Managing a property involves many moving parts, from tenant relations and maintenance to financial management and building compliance. For building owners, handling all these responsibilities can quickly become overwhelming.
This is where a property manager comes in – They help ensure your property not only runs smoothly but also grows in value over time. Whether you own a residential building, condominium, or commercial space, working with a property manager will ensure your property is managed with invaluable insights and knowledge.
What Does a Property Manager Do?
Property management involves overseeing various types of properties such as residential, condominium, and commercial buildings. While the specific duties of a property manager can vary depending on the type of property, common responsibilities may include (but aren’t limited to):
- Tenant Relations: Property managers are responsible for maintaining positive relationships with tenants by addressing complaints, coordinating maintenance and repairs, and collecting rent on time. When tenant relations are prioritized, properties see lower tenant turnover, resulting in long-standing tenants and more stable occupancy rates. This leads to a stable cashflow for building owners.
- Maintenance and Repairs: Property managers work with maintenance teams to oversee the upkeep of a property. This can include scheduling routine maintenance, ensuring compliance with safety standards, and addressing urgent repairs promptly. In the case of condominiums, the property manager may conduct inspections of the property and common area to ensure compliance with the management agreement and the proper upkeep of the property. The condominium property manager will also approve, oversee, and administer contracts for the provision of property services.
- Financial Management: Property managers also help ensure your property remains profitable by overseeing rent collection, budgeting, and managing operating costs. As a result, property owners benefit from regular financial reports, helping them make informed decisions pertaining to their property. Condominium property managers are also responsible for the creation and maintenance of the property’s annual operating budgets.
- Building Compliance: As a building owner, it can be overwhelming to stay up to date on the latest local laws and regulations. A property manager may work with third parties to ensure the property complies with applicable regulations, whether it’s tenant rights, health and safety codes, or anything in between.
- Marketing and Leasing: Finding and retaining tenants is a crucial part of maintaining a successful property. Property managers work closely with marketing teams to implement strategies such as social media posts and listing websites to fill vacancies quickly. Click here to learn about the importance of a marketing plan for residential leasing.
- Board Collaboration: Another responsibility for condominium property managers includes working closely with condo boards. This can include creating property management and preventative maintenance plans, or corresponding with the Board regarding overdue accounts, building violations, common area costs, or any other issues that may require the board’s attention.
Types of Property Managers
Residential Property Managers
Some of the responsibilities of residential property managers include tenant screening, leasing administration, collecting rent, handling maintenance requests, and ensuring tenants feel safe, secure, and supported in their home.
Residential property managers help ensure building owners receive the best return on their investment by providing support in areas such as creating and executing strategic marketing campaigns, providing market insights, training on-site staff, financial reporting, and more.
Condominium Property Managers
Condominium property managers balance the needs of unit owners and the condominium community. They work closely with condo boards to ensure that common areas are well-maintained, budgets are met, regulations are followed, and the condo building remains a safe and enjoyable place for unit owners.
A condominium property manager will also provide guidance on financial planning, maintenance, and building compliance, and approves, oversees and administers contracts for the provision of property services.
Commercial Property Managers
Commercial property managers are responsible for managing business properties such as office buildings, retail centers, and industrial facilities. They focus on maintaining the property’s functionality and ensuring that businesses have a suitable environment to operate in. They also handle leasing, tenant relations, maintenance, and the overall performance of the property. Commercial property managers will also ensure the property is compliant with commercial building regulations.
Each type of property management requires specialized knowledge and a deep understanding of the specific needs of the property type, its tenants, and its owners so property managers can provide tailored solutions that meet the needs of each property they oversee.
Supporting New Residential Developments
Another aspect of property management is supporting building owners with the complexities of developing, operating, and leasing up new residential developments. When assisting with a new residential development, the goal is to create positive cash flow for building owners as soon as possible. Property managers begin working with developers in the planning phase to keep construction and operating costs down, preparing preliminary operating budgets, and planning and executing strategic leasing and marketing campaigns that leverage market knowledge.
5 Reasons Why You Should Work with a Property Manager
- Maximize your Property Value
Property managers ensure your building is well-maintained and operating efficiently. From performing routine maintenance or advising on upgrades that can increase the property’s value, property managers can support with preserving and enhancing your property’s long-term worth. - Stress-Free Ownership
Owning property comes with unexpected challenges. Whether it’s handling tenant issues, unexpected repairs, or navigating building requirements, a property manager is there to handle any expected and unexpected issues that arise, so you can direct your focus elsewhere. - Expert Knowledge and Experience
The real estate and property management industries are constantly changing, and it can be difficult to stay up to date on the latest trends and regulations. By working with a property manager who has in-depth knowledge and years of experience in the industry, you can rest assured your property is managed according to the latest industry standards and regulations, helping you stay competitive and compliant. - Tenant Retention and Satisfaction
Happy tenants are long-term tenants, and long-term tenants result in lower vacancy rates and improved financial health of your property. Property management teams play an active role in creating positive tenant relationships to create a favourable living or working environment. - Save Time
Partnering with a property manager can save you valuable time, as they handle everything from the day-to-day operations of a building to its long-term strategic planning.
Why Choose Cushman & Wakefield | Stevenson for Your Property Management Needs?
At Cushman & Wakefield | Stevenson, we believe a property manager is more than just someone who oversees the operations of your building or collects rent. A property manager is your partner in ensuring that your property not only runs smoothly but also grows in value over time. Our property managers are empowered to think and act with an ownership mindset in everything they do, giving you the assurance that your property will be managed with the same care, attention to detail, and commitment to excellence they would give their own.
Our team of experienced property managers takes pride in our hands-on, comprehensive approach to managing residential, condominium, and commercial properties. We have a deep understanding of what it takes to manage properties effectively and deliver exceptional service that exceeds the expectations of both property owners and tenants. We are committed to helping you get the most out of your property while offering stress-free ownership.
Contact us to learn more about how Cushman & Wakefield | Stevenson provides owners and tenants alike with exceptional property management services.
