How Valuable is a Property Manager?

How do you describe the responsibilities of a property manager? Do people often assume that the employee “only” collects rent, dispatches the maintenance team, and conducts property tours? From an outside perspective, the role of a property manager can often be misinterpreted as a low-stress, easy to succeed position, however a great property manager is a necessary aspect of a well run property. Why is this so? Read on to see some of the many tasks a property manager is responsible for:

  1. Maintaining or adjusting rental rates – A property manager should be aware of the competition’s pricing and specials to make sure their building’s rental rate is on par with everyone else’s. This may entail calling other properties, searching Google, or perhaps using an analysis tool like Vaultware Market Comps to automate the surveying process.
  2. Keeping “Heads in Beds” – On top of advertising the property and raising awareness about the benefits of residency, the property manager is ultimately responsible for ‘sealing the deal’ and enticing clients to sign the lease. Creating a great experience for potential and current tenants/residents is a key aspect of decreasing vacant space.
  3. istock_000017165499large-resized-600Finding the right fit – Most property owners want quality clients that can pay their rent on time while keeping their unit in good shape.  Property managers can quickly and efficiently screen potential renters to increase the likelihood of responsible people abiding at the property. Additionally, they will manage them so the owner doesn’t have to, and act as a first responder to any issues that arise.
  4. Rent Collection – Most people realize that rent collection is part of a property manger’s duties, however it is worth mentioning that they are the ones tasked with following up with any late rent and handling payment issues, which is less stress for the property owner. A smart property manager will find a way to extend their office hours and take electronic payments, however, perhaps with a secure client portal like MRI Resident Connect and MRI Tenant Connect.
  5. Compliance – Property managers are knowledgable about local laws and housing regulations, and can monitor the status of the property to make sure everything is compliant.
  6. Community Building – Think of your building as a Wheaties box. The property manager is like the baseball player, Olympics gold medalist, or basketball star gracing the box. They are the face of your property, and are responsible for creating a positive experience from the first time they show an apartment or office to the customer. They also take on the challenge of maintaining a friendly environment among a diverse group of people, potentially planning community events to encourage clients to interact with each other. This is no small feat!

Can you think of any additional responsibilities or benefits to having a property manager/ Share your input in the comments!

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