Property managers have a lot on their plate. In addition to keeping a property in good condition and dealing with tenants, they also have to stay up-to-date on the latest changes in the real estate industry. It can be a challenge, as the industry is constantly evolving.
Property managers need to be aware of new laws and regulations and developments in technology and marketing. They also need to keep an eye on the competition to offer the best possible service to their clients. By staying informed about the latest trends and challenges in the industry, property managers can ensure that they are providing the best possible service to their clients.
Here are some of today’s most pressing issues for property managers:
The Sharing Economy
The rise of the sharing economy has led to a new type of tenant: the short-term renter. This type of tenant is often younger and more tech-savvy, and they are used to getting what they want when they want it. They are also more likely to be influenced by online reviews when choosing a property.
To attract and retain short-term renters, property managers need to offer a high level of customer service and provide a positive experience from start to finish. They also need to be proactive in marketing their properties online and using social media to reach potential tenants.
And since this new breed of tenants might not settle in longer terms, there’s a high possibility of unexpected vacancy in your rental units. As a property manager, you should have a plan to fill vacancies quickly. If left with an empty unit, you might shoulder paying the mortgage or loan and lose profits.
One remedy for this concern is to look for financial institutions offering the best mortgage interest rates. In doing so, you won’t have to get burdened if a tenant decides to leave unexpectedly. Another option is to enforce a contract. This way, you have a legally binding agreement that the tenant will stay for a minimum number of months or years.
Rising Number of Homeless People and Vagrants
The homeless population is rising in many cities across the United States. This concern can be a problem for property managers, as homeless people and vagrants often congregate on properties. They may use the property as a restroom, dump garbage, or even break into units.
To avoid such issues, property managers need to be aware of the loitering laws in their state or city. Some examples of loitering include panhandling, sleeping in public, and loitering for drug use. Whatever form of loitering it may be, this could disrupt other tenants’ business and peace of mind. As a property manager, it’s your responsibility to keep the property clean, safe, and free of nuisances.
Suppose property managers catch someone loitering on their property. In that case, they can plan to deal with trespassers personally, such as posting signs or asking them to leave. But if the problem persists, they might need to install security cameras or hire security guards. They may also need to contact the police if criminal activity is involved.
Nonetheless, property managers should take a proactive approach to address the issue of homelessness and vagrancy. They can work with local organizations that help the homeless find shelter and resources. By doing so, property managers can help address the root cause of the problem and make their properties more secure.