Checking out the details of a property online and actually living in it are 2 different things. Some property owners may love to brag about their property condition, but the actual situation may be completely different. To prevent falling into such a situation, it is important to hire a capable property manager for your property deals.
Typically, the role of property managers is to become a connecting link between both parties of a property deal. They help to sell, purchase, or rent properties. These properties can be commercial, residential, or even land deals. According to the report of PR Newswire, the property management industry is expected to increase to about $36.4 billion by the year 2028.
This blog covers:
Why is the demand for professional property managers increasing?
The challenges faced by property managers, and
How do these managers help both landlords & tenants?
Why is the Demand for Professional Property Managers Growing?
As we know, the prices of properties keep rising, and we don’t usually see any decline or setback. Both renters and purchasers can see an infinite number of properties listed on various sites on the Internet.
However, only a property manager can sort the best ones for you with a complete background check of the property and the owner. This is one of the important reasons why the demand for a professional property manager is increasing. Some other reasons are –
1. Increasing Requirement for Tenant Screening
A thorough tenant screening to ensure their clear background is important before making any property deals. Screening of every tenant may not be possible for the landlords themselves. However, hiring property managers to facilitate quick and reliable tenant screening can be helpful for the landlords in making the final choice.
2. Shortage of Time
Landlords may not have enough time to advertise their vacant properties and contact every prospective tenant personally. Due to the busy work schedule, sometimes, renters may not have enough time to do a thorough research on the properties. In both cases, a property manager can be a mediator and help both parties get rapid results.
3. Lack of Legal Knowledge
Both the landlords and expected tenants may not be experts in all the required legalities. This may create confusion between them and cause repeated conflicts. A solution to this can be hiring a property manager who has a detailed knowledge of all the legal formalities required for renting a property.
4. Ensure Deal Transparency
Property managers make sure that both the owners and tenants are clear about all the terms and conditions. Also, they can ensure that both parties have a transparent background and are not involved in any illegal activities.
Challenges Faced By Property Managers in Property Management
Some of the common challenges faced by property managers in managing properties are –
1. Adopting New Software and Tools
Due to the growing technical market, a lot of new software and tools are introduced each passing day. Learning all of them as soon as possible is a difficult task for property managers, considering their busy schedules.
2. Coordinating Property Management
Coordinating property management with the owners is a challenge because of the unpredictable reactions of the owners. Some may be open to accepting advice and making changes in their property accordingly, while others may get offended by the suggestions.
3. Constant Change in Market Conditions
Real estate is a continuously changing market. That is why keeping up with all the latest updates is important. This can be tough for property managers sometimes. The role of property managers is definitely tough. That is why having the required resources to support all the important research and communication is important. Therefore, being updated with everything about the world of real estate is what clients can expect from property managers.
How Property Managers Manage Both Landlords and Tenants?
Below is a list of ways in which property managers help in managing both the landlords and tenants capably –
1. Helps to Sort Legal Issues
Professional property managers quickly and efficiently sort legal formalities related to renting a property. They may use their legal contacts to bring the best property deals beneficial for both parties to the table.
2. Collect Timely Rents
Property managers’ work is not restricted to just bringing compatible landlords and tenants together and cracking a deal. They are also responsible for regular rent collection of the tenants so that no conflicts arise between the owners and the tenants.
3. Tracks Tenant Complaints
Listening to tenant complaints, understanding their requirements, and taking action accordingly are other important roles of a property manager. While doing so, property managers also make sure that the tenant complaints align with the property deals and don’t harm the owners as well.
4. Provides Quicker and Organized Service
Property managers are responsible for providing a proper, quicker, and organized service to both the landlords and the tenants. To do so, they create a bridge between these 2 parties and make sure that a good relationship is maintained between them.
5. Implement Marketing Strategies for the Property:
Property managers are responsible for organizing and implementing marketing strategies for the property. Also, they work on searching for leads and contacting them regarding the available vacant properties of their clients.
Every property manager fulfils all the above duties and makes sure to maintain a good pace between both the landlords and the tenants. Apart from these, they keep themselves updated on the latest changes in the real estate business. This helps them to know about the property rates, updated vacant properties, prospect clients for those properties, etc.
Conclusion
A property manager is an important aspect of property deals. Whether you want to purchase or sell your property, a property manager’s mediation will be of great help to you.
However, hiring only the best property managers, like ORO Proptech will be best for your property management services in Bangalore. Connect with us and find out about our services in detail to facilitate your use of the best property management services.
Good property managers can bring a balance in your property deals. On the other hand, the incapable ones will cause trouble in your deals and repeated conflicts. So, to hire the best property managers, you should keep some important things in mind. These things are: have a thorough research, check online reviews, shortlist the best ones, & finalize them after mutual communication.