Five Things to Look For in a Property Manager

Are you looking to hire a property manager? Or just want to know if your property manager is doing everything to keep your building operating smoothly and at peak efficiency?

Here are five things to look for in a property manager:

  1. Tenant Inquiries and Emergency Calls

When routine maintenance or emergency repairs are needed, property managers are the first-responders for all calls from residents. In fact, it’s the major reason to hire a professional property manager in the first place. And they also provide some needed, professional distance between residents and owners.

  1. An Extensive Network of Vendors and Professional Services

Property managers provide an extensive network of reliable and trustworthy suppliers, contractors, and vendors. Not only does this give you access to quality work at reasonable rates, property managers have relationships that can bring along preferred rates and faster service. And proven vendors are a godsend when dealing with time-sensitive repairs.

  1. Manage Day-To-Day and Month-To-Month Duties

A good property manager will utilize an efficient system that manages all day-to-day and month-to-month duties. Your property manager handles everything from monthly reporting, board relations, property bill payment, property notices, and repair/maintenance coordination.

  1. Compliance with Housing Regulations and Property Laws

Property managers understand the legal nature of your asset and will make sure your building is in compliance with all the numerous laws, regulations, and rules. They cover everything from the Americans with Disabilities Act to local fire ordinances and plumbing regulations.

  1. Maximize the Profitability of your Asset

Owners and investors are keenly interested in the value of their asset. Property managers keep you apprised of financial health with monthly and year-end financial statements. Organized and complete reporting is invaluable during tax season. Never again will you spend countless hours hunting down receipts or documents.

And if you are concerned about the cost of a property manager, most will actually earn more for you in the long term. They can help find and evaluate opportunities to grow revenues (from basement storage to rooftop cell towers)!

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