|The Changing Face Of Property Management
Property management has evolved to become so much more than just collecting rent and handling fix-it calls. It’s changed dramatically in just 10 years and will most likely continue to change as more and more technologies and innovations impact the industry. Modern property managers now have greater responsibilities; they now arrange insurance issues, provide tax information, collect renovation bids, are in charge of marketing plans, hire new employees and so much more. They basically oversee every aspect of the property to ensure its success! And to accomplish all of these tasks, today’s managers must respond to the changing market and learn new technology to help make their workflow more efficient and successful.
Here are some factors that are changing the face of property management:
Since 2001, insurance rates have risen for investment real estate properties and some insurance companies have even come up with terrorism exclusions that will not insure terrorist attacks in future polices. Before, property manages have just relied on insurance covered that was provided in the property owners’ policy for their own protection, but that’s not the case anymore.
Since real estate has been growing these past few years, many large companies and real estate investment trusts have created a consolidated marketplace, which has made branding even more important. Property managers must develop a company brand that’s unique and sets them above competitors. They must now set branding strategies in place to survive any future economic downturns so that tenants will want to choose them over others.
Thanks to the advancement in technology, property managers must now leverage new technologies to benefit the property they are managing. Not only will this help make their jobs easier, but it will also benefit tenants. New terminal server platforms that allow their personnel to connect to networks via Internet have become the norm and many are turning to third-party services to help handle call volumes and more.
Revenue beyond rent
Innovative property managers are finding ways to generate new revenue beyond rent, such as extra fees for extras that tenants won’t mind paying for.