If you own a vast amount of commercial property, then it often becomes an additional burden on you to manage such properties. It takes most of your time to supervise all your properties. On the flip side, if you are thinking to be aproperty manager, then there are certain duties and roles which you need to be aware of. Why would a property owner select you and not others as a reliable property manager? What special qualities do you possess over and above others? Ask these questions to yourself and you will get the answer. This article will guide you through the responsibilities and qualities, which aproperty manager must possess in order to manage such a huge asset.
This is a quality which every potential property manager must possess. Because you would be handling people’s money, you ought to be trustworthy and ethical to do so. You would be collecting security deposits, rents, laundry machine money, gym fee, parking fee, water bill, maintenance charges, etc. So you need to hold a fiduciary relationship. The owner entrusts the responsibility of his high valued property to you, and so you have to be equally liable as well.
Being a property manager, you must stay updated with local ordinances and state laws. You have to be aware of many legal requirements. The Government will dictate rules to manage property, to get a real estate license, etc.
You have to be responsible for setting an accurate rent. You have to come up with apt rent according to the market rates. You also have to specify a date to collect a rent every month and the marginal increase in the rent every year. Thesecurity deposit often has to be decided and collected by you and handed over to the owner safely.
You have to deal with different kinds of tenants. You have to understand their problems and suggest them a proper solution.
You would be responsible for the maintenance and repairs required in the entire property. You cannot go and report to the owner every time. You have to settle the issues properly.
You need to posses amiable communication skills. If you are harsh, then your owner will lose out on customers. So you have to be firm, as well as humble, in making the deals and speaking to the tenants.
The amount of property would be huge. So you ought to be well-oriented and organized in order to handle such bulk amount of work correctly and efficiently. You should not give the owner any chance to blame you.
As a property manager, you would need computer skills to organize bulk volume of work. So, this is a minimum necessity you must possess.
You have to be patient enough to tactfully deal with all sorts of tenants, the owner, his family, and also other people working on the property. You need to have sense of humor to maintain a friendly relation with everyone.
These are some of the basic skills that you must possess in order to be a credible property manager. You should be able to do a regular follow-up of the properties to report to the owner. Harji Realtors is one of the leading real estate agents in the region of Chandigarh, Mohali and Kharar. For more information on great deals in 2 BHK Flat in Mohali and the best Flats in Sec 74 A Mohali check out our website