nyonyamansor09

It is extremely important to find a good property manager. Even then you should keep track of everything that is being done with your property. Remember this is a business...your business. If you aren't careful, you'll see your investment become a liability. Although what a property manager charges is important, even more important is what you get. On average we pay 8% a month on collected rents. You may find someone that will charge you only 5%, saving you money, and in return they may destroy your business. To date, we have not found a good property manager that only charges 5%. Saving money isn't as important as hiring the right property manager that will properly take care of your investment. Your goal is to: • Decrease expenses - utilities, repairs, etc. • Avoid tenant turnover. • Raise rents to keep up with current market rent rates. Property managers are not your business partners. They work for you! They can make recommendations but that's it. Consult them as a ...

Knowledge and detail Some property managers really do not have the attention to detail and extensive knowledge that commercial and retail property management requires. This is a common problem in the industry where property managers have been sourced from residential property management with little or no training for the new commercial and retail properties they are being asked to manage. If they do not have the required knowledge for the tasks that they undertake, they then should be trained (and fast). There is a major difference between working on residential property and then moving the same person to take over and manage commercial or retail property. Losing the landlords trust When the landlord is getting to the point of not returning your calls and not taking your recommendations, you have in effect lost their trust. They may tolerate your poor management style for the immediate future but it is quite likely they will move property managers soon. The situation can be reversed, a...