As a commercial property investor you probably have clear financial expectations for your asset. Your Property Manager is a valuable member of your investment team and should understand these goals and work with you. Their job is to not just as a property care-taker, but also to work with you to leverage your asset return. Some key questions to ask to measure your Property Manager’s performance.
How do you communicate?
Communication is fundamental in your relationship with your Property Manager. While you do not need to be best friends, you want to be sure you are on the same page. Their efforts and style of communication may also reflect how well they manage their workload. Are they approachable or are they slow to return calls and emails? If they seem rushed or don’t get in touch regularly, these may be signs they are working beyond capacity.
How regularly do they conduct inspections?
Your Property Manager should inspect your investment property a minimum once a year. A detailed report should also be provided after each inspection.
How are they addressing maintenance?
It’s important to ensure that your premises are regularly checked for fire safety, the air-conditioning is regularly serviced, if there are electronic doors or gates that these are serviced and awnings comply with Council regulations to mention a few items. There are a host of other factors which need to be considered depending on the property. Is your property manager looking after these matters efficiently and are they pro-active?
Do they inform you of legislative changes?
Legal requirements change constantly and your Property Manager should be up-to-date. Regular training programmes will keep them informed and they should relay this advice to you.
Do They Have A Meeting With You To Review Your Asset?
A good commercial property manager should be discussing rents and leasing conditions of the market with you on a regular basis so you are fully informed of the market movements and your asset performance. They should be communicating market trends in commercial leasing, making sure you understand tenants needs and ensuring you are leveraging your portfolio to the best of its ability.