25/08/2019
ARE PROPERTY MANAGERS STILL RELEVANT IN THE AGE OF APPs AND INTERNET COMMUNICATION?
Today with internet, online payments and communication tools, it is easy for landlords in another location to make Property tax payments and to have the rentals from tenants directly deposited to their accounts. There are online legal services to draft and sign Rental Agreements between the owner and tenants. Owners can post To-Let ads on online classifieds and look out for tenants. By using handyman services Apps, landlords can get services like Deep cleaning and other chores.
So, does the online conveniences today make the Property Manager’s role irrelevant? My answer is a Big NO.
The biggest advantage for a Property Manager is his physical presence and there is still no virtual substitute to someone actually visiting on-site. Of course, there is a friend or relative nearby, but engaging them regularly for free could cost much more 😃. But again, they may not know the nuances of managing property related issues.
The role of an expert Property Manager becomes even critical when we take Multi-tenanted houses as well as for company properties. For a business renting out their service apartments or owning guest houses, there is an acute need for an expert hand to manage the property on behalf of the business.
An ideal property manager is the Landlord’s representative and does everything possible to ensure his Customers remain carefe and profitable. There are many critical on-site jobs performed by an expert Property Manager which cannot be done remotely.
- Tenant On-Boarding: From publishing ads and coordinating with agents, to showing the property to many prospects, to helping the new tenants settle down in the new home, there is a need for an expert who has been there and done that.
- Inventory Management: Keeping and maintaining a detailed Inventory of the property - noting down all fittings, fixtures, damages and the general state in the property is an important activity to avoid losses in the long run.
- Tenant Exit: When a tenant vacates, to do a thorough check of the property like condition of toilets, paint work, kitchen, floors, walls, fixtures and furniture. Calculate the fair costs of fixing the damages and then discuss and get consent from tenant before making the final settlement after deducting any unpaid bills, unpaid rent, and costs of repairs etc.
- Tenant Management: Tenants come in all shapes and sizes. There are always cases of tenants taking advantage of owner’s physical absence to damage property, cause nuisance to neighbors, to give excuse and not pay rents on time, to sublet or cohabit with many more members than what they have signed up for, or use premises for immoral and illegal activities. You will need a firm but polite property manager to ensure property is always safe and secure.
- Tenant Complaints: Complaints need to be responded and resolved promptly. After all, every Landlord is a business owner who needs to keep his clients happy. But someone needs to check in on the genuineness of the complaint and costs if any etc.
- Neighbors and Association complaints: Someone should be present to resolve complaints on behalf of the House owner.
- Ongoing Property Management- Regular and ad-hoc inspection of property will ensure its long term well being.
- Rent analysis – Provide local rental information to Owners from time to time. Guide the house owners about on-going rentals in the neighborhood. Possibility of annual rent increments etc.
- Unexpected Events – Then there are damages caused by civil works happening in the area that obstruct services to property and cause suffering to tenants. Or there is a need to liaise with local bodies to ensure property documents are up to date. Or represent the owner at civic bodies to apply for services etc.
A good Property Manager goes above and beyond the above to ensure the property is looked after well, so the owners can sleep easy. The monthly retainer paid for the property manager’s services pays back many times over in the long run.
Let me know your thoughts and share with your friends if you found this info useful.