Understanding the landlord's mindset is vital when controlling investment R.E. commercial property

As an experienced property manager, knowing the landlord's mindset is absolutely vital when governing and controlling investment real estate commercial property. Cultivating a bonafide relationship with each landlord, knowing the landlord's parameters and value system ultimately gives you an edge for the services you provide and increases your odds in operating a successful investment property. The one size fits all mentality simply does not work in this industry. If you are to be a successful property manager you must learn the landlord's thinking process. Possessing the landlord's mindset is a key factor in lease negotiations and all other management requirements. Some landlords may elect to grant you complete authorization whereas others landlords desire to have some influence over each decision that is implemented. A creative property manager must be flexible and accommodate a comfort level for each landlord. It's been my experience, almost in all cases that landlord's gain trust and grant's further management control to you over time. As a practice, I do not strong arm landlords and tell them it's my way if I am going to oversee their properties. As a well experience seasoned property manager I allow each landlord's personality to have a part in how the properties are to be handled. Property managers must allow trust and respect to develop over time, whereby mutual earned respect truly is developed. I am often willing to make every effort to propose a management contract with tailored terms and conditions that are suitable for both parties. Every landlord, although similar in many ways, is still an individual professional and a property manager must make a definite discovery of landlord's unique mind sets. To avoid any unnecessary pit falls, property managers should make a ledger booklet form denoting dates and topics of discussions between you and each landlord. I cannot stress the importance of discovering the thinking process of each landlord. Active communication must be performed and experience from time to time. Keeping your landlords abreast of the economic conditions, providing profit and loss statements and reporting typical case scenarios between management and tenants is extremely helpful is allowing landlords to assess the management at hand and collectively together make the right choices. Times are always changing; knowledge and experience more than likely will equip you for the decisions at hand. A property manager may have to think outside the box to advise landlords in an educational fashion with practical steps towards success. The hour that we are living in with so many economic uncertainties, property managers are challenged and must be creative to advise the landlords with real solutions. In recent years I make it a habit to apply a substantial amount of effort in interviewing each landlord before I elect to manage their properties. One reason being, if our value system is a contradiction then how can I manage successfully? The landlord may have unrealistic expectation that brings disappointment and failure to management. The basics fundamental requirement of a seasoned experience property manager is to evaluate investment of property and inform landlord of the negatives and positives of their investment property and provide some real solutions. For instance, sometimes a small monetary investment can make a huge difference towards investment properties. Goal setting with benchmarks in motion can help you gain success. Goal setting is an absolute must if positive results are your intention. Staying focused and communication skills are two essential requirements for success. In my opinion, an investment property suffers when landlord and property managers are not in agreement with certain policies. A property manager must always realize they represent the landlord and there are boundaries and restrictions. Pre-authorization in most instances is imperative; keeping in mind that balance is a key word for success. As a property manager it's always important to know the protocol, but it's always a good idea to ask the right questions and suggest your point of view.As property managers we certainly cannot control the economic whirlwinds, but we can minimize the effects. Patrick Caroleo is president and CEO of The Dove Organization, Ltd., Ronkonkoma, N.Y.