Managing a property as an investor is possible but also time-consuming and stressful. We’ve covered quite a few misconceptions about property management over the years, here is our list of property management do’s and don’ts:
First off, what is a Property Manager?
Many property owners and real estate investors hire an individual or a property management company to handle their real estate investment’s day-to-day upkeep and maintenance. Property managers are an excellent solution for investors who do not live near their properties or do not have the time to act as property managers. Now, on to the do’s and don’ts:
Property Management Do’s
Do listen and communicate
Take the time to listen to your tenants, whether that be complaints or compliments. Communicate promptly with your tenants.
Do be proactive
Investing in upgrades for your commercial property can have long-term benefits, such as attracting more tenants. While it’s not necessary to fully deck out each unit, it’s worth considering enhancing the common areas.
Do hire a property management company
You can take on most of the day-to-day property management if you aren’t already working a full-time or part-time job. However, managing a property is a full-time job. A property manager’s tasks include marketing, repairs, and reporting. Do you have time for that? Hire a property management company to avoid the potential stress of day-to-day operations at your investment property.
Property Management Don’ts
Don’t ignore maintenance issues
Property management companies have a network of trusted partners. Ignoring a maintenance issue could lead to even more significant problems. If your tenants cannot rely on their property managers to fix their maintenance issues, you could have a DIY nightmare on your hands.
Don’t think you have to handle it all
So you’ve invested in your first property and think you can self-manage every detail that comes with owning an investment property. However, if you are planning to grow your investment portfolio, you won’t have time to manage properties. Hand it over to the professionals.
Don’t forget that a property management team is essential
Always treat your team respectfully, and do your part to help make their job easier.
Property management involves much more than collecting rent, and these property management do’s and don’ts shed light on the day-to-day of property management. Suppose you are looking for a property management team for your real estate investment. In that case, we are a team with extensive and collective experience that will address building and tenant needs efficiently and with minimal disruption. We are here to help. Here at Vista Holdings LLC, we believe in fostering total collaboration, providing superior commercial property management services, and allowing our team to customize the solution based on project objectives.
For a look into our day-to-day operations, here is an extensive list of the scope of services our property management team handles from an operational side. Reach out to us today!
