Successful business leaders often have strong real estate holdings to back up their investment portfolios. But owning property and operating a successful, liquid property management business are two entirely different avenues. Real estate isn't that easy money. Successful property management takes as much commitment and business expertise as any professional enterprise.
Leaders of successful asset management companies understand every aspect of their markets. Some property managers work in cities, some with high-rise office buildings, some with corporate parks, some with malls. Everyone knows their portion of the industry backwards and forwards, and looks forward to seeing opportunities and threats ahead of their rivals.
Successful managers also know the amenities and services that their properties should offer, such as snow removal, on-site security or renovation. And, of course, they know the geographical area, the strong markets and submarkets within their areas of operation, and what competition is doing.
A property management firm may have a few tenants in a small apartment building or hundreds of corporate tenants scattered across a number of business parks. With so many moving parts, it's easy to get out of hand. The solution, according to Frank Prasas, former president of the Institute of Real Estate Management, is communication. Keeping communication lines open with clients and tenants and being respectful is more problematic than most other approaches.
Property management may be a tough business, but successful property managers don't let rough seas get in the way. A positive attitude puts successful managers past the frustrations that come with the job, such as contractor disputes, lease negotiations or evictions. In fact, many successful property managers learn to focus on the opportunities that hard times provide. In addition , successful property management firms demonstrate perseverance and the ability to keep their heads cool in times of turmoil.
Successful property management companies understand that nothing remains the same, and that the knowledge they had when they started their business ceased to be cutting-edge soon after the work had ended. As a result, top property management companies ensure that their leaders never stop learning about the industry, from trends to regulatory changes.
Continuing education courses abound for motivated property managers. Various professional organizations, such as the National Association of Residential Property Managers, the Institute of Real Estate Management and the National Apartment Association, offer courses on a range of topics that keep successful property management firms ahead of the curve.
Ask a series of probing questions when interviewing a prospective property manager. How many properties have they managed before? Do they have any experience of turning around troubled properties? A good property manager will also have thorough knowledge of local real estate laws, regulations, and standard operating procedures.
Sexton Group Real Estate Property Management in Berkeley and Lafayette, California is a boutique property management company specializing in residential sales as well as property management services for properties throughout the San Francisco Bay Area. We have 2 offices to serve you, one in the heart of Berkeley and the other in the heart of Lafayette, California. The Sexton Group understands that many of our clients buy properties for investment purposes. Our clients are the reason we come to work everyday, and we pride ourselves in delivering exceptional care to them, their properties, and their tenants. Our focus is on maintaining the economic health of our clients’ properties and creating the perfect combination of tenants and properties. We go above and beyond qualifying our tenants; we make sure that we meet the needs of both tenants and property owners to ensure a high-quality, respectful, honest, and long-term relationship. We anticipate both our tenants and our property owners’ needs and work 24/7 to select the perfect pairing. Contact us today for your free consultation!