Property management is by and large a fiduciary relationship between an owner of real estate property and the manager thereof. What exactly is a fiduciary relationship? A fiduciary relationship is an arrangement based on trust and good faith. This arises due to the fact that a property manager is charged with the responsibility of managing the assets of the real estate property owner in the best way humanly possible. Property managers thus deal directly with tenants; mostly in the collection of rents and other payments, arbitration of disputes between tenants, provision of common services and other related activities, which the circumstances of a case may dictate relating to the property in question.
Some of the 5 key character traits befitting of property managers San Diego include:
1. Eye for Detail
The stakes are normally very high in a property management assignment. Property managers are required to keep proper records relating to the collection of rents, provision of common services, and other important events. Minor errors or omissions could have serious consequences -especially when repeated consistently. A good property manager is therefore a person with a keen eye for details.
2. Informed on Current Issues and Legislation
You cannot be a good property manager without keeping abreast of the current issues and recently passed legislations. Current issues will enable property managers to learn how to manage estates in the most efficient way while keeping in mind changes in attitudes and trends. Furthermore, in this regard, this will ensure that the rents and other payments are set according to the market rates. Being informed on recent legislation is also a necessity because flouting of a legal requirement could mean payment of fines or prosecution by the local authorities.
Having stated that the relationship between a property manager and that of a property owner is largely based on mutual trust, it follows that good property managers San Diego must be persons who observe the highest ethical standards. A good property owner must always keep the best interests of the owner at heart while being mindful of the rights accruing to the tenants. The interests of the owner must be balanced with the entitlements of the tenants so that there is no conflict between the two.
4. Communication Skills
Good property managers San Diego are good communicators. There is no two way about this. This line of work involves constant negotiations with tenants and landlords, arbitration in the event of conflicts and even battling court cases. The position of the property owner must always be presented by the property manager accurately and proficiently to avoid misrepresentation.
This list is not exhaustive by any standards. Good property managers are required to be honest, diligent, and patient. These five basic attributes should however draw the line between good managers and quacks.
Property managers San Diego should be persons who observe the highest ethical standards and uphold virtues of honesty, integrity, and accountability. For more information, please visit our website.