One way to determine the answer is to ask questions. However, the answer lies in not only asking good questions but identifying better ones. For instance:
Good Question: What are the attributes of a good property management firm?
Better Question: What are the exact qualities I need in a property management firm that can add value to my properties?
Good Question: Does my property management firm help me to retain tenants?
Better Question: What is my property management firm doing to retain my best tenant and attract high-quality tenants?
Whereas a good property management team can survive in particular markets, a dream team can dominate in any market. A good property management firm can react to market trends; a dream team can forecast trends. By its nature, commercial real estate is a very demanding market. Your team should be busy in the quest of asking and answering questions that others haven't considered. Let's look at these two characteristics of a dream property management team.
Forward Thinking Property Management
Taking a critical thinking approach to problem-solving in any industry is key to leading it. Fixing issues as they arrive is an antiquated management process. Obviously, a good plan is to prevent problems before they arise. A better strategy involves:
- Being transparent with tenants about the reasons behind specific preventative actions
- Marketing these preventative activities as continual outlook service for the best interests of the tenants
- Keeping track of these preventative measures and making case studies of them to market for future business
Insightful Use of Technology
Technology is a catalyst for change in nearly all companies. Those who have been slower to adopt and adapt to technological advancements have suffered. Nevertheless, some who have been reckless in their implementation of unproven technologies have been hurt as well. A forward-thinking property management team by necessity must be aware of emerging innovations and display the ability to weigh their benefits accurately.
LandPark tailors its approach to reach the goals of each property or investor. We ask insightful questions to get answers that ultimately improve NOI (net operating income).