Being a novice in a real estate business can be a double-edged sword. From building your real estate investment portfolio to hiring a property manager, it’s like a roller coaster ride that needs a safe ending.
Whether investing in chic flats or luxury apartments in Mumbai, minimizing the property costs guarantees the maximization of the revenues. Meanwhile, people may want to manage their properties on their own, of course, this helps them save the expense of having someone else to do it. This approach is suitable for people with a few properties. However, there are others with multiple investments and want to hire a property manager to lighten their burden. Well, it may all end into a disaster if they hire the wrong one. Therefore, they need to be extra careful while taking this plunge because property managers are their exact replicas to the tenants.
To help you make a smart decision, you need to consider the following traits that a good property manager should have.
First, hire a professional who has experience with the type of property you have acquired. That is to say, there are lots of differences when it comes to managing commercial and residential properties. Even retail and office are polar opposites in terms of handling. Therefore, an experienced individual will be able to find value-add opportunities. Moreover, whether you have 3BHK flats in Mulund West or luxury apartments in Byculla, they will show their expertise in rent and expense benchmarks for this type of property.
Many companies find it is a sane choice to completely separate accounting and property management responsibilities. Fortunately, or unfortunately, it is teeming with both professionals and unprofessional with little to no knowledge. Therefore, you need to be vigilant without considering yourself a happy-go-lucky dilettante. So, carefully interview potential companies to find experienced property managers.
When you search for a real estate agent, you want the ones who keep themselves up-to-date with the latest market trends. For instance, if you ask them about flats in Mulund for sale, you want an instant answer. The same goes for the property managers. And this cannot be possible in the absence of technology. Although many property managers are becoming tech-savvy, go for the ones that offer a full stack of services integrated with technology. You need a property manager who knows how to use your data to give effective and efficient suggestions.
Despite technological advancement, there is so much you can do behind a computer screen. Therefore, it is pertinent that the person you hire should keep an eye on the property in-person as well. It’s even better if someone can regularly make a visit so that they could catch any issues with the building or the community before they become monsters. Dealing with tenant questions, comments and concerns is an art that only property agents with local knowledge can understand and resolve.
All in all, make sure to hire a property manager that has a long-term mindset because real estate is a long-term gamble, not a one-night stand. Choose them wisely.