First, What Is a Property Manager?
A property manager manages real estate properties like apartment, office, and commercial buildings. Their role is to manage and oversee these properties on a day-to-day basis, on behalf of a sole owner or a real estate company.
A property manager will accomplish various tasks, which can be summarized as follows:
- Rent units (advertisements, visits, drawing out and signing leases, etc.)
- Manage rents and fees (rent collections, accounting management, etc.)
- Manage disputes (amicable settlements, litigations, etc.)
- Manage claims and losses (follow-up, dealing with insurance, etc.)
- Manage technical administration (work supervision, estimates, incident monitoring, etc.)
What Are the Benefits of Hiring a Property Manager?
#1 : Delegate the Renting Process
By hiring a property manager, you will not have to worry about renting your units. Neither will you have to organize visits with potential tenants, to study various files, and to sign leases. The manager will take care of these steps.
#2 : Not Dealing with Daily Management
Hiring a property manager allows you to no longer deal with the daily management of your properties. They will take care of your properties’ everyday, technical, accounting, and legal management.
#3 : Receive Advice on Your Real Estate Assets
Your property manager can advise you and answer all your real estate related questions. Thus, they can be a great ally to have in your everyday life.
#4 : Be Represented by a Professional
Your property manager will represent you in front of your tenants. They will also take care of the prosecution process against tenants, if the situation arises.
Lastly, remember that real estate management is a very strict and highly-regulated field. The daily management of properties is time-consuming and demanding, and it requires professional skills!
How to Choose the Right Candidate?
When you decide to hire this type of professional, it is because you want to delegate a lot of your property management tasks. You should not hire someone who charges a lot for very few services. The goal is to find the person with the best service at the most competitive price.
Thus, you should know that, usually, a property manager’s tasks fall into 3 main categories: financial management, rental management, daily management.
Now, here is a list of important elements to guide you, so you can properly assess each candidate’s skills, abilities, and knowledge:
- Which services are included in the contract?
- Do they offer 24/7 assistance?
- Who are the members of their team?
- How many years of experience do they have?
- Who are their current clients?
- Do they have references from their previous or current clients?
- Do they have any long-time clients?
- What are the guarantees in their contract (e.g. less than 5% vacancy)?
- Which key performance indicators (KPI) do they work with?
- What is their work method?
Moreover, you can analyze some of the candidate’s personality features:
- Their poise;
- Their confidence;
- The way they present themselves;
- Their professionalism;
- Their courteousness;
How to Ensure an Optimal Performance?
Once you have chosen your candidate, you can select the tools that could help your new property manager in their daily tasks. Now that they are responsible for every task related to the management of your properties, you can provide them with tools that save time and energy. For example, there are many software on the market to automate certain tasks.
Actually, Magex Technologies has developed two software that can provide daily support for property managers. With Bail Expert, one can create and manage online leases, and Proprio Expert allows the user to fully manage their property.
Feel free to check them out, you will not regret it!