Category: Management

The Looming Talent Gap in Property Management

For millennial entrepreneurs, property management is the next hot job that no one’s heard of.

Mrs. Woo was my first introduction to property managers. Back when I was fresh out of college, she’d knock on the door once a month for the rent check. When there was a leaky faucet or a tree that needed trimming, she’d call someone to fix it.

For decades, I assumed that was what all property managers were like—somewhere between Mrs. Woo and Mr. Furley, the crotchety landlord on the ‘70s sitcom Three’s Company. But it turns out that my dated ideas had little to do with property management, especially today: It’s a profession that’s both highly in demand and evolving fast.

Demand for property managers is set to spike by 10% in the years ahead as renting becomes a way of life for bigger chunks of the population. And as the renting population diversifies, so has the skill set required of property managers. Knocking on doors has given way to navigating software platforms. In place of wrangling renters for late checks, managers are finding themselves offering customized customer service to residents and owners alike.

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Buildium Survey Shows Strongest Trends in Property Management

Tech adoption, customer service, and renters looking for the comforts of home are all on the rise.

Buildium and the National Association of Rental Property Managers have released their fifth annual State of the Property Management Industry Report, which draws from a survey of 3,676 renters, owners, property managers, and community association members to track the current state and strongest trends in the property management industry.

Out of the 1,738 property managers who responded to Buildium’s survey, one in two have worked in property management for over a decade. Approximately 80% say they are bringing in more revenue now than they were two years ago, and 87.5% expect their revenue to continue to increase over the next two years.

Technology adoption has risen among property managers in recent years, up 4% in the past year alone. Nearly 90% incorporate technology into some facet of their job. The most common applications are accounting (90.2%), electronic payments (81%), communications (79.4%), and property management software (78.5%). A majority also use online listings, document sharing, and resident and client portals. (Only 7.7% have incorporated smart home tech in units.)
However, Sebree notes that every time the country has an economic downturn, it doesn’t always affect every industry.

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4 Things Contractors Want Property Managers to Know

How to Ensure Your Multifamily Construction Project Goes Smoothly.

Managing a multifamily construction or remodeling project can be a daunting task for property managers. You may be experiencing pressures from the building’s owner or residents, and you’re likely not an expert on construction processes. But there is a way to minimize the headaches and hassles: Build a good relationship with your contractor!

A great way for property managers to work well with contractors is to learn some construction business basics. Taking time to understand the key aspects of building projects goes a long way toward the success of a job. Here are four things contractors want every property manager to know.

1. Reach Out to Your Contractor in Advance
The construction industry is booming — spending is estimated to hit $1.35 trillion in 2019 — so contractors have no shortage of jobs to complete. That means if you have a specific deadline for a project, you’ll need to reach out well in advance to secure a contractor. While the amount of time required for a multifamily construction project varies, a good rule of thumb for most large projects is to reach out to a contractor four to six months in advance.

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Two Ways You Can Stress Out Your Vendor Relationships

We started receiving requests to post anonymous posts on our Multifamily ShareSpace group, which we are happy to do, and today, we were asked to post an anonymous blog! I can tell you I have heard similar thoughts from others on these topics, so this is definitely not an isolated incident. Please chime in within the comments on your perspective of this issue.

I have two thoughts I would like to offer anonymously to the group from a vendors perspective. I have been on all sides of the desk from on-site to corporate management to now a vendor. As a vendor I obviously don’t want to come off as complaining, but would like to offer some perspective to a couple of issues.

  • 1) The importance of vendor payments and their timeliness.
  • 2) Responding to bid request.

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