The art of property management
You may never have considered property management requiring much skill to be considered an art, but I hope to change your perspective.
“Art” can be defined as a “skill acquired by experience, study, or observation” as well as “an occupation requiring knowledge or skill.” Both definitions are synonymous with what you need to look for in a property manager.
I’ve heard horror stories. Being in the business for over thirty years, my clients have shared stories of their not-so-artful property managers.
A client was told by their property manager they could give notice to their tenant renting a house month-by-month claiming the owner desires to move in. Though the owner had no intention to move in, this was an easy method of getting the tenant out, claimed the manager. The same property manager told the landlord to just raise the rent 20 percent to market rent though California laws do not allow for either of these.
Another client told me how they discovered a tenant was violating their lease in multiple ways. First, in being an office, it was against zoning and the lease terms to live in the property, which the tenant was doing in the back office. Second, the tenant installed a radio antenna on the roof without obtaining permission from the landlord.
Both cases would be alleviated if the owner had an experienced and proactive property manager. Unfortunately, I have more stories of property managers not performing their duties with the owner suffering the consequences.
A property manager should know the laws and the lease terms. At the same time, have a system to manage all aspects of the property to ensure it operates efficiently and in compliance. An owner has a great deal of time and money in their investment and should consider hiring a property manager to assure a long-term quality return.
I take my services one step further, acting as an asset manager if the owner prefers. An asset manager can be thought of as an investment advisor. To ensure your real estate investment is achieving the highest and best returns, use the skills and knowledge of a person trained in the many facets of property management.
I work as an asset manager who is a part of your group of professional advisors in helping you with wealth accumulation and preservation. I provide education and consulting services, financial analysis and planning for your real estate investments, identifying opportunities, such as when to dispose and acquire real estate investments, and current portfolio management.
I will implement a detailed asset management plan for each client and property. Each property’s strategy is tailored to integrate a proactive management approach that focuses on asset preservation, marketing & leasing, and tenant retention to achieve my clients’ goals and objectives.
I have learned that property owners may desire to perform a level of management themselves as they feel comfortable. I can develop a flexible plan that includes certain services provided by the owner. I also have different levels of my fee structure respective to the level of services offered.
I can be reached as listed below to discuss your interests in learning more about my services for your commercial property.
Burt M. Polson, CCIM, is the broker of ACRESinfo.com, a commercial real estate brokerage company specializing in sales, leasing, and property management. Call him at 707–254–8000 or email burt@acresinfo.com.
