The role of the property managers is quite different from that of normal landlords. To manage residential properties efficiently, they have to keep an eye on every aspect of the property, such as its location, condition, tenants, ventilation, safety measures, and other related factors. They have to identify the type of tenants who are paying rent regularly and can produce it in time. They have to keep track of all tenants’ records and must have the ability to make decisions based on their knowledge and experience. All these tasks require them to have excellent interpersonal skills and interpersonal communications, highly valued in this field.
The roles and responsibilities of residential Property Management also include:
- Managing rental income and expenses.
- Arranging to schedule of the tenants.
- Maintaining appropriate conditions of the residential property.
- Collecting rents.
- Keeping the building’s safety features.
- Doing necessary repairs or maintenance work in the premises.
The property managers may also carry out some of the above tasks as part of their general duties in commercial property management. In residential property management, the landlord has the responsibility to look after the apartment unit and maintain it. In contrast, the residential property managers look after the tenants’ needs and requirements and provide suitable tenant services.
Residential property management requires various tools and techniques to help them effectively monitor the apartment unit and make effective tenant requests. The property managers collect various tenant demographics and other information and then carefully study the available data to understand the housing market trends and the local rental demand. After studying the available data, the property managers create a detailed monthly inventory, including the occupied units, vacancy rate, average daily rents, vacancies, vacancy periods, and other relevant factors. After creating the inventory, the property manager sends out an email or letter to the tenants notifying them of their current vacancy.
After sending out the first notification, residential property management will continue to send weekly notices to the tenants until the entire unit is vacant. This process continues until the waiting list for a unit becomes empty. After the unit becomes vacant, the residential property manager will contact the tenants and offer different lease options to them. Some residential property managers allow prospective tenants to submit a demo rent application and to get a better idea about the property, location, and terms and conditions of the lease. Tenants can then choose a lease option that best suits their needs. A typical lease option includes the purchase price, rental payment, number of months rent, first year rental fees, security deposits, and other recurring payments.
Apart from the inventory, the property managers use various digital tools and techniques to understand and improve the property management process. They conduct interviews, conduct surveys and focus groups, among other strategies to get the pulse of the tenants. They use web analytics tools, data mining tools, demographic research tools, and various other tools to identify the appropriate market trends. They also conduct quality surveys in order to understand the issues and concerns of the customers. These tools and techniques to help the landlords make informed decisions and implement solutions to improve the system and resolve the issues.
As soon as a problem arises, property managers take immediate action. They are proactive and do not wait for the situation to develop. All this means that the service provided by residential property management tools should be comprehensive and able to address issues quickly and effectively. The tools should not limit the residential property management to addressing issues. They should also assist in the planning and development of the future strategy. For instance, the property managers should include provisions for financial assistance in the rental and lease contracts.