For any real estate investor, having a professionally managed property should free up precious bandwidth for other things. Duties of an effective Property Manager should specifically be catered to your needs. An experienced Property Manager will be able to understand your goals and provide the specific services you need.
At New Branch Real Estate Advisors, we have learned over time and firmly believe that every management assignment is an opportunity to build a partnership between the Landlord and the Tenant where each party will be successful in realizing their goals. Managing the Tenant relationship includes a variety of tasks–from verifying which prospective Tenants would be a match and entering into new lease agreements, to rent collections and owner distributions. Regular reports, property inspections, move-outs, security deposit dispositions, potential evictions, and routine, prompt response to maintenance requests are all typically handled by the property manager. A well-rounded property manager can perform annual budgeting and longer-term financial modeling for capital improvement projects as well as day-to-day basic handyman services, or these things may be handled by a designated Asset Manager or repairman as well. Other project management tasks, such as interfacing with general contractors or tradesmen to manage tenant up-fits or improvements, can also be valuable services for ownership.
Your property management agreement should always include the basics like a start and end date. Limits on pre-authorized expenses are a great way to both allow the manager to be effective and efficient, while also keeping ownership involved with bigger financial decisions. Always look for a clear understanding of the cost of the management services you opt for, including any additional fee structures that could apply in certain circumstances.
In Property Management there is no substitute for local, experienced and focused oversight of your investments. At NBREA, we approach every property management decision, small or large, as if it were our own investment we were protecting. Our combined experience in third-party management is heavily influenced and shaped by our own personal experience as property owners and investors. We have learned first-hand what a dramatic effect proper management and planning can have on the financial performance of a property, both in the long- and short-term. Give us a call to discuss your unique property management challenges. We’re here to help, and we’re listening.