When you are hiring a new Property Manager, there are a few key traits that to keep in mind as you interview candidates. These traits are found in the best Property Managers, whether they are overseeing a commercial real estate portfolio of apartments, offices or retail spaces.
Being an organized person is key trait for a top Property Manager. Many times, they will be overseeing repairs on a unit, negotiating lease renewals and managing a budget, all at the same time. Without strong organizational skills, it is easy for Property Managers to lose track of the progress on any given project. By honing project management skills and being more organized, a Property Manager will make sure they keep cost overruns to a minimum and keep your commercial real estate portfolio in the black.
A top Property Manager is also someone who is financially savvy on your behalf. It is their responsibility to balance the short-term cost of a vacant space with the long-term cost of locking in a below market rent on a multi-year lease. Good Property Managers understand the long-term implications of lease structures and the costs of vacancies. They also understand when it is beneficial to cut a deal with a tenant for a rent reduction or to terminate a relationship. They understand that sometimes a business needs short-term relief to stay in place for the long-term. Part of their financial awareness also should be on the Common Area Reconciliations. Many owners do not calculate the CAM charges that they are owed and leave money on the table. A good Property Manager will make sure that your commercial real estate is financially sound.
Property Managers need to have highly refined communication skills to make sure their job is done successfully. They need to be able to reassure tenants that repairs will be made with minimal disruption. They need to be able to talk to contractors and Maintenance Technicians to convey what issues need to be addressed. They need to be able to negotiate lease terms with prospective retail and office tenants. And, most importantly, they need to be able to talk to the owner about how their investment is doing. All of these different types of communication are central to the job of a Property Manager and it is essential that they be able to convey the right information to their audience. The best Property Managers are able to switch communication styles with ease and efficient communicate with all of their audiences.
Are you looking to hire a new Property Manager? Contact us for help locating a Property Manager with all of these crucial skills.