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Five to thrive: Beat the challenges of property management

A day in the life of today’s property manager dramatically differs from that of a decade ago.

A day in the life of today’s property manager dramatically differs from that of a decade ago.

Today’s commercial and residential property managers have greater responsibilities beyond collecting the rent and paying bills.

They procure insurance; provide tax information; design and collect renovation bids; develop marketing plans; hire, manage and motivate staff; coordinate maintenance services; improve landscaping; oversee security; ensure compliance with government regulations; and handle accounting duties.

They evaluate and respond to changing market conditions and global events, stay abreast of new technology and find additional ways to increase revenue. All while maintaining positive, personal client relationships that are so important to success.

With all these responsibilities, today’s property manager faces many major challenges. Here are five of them, along with solutions:

CHALLENGE: UNEXPECTED MAINTENANCE IMPACT

Budgets are developed with anticipation of a certain level of maintenance.

However, reality is that there are always unexpected and emergency repairs, which can have a significant impact on the financial health of the property being managed.

Solution: An emergency repair is likely to cost more than a repair that is planned. Therefore, it is always wise to maintain a reserve account with substantial funds for these situations.

In addition, a scheduled, preventive maintenance plan (using software with the most applicable features for your property) provides a higher probability of lowering emergency/surprise repair bills.

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