Property Manager – Business Professional or Star Community Developer?
What is a property manager? What does a property manager do? Manage properties, to put it simple and state the obvious. However, in the broadest of terms, this person manages the development, growth and camaraderie of a community.
Property managers affect where people live, work and play. A good one brings people together through efficient management of shared spaces. From necessities to hobbies and recreational activities. From living spaces to work spaces, date nights to grocery runs and everything in between – property managers are responsible for real estate of all sizes.
Property managers are given the respectable task of overseeing day-to-day operations of properties that affect entire communities. Here are a few of the many tasks a manager might tackle on an ongoing basis.
- Maintenance & Repairs – It’s important to keep a property safe for all tenants and guests. The property manager works to maintain the condition of the property through routine inspections and preventive measures such as extermination, landscaping, trash removal and inspecting for repairs. When a problem arises, it’s up to the property manager to fix the problem swiftly and efficiently to avoid any disruption in daily living or business operations.
- Increase Value – Through efficient maintenance practices and utilizing a network of vendors with established reputation, property managers can raise income for a property while reducing expenses and without sacrificing integrity of the assets. An effective manager understands how to bring property costs down while also increasing value.
- Market Assessments – Are you a landlord who wants to get the most value for your real estate? Bring in a property manager! These savvy individuals help assess the value of your property against comparable spaces in the area, making sure you’re aware of the potential revenue for your building.
- Accounting – Maintaining building budgets, setting rental prices, balancing accounts and keeping thorough records of the property help ensure that landlords are properly accounting for finances and assets and remaining in compliance with federal and local laws.
- Lease Administration – Ensure the lease terms are enforced! Your property manager can help facilitate any needs and be sure that all parties are adhering to the agreed terms.
The property manager is a liaison between the landlord and the tenants, building relationships with each side to work in the best interests of everyone. Also, helping to facilitate repairs and routing maintenance to the property keeps its market value high, which also works hard for each side.
While building on the interests of clients, a property manager works as a good community developer, making sure that the local neighborhoods, city residents and out of town visitors have wonderful places to work, stay and play.
Learn more about Barker Property Management & Commercial Real Estate here.