Over the last 50 years, managing investment property has become more complicated. Major property management legislation, increased tenant awareness, major disasters, and escalating technology have been contributing factors in the field of property management today.
Generally, the days of a simple handshake between a property owner and a tenant are over. It takes an educated and collective approach to support, manage, and maintain a property.
Today, sound property management benefits from teamwork.
Property management begins with the property owner and the property management company working as the primary team, each party supporting the other. The role of the property owner is to supply a sound physical property, necessary financial support for the property, and provide the property management company with the authority to act on supervising the myriad of details of management. Today there are also many other people and services to support both the property owner and the property management company.
As your property management company, we operate and think of successful management of your investment as “teamwork.” We know that it is extremely difficult for one person to do it all – market the property, screen the tenants, collect tenant funds, supervise maintenance, move tenants in, handle tenant issues, handle property issues, comply and keep up with increasing legislation, move tenants out, dispense security deposit refunds, and much more. Consequently, it is our practice to utilize additional people and services as part of our team.
In addition to property management personnel, a well-run property management team includes a myriad of maintenance services, tenant screening/credit reporting services, banking institutions, insurance companies, accounting services, property management attorneys, referral services, supportive industry organizations, local government offices, and more. This provides more eyes, ears, and expertise to oversee the property owner’s investment.
Technology plays a key role as well and we consider this an integral part of the management team. To give an owner the best possible service in today’s fast moving world, we utilize our website, email, online vacancy services, banking technology, documentation programs, newsletter services, etc.
Just like the management of the property, there is a continual “maintenance” of all the services involved. We are constantly working to increase our education, acquire new services, and evaluate companies and services that we use for our support system. These efforts promote a well-oiled team to oversee your investment.
The property owner needs to sustain integral parts of the team as well – their property insurance company, accounting services, financial institutions, homeowner’s association (if applicable), etc. It is vital that the owner oversee and maintain these necessary support services.
The bottom line is that although managing an owner’s investment is more challenging than ever, we know that taking a teamwork approach will accomplish this critical task.
Jean Storms, MPM®, owner of LandlordSource