have solid financial skills. They should also be well informed on laws and regulations to do with landlord/tenant relationships, property ownership and other real estate laws. They must also be good in conducting researches so as to keep up with the latest industry and legal changes as well as new trends in the market.
If you’re a commercial property owner serious about getting real money from your investment, it is worth going the extra mile to find the most qualified and experienced commercial property management Brisbane company. And, they must possess the above-mentioned traits for guaranteed success.