Property Manager: What to Know & How to Think like an Owner
When it comes to property management, hiring a property manager can make all the difference in your management efforts. When looking for one, you will expect your hired manager to handle your property as their own.
In the world of real estate, property managers are supposed to think like an owner, as many would assume. However, keep in mind that there are no hard and fast rules when it comes to property management because every property owner has individual goals. This simply means that a property manager isn’t only hired to maintain your property, deal with your tenants, and increase the value of your property, but they should also know what your property goals are and what you need.
That said, here’s what you need to know about what a property manager really is and how they can learn to think like an owner.
Property Management 101
It should go without saying that the task of a property manager is difficult. In doing their tasks, there are a handful of responsibilities to factors in, such as:
Screening for potential clients or tenants
Promoting your rental properties
Serving as the point of contact for tenants
Assisting property payments
Complying with all property legalities
Dealing with property maintenance and repairs
Out of all these tasks, however, there’s one crucial responsibility that a property manager should have in mind, which is to learn what your goals and objectives are and make every effort to meet all these. Knowing an owner’s goals is crucial to the success of managing a property.
A few examples of property owners’ objectives
Now, a property manager might wonder what your goal is as a property owner. The truth is that the property goals actually vary based on what the owners want. For your guide and reference, here are a few examples of specific objectives that property owners may have:
To have a single property that will yield a monthly income of $15,000.
To own more commercial space than other owners in the business locality.
To buy the first investment property and more each year.
To gain a twelve percent return to investors annually.
To sell the property in three years at a 35 percent net profit.
Types of property owners and their goals
There are various types of property owners having individual goals that a property manager has to come prepared and deal with. Below are some of them:
A property owner who is strictly concerned with long-term monthly cash flow.
A property owner who wants to invest in more and more properties.
A property owner who only cares about the return on investment (ROI)
A property owner who is going to sell the property once its value has increased
True property management isn’t a walk in the park. However, the most crucial aspect of it is knowing what the owners want and trying to meet their needs.
If you own a property, it’s best to hire a property manager who will do the job for you. More than anything else, however, make sure that they find out more about your property goals. Most importantly, ensure that your hired property manager thinks like you.
If you’re looking for a professional property management company in New York, get in touch with us today! We’re happy to help.