If you run a property management firm, you may deal with folks who own large properties with a large number of units. Or perhaps you deal with small investment property owners. Whether you specialize in either one of these categories, or have a business that provides services to both niches, it is important that you understand some of the different expectations that property owners will have, and the different responsibilities involved.
Property Management for Large Properties
When you are managing a large property like a multi-unit apartment building, you may find that the following unique factors apply:
You receive multiple reports about the same problem.
If there’s something up at a property you manage, you may find yourself inundated with reports from numerous parties. For example, to make you aware of a maintenance issue in a public part of the building. Each maintenance report automatically comes with more administrative effort, and patient customer service skills are always an asset.
You have far more people to impress in one location.
Depending upon the caliber of the building or property, residents may have different expectations. When you manage a single-family home, you only have one person to please. In a building, you’ve got to prioritize and balance the needs and demands of a wide variety of different people.
You have a higher number of resident applications coming in.
When there are dozens of residences available for rent, you will receive far more rental applications than you ever would for a single-family home. This means screening and interviewing more prospective residents. Make sure you’ve got property management software on your side that will streamline the process. Otherwise you may find yourself buried by the paperwork!
Property Management for Small Investment Properties
When you’re dealing with small investment properties, such as single owners with single-family homes, there are some different needs:
Property owners may be more reluctant and have more questions.
Consider it hand-holding for those that are less familiar with real estate investment. Even though they’ve hired you, their style may be more hands-on. This could require you to set boundaries to ensure that your efficiency is not impacted.
You may find that residents are high-maintenance.
Since they know they are the only ones on the property impacted by an issue, some residents in these properties may push to be your first priority. This is because they might not recognize that they are not your only clients.