You’re a landlord with a lot on your plate. Finding new properties, checking accounts, and putting out fires (metaphorical ones only, we hope). We completely understand, you stay busy every day at work.
Busy landlords hire property managers for several reasons: they don’t have the time to invest in managing their properties, property management is not their passion, or they might live too far from the property to manage it.
We get why you hire property managers like us. But what, in turn, should your property manager do for you? Property management is far more than collecting rent each month (though that is part of our job duties!).
Connecting with tenants. If your property manager does their job right, your tenants should get to know them quite well. They are the face of your business, and they ensure the tenants needs are met. This avoids high turnover, potential litigation, and bad reviews. As a landlord, you should be able to trust your professionals in the field, which is why you want to hire a property manager you can trust.
Leasing. Tenant moving on from your property? Leaving that space vacant is like flushing your money down the toilet. Your property manager should provide full-service leasing as part of their property management services. At Bluewater, we complete a market analysis and develop a property leasing strategy and commit to maintaining high occupancy of the property. It’s a no-brainer for us, and it should be for you!
Accounting. Your property manager should use a professional property accounting system to track payables/receivables, produce monthly reports, and develop an annual operating budget for the property. When your property manager produces these regular reports and budgets, you get to spend your time doing the job you actually signed up for.
Checking on the property, providing general maintenance. In the time of emails and tweets, there is something to be said for having a pair of trained, professional eyes on your property. Your property manager should regularly visit your properties to ensure every doorknob, shingle, and tile is in working order. Not only does this improve customer satisfaction, it can also prevent some serious liability issues for you. As the saying goes, an ounce of prevention is worth a pound of cure.
Hiring contractors. When a building is in need of repair, which is always inevitable, your property manager should be able to quickly connect with and hire the best local contractors to eradicate the issue. A property manager who cannot recognize the need for repair or who hires low-quality service providers is of no help to you! Experience is the real blessing in this industry.
Want to learn what services Bluewater Commercial Real Estate provides to our clients? Check out our services page here! If you have any questions about property management or what we can do for you, don’t hesitate to contact us.
