Having a property manager for your apartment complex can be such a blessing if you can make the numbers work. You certainly want to know how much it is going to cost you to have a manager or a property management team on site or on call. They have different duties depending on what you need, and you are going to have to make that determination. You certainly want a property manager that is going to take enough off of your plate to make this hiring decision worth the trouble.
Growing Your Business
Trust is a #1 issue. A property manager needs to grow your business not tank your business. In fact, it would be great if a property manager was able to increase your bottom line, reduce maintenance costs and energy costs and stay on top of tenants and rent payments. All of that and more could really make this move pay off. Could you find a property management be team that could run your apartment complex better than you were able to do?
That’s the point, as they do this for a living. At first, yes, you are coming off of more money to pay the management team and only freeing up your time. However, if the apartment complex is managed more efficiently, then you realize savings and increase your profits. Isn’t that what it’s all about. You will still be involved as the owner and investor, and you might even retain some management duties. You certainly want to oversee the property manager to make sure he or she is doing a great job.
An Experienced Property Manager
You want one person reporting to you. You can get to know the entire team if there is more than one person, but you only want one person reporting to you. Make sure that person knows exactly what is expected of him or her. Remember, trust is key, especially if you have the property manager taking care of rent monies. You also want someone that is experienced and knows the business well. They need to be proficient when it comes to collections and dealing with problem tenants on all levels.
Screening tenants to begin with is also key, but problems will surely arise from time to time. Property managers must be able to deal with situations on both ends. Find commercial property information by 3cre and the property manager you can trust with your day to day operations, and then you are good to go.