The new Perception of Property Management
What a property manager does today is vastly different to what he would have done a decade back.
Modern management companies and multifamily managers go beyond the traditional perception of bill paying and rent collection. The property manager of today arranges insurance, develops marketing plans, provides tax information, designs renovation plans and collects bids, manages, hires and motivates staff, improves landscaping, oversees maintenance services, oversees security of the property, reports income and expenditure and ensures compliance with federal, state and local regulations.
To achieve these tasks property managers of today have to evaluate changing market conditions and respond to them, keep abreast of new technological developments and find new ways to increase income. Simultaneously they have to maintain a client relationship, the lifeblood of the business.
Adapting to Contemporary Conditions
Of late, many external factors have impacted the way property managers work. With an increasing complexity in government legislation, licensing requirements, lender regulations, environmental concerns, insurance requirements, and more complex accounting and taxation norms, managers have been forced to specialize. Additionally, the explosion in real estate related investment trusts and huge real estate companies has crafted a consolidated marketplace.
A consequence of this consolidation is the enhanced application of branding where companies develop a unique identity founded on management services which translate through all properties. Property managers become integral to developing a branding image for a company and maintaining it.
The key to surviving economic meltdowns is branding strategies. A positive brand identity helps to retain tenants whereas a negative image will do precisely the opposite. So it is crucial to ensure that customers experience a positive involvement with a particular brand all the time. Since it falls within the purview of the property manager to maintain robust tenant relations, they have to develop plans to resolve tenant or service provider issues swiftly and efficiently.
The Right Amount and Kind of Communication Pays Off
A case in point is a problem resolution program which a particular property management company has in place which makes customers aware how the company fast-tracts complaints and problems through the management process. By keeping customers aware, more complaints are settled without having to resort to litigation, arbitration, or external mediation.
Property managers had to adapt to the changes in the local leasing market. Leasing lead times began to increase. As lease rates rose, so did government regulations on renovation and construction while technology issues became increasingly complex. It became imperative that tenants witness space ‘ready to go’. Property managers had to adapt to work with leasing personnel of the clients to anticipate needs of tenants and make infrastructural and other changes before concluding a lease.
A Company that is Leading the Way
Talley Properties is a property management company based in Charlotte NC. It specializes in high-end to mid-range residential and commercial properties in and around the Charlotte region. It is one of the oldest management companies in the region having provided service to the community for over three decades. Since the company was founded it has witnessed incredible change in the property management arena. However, it has successfully adapted and risen to the challenges. This flexibility and focus on efficiency is what has enabled Talley Properties to retain its position as the premier property management company in the area.