Choosing the right property manager for your real estate portfolio is crucial for the ultimate success of your investment. The property manager has a hand in everything, from building safety and maintenance, to budgeting and matters pertaining to real estate law. Here are some qualities to look for in your next property manager:
- They must understand condominium law and governance.
Your property manager should know how to run meetings, be familiar with building declarations and bylaws, and know the basics of the Illinois Condominium Property Act. He or she should limit your liability as an owner by always acting within the bounds of the law.
- They must have knowledge of building construction.
Understanding how buildings are built is extremely helpful in maintaining them correctly. A proactive approach to building maintenance tends to pay off down the road, with fewer costly repairs having to take place.
- They must know basic accounting.
Knowing how to put together a budget, how to run a business (the condo association is effectively a business), and being able to effectively manage the year-to-year building reserves are all crucial in a great property manager.
- They must have people skills.
Your property manager can’t be shy—he or she should be assertive, willing and eager to solve problems, good at conducting meetings, know how to mediate differences, and act in a professional manner at all times.
Hales Property Management has years of experience managing buildings in the Chicagoland area, from single locations to large real estate portfolios. For more information or to request a proposal, reach out to Hales Property Management today.