In the Commercial Real Estate industry of today, the role of the property manager is becoming increasingly more critical in ensuring that landlords make their desired returns. What is driving this? Technology.
What has changed already?
The role of the property manager has already changed significantly over the past decade.
As the very nature of construction and installation becomes more intricate, the need for specialists has become more prevalent. This has shifted the role of the property manager from its traditional responsibilities towards a much broader managerial compass, overseeing the various specialists involved with an asset at any given time.
In recent years there has been an unavoidable focus placed on data within the property sector. Generally, the property manager is the person responsible for maintaining and collecting this extremely valuable data. Asset managers and landlords now rely heavily on property managers to provide all this data in quarterly reports and preceding the disposal of any properties.
The level of competitivity in property management has also risen noticeably. Landlords expect more from their property managers than previously, while PM fees are stagnant or even in decline. The main factor for this being that larger firms with numerous departments are regularly undercutting competing property management firms, in order to secure the more lucrative letting and investment sides of the business.
Why the Property Manager is the most important person in CRE
As mentioned earlier, a large share of all asset specific information is collected and subsequently made available by property managers. In addition, they manage all the tenants, contractors, suppliers and installers while maintaining the property to the highest of standards.
Property Management serves as the glue between your Asset Management team and your ever important and hopefully happy, tenants. Therefore, as a landlord it is incredibly important to have your property management in order.
Equip your Property Manager with the best Tech available
An efficient property manager results in a well-managed portfolio. Making your property management more efficient frees up time to focus on your tenants and maintenance projects, resulting in happy tenants.
Property managers keep on top of their projects through the portfolio and project management tools on Proprli and it’s easy to manage questions from service providers regarding quotes and projects through the centralised Q&A.
Proprli’s software gives insight into the budget vs actuals of every maintenance and capex project, so you are constantly up to date on the status of any developments. Furthermore, automated reporting now saves property managers countless hours spent reporting back to their clients. The client no longer feels obligated to micromanage and chase their property managers as they receive complete oversight via the portal.
Leveraging new technology such as Proprli provides property managers with the tools required to offer a better and more complete service than their competitors. Service providers are content in the knowledge that their quotes are being received via a totally fair, sealed bid process. In turn, this service ensures happy clients and sustained growth for the company. It truly is a win-win-win!
What do I need to start?
It’s extremely easy to start with Proprli as you don’t need to onboard anything, and the software is cloud based. Just make a free account, add your asset details and start your project. Add your team members, download the app and refer your colleagues and friends.
You are now part of the most innovative group of landlords and property managers in the business. Welcome!