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For DropDesk Hosts who prefer not to manage their space themselves, hiring a property manager is crucial for maintaining the property, keeping users happy, and ensuring smooth day-to-day operations. A skilled property manager will take over many of the responsibilities you would otherwise handle, ensuring the space is well-managed, well-maintained, and appealing to potential users and guest.
What to Look for in a Property Manager
1. Experience and Specialization
- Why it Matters: Look for a property manager experienced in handling similar types of properties or spaces that you are looking for them to manage. This ensures they understand the specific needs of your space and know how to manage the unique expectations of your users.
- What to Check: Ask for references, review their past work, and verify their track record in managing properties of similar size and function.
2. Licensing and Certifications
- Why it Matters: Hiring a licensed and certified property manager guarantees professionalism and compliance with local laws and regulations.
- What to Check: Verify that they hold the appropriate state certifications and any relevant industry qualifications, such as the Certified Property Manager (CPM) designation.
3. Communication and Customer Service Skills
- Why it Matters: A property manager must act as the main point of contact between you, your space’s users and vendors, meaning clear and responsive communication is essential.
- What to Check: During interviews, evaluate their communication style and ask for examples of how they’ve handled inquiries or concerns in the past.
4. Problem-Solving and Conflict Resolution
- Why it Matters: A property manager will inevitably need to handle disputes or unexpected issues, such as maintenance emergencies or conflicts.
- What to Check: Ask how they have resolved conflicts or handled maintenance emergencies in previous roles.
5. Vendor Relationships
- Why it Matters: A property manager will manage all vendor contracts and relationships, ensuring timely and quality service for cleaning, maintenance, and supplies.
- What to Check: Inquire about their relationships with local vendors and how they vet vendors for quality and cost-effectiveness.
6. Financial and Billing Expertise
- Why it Matters: Property managers are responsible for collecting payments, handling billing, and ensuring accurate financial records. They should also track expenses and handle budgets effectively.
- What to Check: Ask for examples of budgets they’ve managed and how they maintain financial records for their properties.
Daily Responsibilities of a Property Manager
User and Visitor Management
A property manager will greet visitors, receive deliveries, and sort mail for users, ensuring everything runs smoothly for the community. They will also provide excellent customer service by assisting users with inquiries, addressing service requests, and making sure everyone feels supported. This level of attention helps create a welcoming environment that encourages user satisfaction and retention.
Communication and Member Onboarding
Effective communication is essential. Your manager will handle calls and emails from current users and prospective members, ensuring that inquiries are addressed promptly. The manager will also follow up on leads, onboard new users, and maintain user data in a CRM. This consistent communication ensures that user needs are met quickly, helping to prevent churn and ensuring that occupancy remains high.
Property Maintenance and Cleanliness
The property manager is responsible for the overall cleanliness and organization of the space. This includes conducting daily walkthroughs to check the condition of common areas, meeting rooms, and restrooms. They will coordinate with cleaning staff and ensure that essential supplies, such as coffee, toilet paper, and paper towels, are fully stocked. A well-maintained and organized space creates a positive impression and promotes a productive environment for users.
Maintenance and Vendor Coordination
Managing local vendors, including cleaning services, plumbers, electricians, and HVAC technicians, is a key task. The property manager will process vendor invoices and follow up on any payment inquiries. They will also document and escalate any urgent facility issues to ensure that maintenance is handled promptly. Proper coordination with vendors ensures that repairs and maintenance are performed efficiently, minimizing disruptions to operations.
Sales and Marketing Efforts
The property manager plays a vital role in driving occupancy through sales and marketing efforts. This includes prospecting new leads, developing local marketing strategies to generate interest, and conducting tours for prospective members. They will regularly post available inventory on platforms like DropDesk, Craigslist, LoopNet, and engage with potential users through cold calls and emails. By actively pursuing leads, the manager helps ensure that the space remains fully occupied, driving revenue.
Billing and Financial Management
A property manager is responsible for managing the financial aspects of the space, such as tracking and updating user billing details. They will send invoices, collect payments, and balance the books monthly. By keeping financial records up to date, the property manager ensures that cash flow remains healthy and the space remains profitable (optimizing spend).
Social Media and Community Engagement
Social media management and community engagement are essential responsibilities to promote your space. Managers will oversee the property’s social media accounts, creating content and interacting with followers to promote the space. Additionally, great manager’s will organize events like networking sessions, workshops, and social gatherings to foster a sense of community. Building a strong community not only helps with user satisfaction but also attracts new members.
Security and Access Management
Property manager’s should ensure that the proper security measures are in place and functioning. They will activate and distribute keys to new users, monitor security systems, and make sure your space remains secure.
Occupancy and Member Retention
Maintaining high occupancy levels is a core responsibility of a property manager. They will actively monitor user retention and work to keep the space attractive by creating a welcoming environment. Frequent check-ins with members allow the manager to address concerns early, reducing turnover and keeping the space consistently full.
Partnership Management
Managing partnerships with local businesses, negotiating cross-promotions and deals that provide added value to users (reducing churn).
By handling these daily tasks effectively, property manager’s can ensure that your space operates smoothly, stays full, and remains a welcoming and productive environment for all users.
When You Should (or Shouldn’t) Hire a Property Manager
Deciding whether or not to hire a property manager depends on a few factors like your availability, experience, and the size and complexity of your property. Here’s some helpful tips to help you determine when hiring a property manager makes sense.
When You Should Hire a Property Manager
- You Don’t Have Time to Manage the Property
- If you’re juggling multiple responsibilities or other investments, a property manager can free up your time by handling all day-to-day operations.
- You Lack Experience
- If you’re unfamiliar with property management tasks like user relations, maintenance oversight, and financial management, a professional property manager can help ensure everything runs smoothly.
- Your Property is Large or Complex
- For larger properties or those with many users and amenities, a property manager can oversee multiple operations, ensuring user needs are met and facilities remain well-maintained.
- You Want to Maximize Occupancy
- A good property manager will handle user retention, market vacant spaces, and drive new leads to ensure your property stays profitable.
- You Don’t Live Near the Property
- If you live far from your rental property, managing it remotely can be challenging. A property manager can take care of on-site needs, saving you from frequent travel.
When You Should NOT Hire a Property Manager
- Your Property is Small and Easy to Manage
- For smaller properties or spaces (with fewer users), managing the space yourself may not require too much time or effort, making a property manager unnecessary.
- You Have the Time to Manage the Property
- If you can dedicate time to overseeing operations, you can avoid the added cost of a property manager.
- You Have Property Management Experience
- If you’ve successfully managed properties before (or are a quick learner), you can likely develop the skills needed to handle your day-to-day operations without external help.
- You Want to Save on Management Fees
- If your budget is tight, managing the property yourself will save you money.
- Your Property is Highly Automated
- With modern software management tools, you may not need a manager if your space uses automation for rent collection, security, and maintenance requests.
Conclusion
Hiring a property manager can save you time, reduce stress, and ensure that your space is well-maintained and profitable. Whether or not to hire one depends on your personal availability, experience, the complexity of your property, and your budget. By selecting a property manager with the right experience and skill set, you can focus on other aspects of your business while leaving the day-to-day operations in good hands.
