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Property owners often hear about property management companies and wonder what they are, in so much as how they benefit a property owner. There are many misconceptions regarding how property managers work and their responsibilities, as well as what sort of properties property management companies can be hired to maintain.

Let’s go over the ins and outs of property management and find out if it’s a service you can benefit from.

What is Property Management? 

Property management means hiring a third party as a property manager to oversee the daily responsibilities of residential, commercial, or industrial properties. Generally, the property manager will ensure the day-to-day repairs, maintenance, and upkeep are taken care of and is usually tasked with caring for investment properties.

What are the Property Manager’s Responsibilities?

The essence of property management is being delegated work that the owner or developer has no time to handle. These responsibilities can range from handling tenants to ensuring the property is properly maintained, specifically, a property manager’s job can include:

• Screening potential tenants
• Signing, drafting and renewing leases 
• Collecting rent from tenants
• Arranging for repairs for the property
• Creating and adhering to property maintenance budgets
• Preparing vacant units
• Advertising the rental property
• Handling lease agreements with tenants
• Rent adjustments
• Supervising property employees
• Handling evictions and move-out processes
• Handling tax for the property
• Ensuring property compliance with the law
• Property record keeping

While this list isn’t exhaustive, it gives a good and rounded impression of what type of responsibilities you can expect property managers to take on. 

Types of Property Management

There are four types of properties that property managers are likely to work and care for:

Residential Real Estate Property

Residential properties can fall to a property management firm usually when it’s a rental space and can include:

• Single-family homes
• Multi-family homes
• Townhouses
• Apartment buildings
• Manufactured homes
• REO properties
• Vacation rentals

Commercial Property

Commercial property is commonly associated with property management companies and can include a wide range of spaces, including:

• Co-working spaces rented by the day or hour, commonly used by freelancers and contractors
• Office properties, such as doctor’s offices or large buildings with multiple offices and levels
• Retail properties, such as malls, restaurants, gas stations, and big-box stores
• Accommodation properties, such as hotels, motels, and resorts. 

Industrial Properties

An industrial property often has more responsibilities for the property managers than the other categories due to the nature of the work performed in these spaces, such as bidding for vendors and compliance with industry codes. Some of the types of properties that fall under property management companies’ purview include:

• Distribution facilities
• Warehouses
• Food packaging plants
• Automative plants
• Steel mills

Special-Use Properties

Special use, or special purpose property, means a property that is designed for a specific use and often translates to property managers needing specific skills to successfully manage them. A special-purpose property includes:

• Schools
• Colleges and universities
• Places of worship
• Resorts
• Sports arenas
• Theaters
• Senior care centers and facilities

Benefits of Having Property Management 

No matter the type of real estate property you own, there are a host of benefits to hiring a property management company, including:

Screening out problem tenants: likely the biggest headache for any real estate owner. Due to a property manager’s experience, they have the insight to see red flags and spot good qualities in a potential tenant, making the screening process more efficient and having better quality tenants long-term.

Decreasing turnover: piggybacking off the first advantage, lower turnover means stable property income and happy tenants. 
Avoiding legal issues: an experience property manager knows the housing and landlord-tenant laws: being able to navigate them while having good relationships with lawyers who specialize in these types of disputes. Some companies will also take care of fees associated with evictions or property damage issues.

Saving money on maintenance and repair: Like being connected with lawyers, an experienced real estate property manager usually works with a maintenance company that due to their professional relationship can benefit from discounted work without losing on quality. They can also stay ahead of repairs by having the time for regular inspections, reducing emergency repair costs.

Property Management For You

Now that you understand what property management is and the common responsibilities they have, along with what type of real estate they handle; do you think you’d benefit from hiring such a company? 

Here at Goodale & Barbieri, we do just this. As one of the largest developers, property managers, and a leading real estate firm, we understand what to look for with tenants and the nuances of managing a property. Since 1937 we’ve handled properties of all sorts and currently over 4 million square feet of commercial property. Discover more about working with experienced experts by following the link below.

To learn more information about this topic, please check out Property Management

To build a good team, you need people, but not just any people, as they have to be the right ‘sort’, people who are able to be a part of a bigger picture. But when you look at it, who has time to find the perfect team members? That’s where you need to read this article. Read on to learn how you can find, hire and retain the perfect team members for your business.

What makes a great team?

The essence of a great team lies in the right people meeting at the right time, and working with each other to reach a common goal. The best teams are made up of staff who have complementary strengths and weaknesses, who trust each other, and have a good working relationship with the team leader. Great team members will share knowledge, lead by example and help each other to solve problems. A great team will also have fun too!

For more information on team building see: https://brightvisionevents.co.uk/

How to find great team members

To find great team members, you’ve got to be ready to search for them. Decide on the people you want to be a part of your team. This includes not only their skills, but also their attitudes and beliefs. You can find this by checking sites like  LinkedIn, Google, and of course the many recruiting sites. Your company website is also very likely to give you some help here, as perhaps you can borrow from other teams in the business?

Network – As important as the web is, you can find great staff by meeting team members in real life. Meetup.com is a great way to meet new people too.

Interview – Once you have found some possibilities you will need to move on to the next step. Interviewing your candidates is vital. You can’t just ask people to join your team and hope they agree. Interviewing each candidate to find out if they are a good fit for your team and your company culture is most important.

For more thoughts on team building see: https://brightvisionevents.co.uk/team-building/training-activities/

How to hire great team members

A great team member should have a good  personality, have excellent skills, be reliable and friendly, be able to work on their own, and be good at what they do.

The hiring process needs to be well set up and include a detailed description of what skills are needed for the position. Make sure you do a thorough assessment to determine if a candidate has the abilities needed and be aware that you may have to train any new team members.

Culture fit – Don’t just hire people because they are good at what they do. Make sure they are also a good fit for your business culture.

How to keep great team members

As a business owner, your responsibility doesn’t end with hiring staff. You also have a huge responsibility to help them grow in their role and become successful. You also have to ensure that you keep them, and one of the best ways to do this is to keep them excited about their work, engaged, and well compensated.

Every team member should also feel engaged in the work they carry out, so ensure you work with your team members and find ways to keep them excited about their work. Also be aware that you may well have to help team members if you want them to improve. Also, remember to help them understand their strengths and weaknesses.

Conclusion

Now that you know how to find, hire and keep the best members for your team, you’re ready to build that team. Basically, to build a great team, you need to find the right people, train them well, and then keep them engaged and excited about their role.

For ways to engage and build a better team please see: https://brightvisionevents.co.uk/team-building/training-activities/