Monthly Archives: April 2016

What are the Tasks of a Property Manager?

Property managers are concerned with the day to day operations of the property, from making sure the building is always clean to finding effective solutions to any situation that may come up, as well as the additional needs for upkeep. This means property managers can do many different tasks besides the obvious ones such as rent collection.

Some of the Things a Property Manager Does

Responsibilities vary depending on the type of property being managed. But generally, these tasks apply to many scenarios.

  • Set the appropriate level of rent (based on detailed analysis of the area) to attract tenants to rent out your property
  • Collect the rent –they also enforce rules regarding rent and administer late fees
  • Ensure optimal cash flow for your property
  • Adjust the rent –rent can be adjusted by a fixed percentage per year depending on local laws

They also deal with anything that has to do with the tenants. This includes…

  • Doing background checks on tenants (credit, criminal, and the application process)
  • Handling leases and security deposits
  • Dealing with complaints
  • Dealing with emergencies
  • Properly handling an eviction file
  • Being well read on the landlord-tenant laws and rights

They also cover maintenance and repairs to make sure that the property is in tip-top condition such as:

  • Performing preventative property maintenance –such as handling exterminations, snow removal, to check for leakages, remove trash, etc.
  • Hire repairmen or fix things themselves –building a reliable network of contractors, plumbers and electricians

Finally, their role also covers supervision tasks.

They oversee:

  • The hiring of additional employees
  • Vacant properties –making sure contractors and other personnel are getting their work done on time
  • Budgets
  • The management and maintenance of records
  • Filing taxes

Experienced property managers are extremely versatile – they deal with everything from financial management to the management of tenants and building maintenance.

What we do at T.R.A.M.S. is work hard to ensure the profitability of your building.

Contact us today for more information on how we can help manage your property effectively and efficiently.

What Makes a Great Property Management Company?

The best property management company goes beyond the standard service you might expect. It is concerned with helping your community and building toward a successful future. Below are some key aspects that make a great property management company stand out from the rest.

Strong Communication Skills & Leadership

Who your manager is and how their team supports them is crucial in ensuring strong leadership and effective communication skills. To this end, a team of experts across various fields including Engineering, Training Support, Human Resources and Accounting will help provide advice from all angles.

Having effective communication tools put into place make it easy to contact your company. A 24/7 call center or other means of technological communication will add a professional quality to your company as you can address the needs of clients as soon as they come up.

Solid and Transparent Standard Operating Procedures

Proven operating procedures are the next thing investors should be looking at. What properties have you worked on or which communities have you served? Was effective preventive maintenance programs (PM) put into place? Were audits of all contracts and vendors complete?

Transparency is key, and having a transparent financial budget and system of handling finances and solutions can really increase the value of your property. If your credibility and reputation is high, this makes the standard of living for your residents high as well.

Effective Financial Planning

A strong network of certified accountants is important for the health and prosperity of your property management company. Reviews should be carried out internally on a regular basis to ensure that the work is being done to its finest quality.

Solid Partner-Relations

Having solid and long-term partner-relations with vendors ensures that savings and discounts will be present on large purchases. Lower rates on regular maintenance, for instance, help to ensure that the building will be properly maintained.

Accountability & Sustainability

Continually improving and keeping an open mind ensures the potential for growth in the industry. It’s really important to make sure that you don’t rest on your achievements as a company.

Finding sustainable “green” initiatives is also a significant component of a great property management company. Having accredited LEED professionals on your team shows your expertise and commitment to green building.

Good Training Practices

Commitment to good training practices means exceptional customer service from your team. A unified, strong and trained property management company will provide continual education and development programs for their managers. Hands-on-training, etiquette, and online learning platforms are examples of learning that can enhance the knowledge of new trainees. This shows that your company leads in product knowledge of the industry and is equipped to deliver the finest level of service.

At T.R.A.M.S. Management, we offer all this and more to the communities we work in. Take a look at our property management work here.