Typically, all property managers have the same basic responsibilities while taking care of a rental building or leased private residence. They must make all residents feel comfortable and as though their needs are being looked after. They have to make sure that the property is well maintained and aesthetically pleasing. They must deal with the collection of rent and other fees, and address any issues as they arise. Of course, there are other tasks involved in managing a property – but these are some of the universal ones.
While the same basic tasks may be similar for all property managers, the manner in which they choose to manage their properties isn’t always. Some property managers prefer to stay behind their desk, while others get out there and have a more hands-on style. Both styles are effective – but is one better than the other?
Benefits Of Property Management From A Desk
Residents Know Where To Find You
Remaining in an office means that residents know exactly where and how to reach you, whether you have an on- or off-site office.
You Are Available To The Property Owner
Residents can hunt you down with a bit more success, as can the property owner. They’ll also be impressed at your organization when you remain on top of the necessary reports.
Of course, as with anything – there are some downsides to remaining behind-the-scenes. You may not have a recognizable presence in the property, and you may struggle to collect late rent payments if you’re simply making phone calls.
Benefits Of Hands-On Property Management
Residents Get To Know You
Simply making sure that residents are able to recognize your face helps you to establish a presence, which can help with resident satisfaction. Residents may also feel that you are more approachable if they have issues or concerns to discuss.
You See First-Hand What Can Be Improved
Doing occasional tours of the property while on site can help better pinpoint areas for improvement. The more time you spend at a property, the more you’ll be aware of its quirks and foibles. You’ll also be more likely to catch issues that only present occasionally (you know–the issues that residents call you about but that have temporarily disappeared by the time you get there).
You Can Ensure That Contractors Are Reliable
Popping by when a contractor is working on maintenance can help you feel confident that you’ve got the right team in place.
You May Have More Success With Late Rent Collection
If you are knocking on a resident’s door, they may have a harder time avoiding you when it comes time to collect their rent.
As you can see, there are benefits of both property management styles.
So, what is yours?