What Is the Job of a Property Manager?
Property managers can seem like they’re constantly being overloaded by work. It’s common to hear complaints from landlord and tenants alike about their property manager not responding to calls or emails.
We will look at the tasks involved in property management, what a fair workload looks like and why the workload can overtake them.
The Daily TasksOf A Property Manager.
The task of a property manager entails three separate roles, property leasing, property management and accounts (payments of rent and out goings).
Usually there is a better result for the tenant and landlord if one property manager has ownership over the whole processes. Breaking the role up is common for larger agencies, this can cause problems around the loss of communication between departments. Hence if yourshopping around for a new property manager, look for a pm that has a combines the below roles.
Property leasing –signing up new landlords, advertising, open for inspections, sourcing tenants, lease agreements, & condition reports.
Property Management – Organising maintenance& repairs, renewing leases, serving notices, 6 monthly property inspections, exit inspections and preparing the property for re-leasing.
Trust accounting – Daily payments of rent and out goings.
What is a normal workload for a property manager?
When a property managers role is broken up intotwo or three roles,how many listings can a property manage look after successfully?
An industry standard seems to be about 180 listings per PM, less is always going to give a better result for tenants and landlords alike.
Is 180 properties the right amount?
This depends on the quality of property each PM is assigned, the socio-economic environment and what is going on with the weather.
Old run-down properties can create a massive maintenance schedule and additional workload for your property manager. For instance, one old property can create the workload of 10 newer listings. Old homes are more prone to leaks, roof repairs, handles breaking, electrical issues etc.
PM offices in older inner-city areas can struggle to manage 180 listings per property if the homes are run down and high maintenance.
How can the weather effect your PM’s workload? The once in a lifetime storm seems to be happening every year in Melbourne. These major events can cause urgent repairs at many properties at once. Storms can cause layered issues like a shortage of trades to long delays with insurance claims.
Socioeconomic factors like a drop in weekly rents due to higher unemployment, increasing interest rates or pandemics can rebalance a PM’s whole workload.
For instance, many property managers felt the change in the property market when COVID19 lock downs made the weekly CBD rents decline by 30%. As a result, existing tents were capitalising on the discounted rent by moving, this happened in the masses.
Getting the balance right
All the above factors can have layered effects that can create additional unforeseen workload. For instance, when a repair is not conducted in due time tenants cantake their property managers to a tribunal. This involves extra cost, hours of preparation putting allot of pressure on a property manager.
A successful property management business will largely come down to the skill of the director and their ability to balance their portfolio amongst there PM’s skill set.
Each property portfolio needs to have a buffer for things that can cause massive disruptions to a normal workload, things like storms, pandemics and higher than normalmaintenance. The right balance will result in happy landlords and tenants.
For more information on successful property management business check our site at Property Managers Brunswick.
Written By Mark Ribarsky.