{"id":7229,"date":"2020-04-16T14:13:18","date_gmt":"2020-04-16T21:13:18","guid":{"rendered":"https:\/\/www.parcelpending.com\/?p=7229"},"modified":"2023-06-23T20:15:24","modified_gmt":"2023-06-23T20:15:24","slug":"how-property-management-duties-are-evolving","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-us\/blog\/how-property-management-duties-are-evolving\/","title":{"rendered":"How Property Management Duties are Evolving"},"content":{"rendered":"

Are you a property owner looking to hire a property manager for a rental property?<\/span><\/p>\n

Property management and real estate management \u2013 whether you manage a <\/span>commercial property<\/span> or a multifamily property \u2013 is no longer just about collecting rent, filling vacancies, or handling property maintenance and repairs. The property manager job description and daily operations have evolved significantly over the last decade. In this article, we will explore how day-to-day property management company and\/or property manager responsibilities have changed over the years.<\/span><\/p>\n

Collecting Rent<\/b> & <\/b>Security Deposit<\/b>s<\/b><\/h2>\n

Rental property, and real estate management is all about the money! Whether you manage a <\/span>commercial property<\/span> or a multifamily community, one of the main property manager responsibilities and duties is to collect rent and security deposits on one or often, multiple properties. Property owners and managers establish the rent level based on the market, property location, and the type of potential tenants or residents they would like to attract. They also manage the cash flow of the property.<\/span><\/p>\n

Conducting <\/b>Credit Checks<\/b> & <\/b>Background Checks<\/b><\/h2>\n

Property managers are responsible for <\/span>screening tenants<\/span>. This includes conducting <\/span>credit checks<\/span> and <\/span>background checks<\/span> to ensure that they\u2019re in good financial standing. <\/span><\/p>\n

Attract<\/b>ing <\/b>Tenants<\/b><\/h2>\n

A p<\/span>roperty manager\u2019s most important job is to ensure that <\/span>vacant properties<\/span> are filled. This is where advertising, marketing, and communication skills come into play. It\u2019s not just about good-looking <\/span>real estate<\/span> and a competitive <\/span>rental rate<\/span> anymore. Property managers need to think outside the box to <\/span>attract<\/span> tenants<\/span> and make sure <\/span>vacant properties<\/span> are filled as quickly and efficiently as possible.<\/span><\/p>\n

Generating Revenue<\/b><\/h2>\n

Investors and property management company owners are constantly searching for ways to increase ROI on their property or on multiple properties. As <\/span>Multifamily Executive <\/span><\/i>states, \u201cwe\u2019ll see owners and operators return their focus to controlling, reducing, and aggregating costs. Additionally, finding new ways to maximize ancillary income through sound processes and creative revenue streams such as door-to-door trash pickup, alarm systems, and washer\/dryer rentals will become a competitive advantage.\u201d Property managers can also consider smart package lockers as an effective way to satisfy residents while also generating revenue.<\/span> Parcel lockers<\/span><\/a> allow residents to pick up their packages at their convenience while helping property managers to streamline management duties and responsibilities to reduce operational costs.<\/span><\/p>\n

Leveraging a Human-Centric Business Model<\/b><\/h2>\n

According to<\/span> Multifamily Executive<\/span><\/i>, consumers value experiences. From the experience of getting your morning coffee at a local cafe to staying in a hotel on a business trip, brands are working to create the ultimate experience for consumers in order to gain their loyalty. Additionally, we all have basic human instincts and needs that will never change, even if technology evolves to serve those needs in new ways. So what does this mean for property management? It means property managers need to focus on connecting with residents, providing a valuable and unmatched experience in addition to meeting people\u2019s basic needs. Property management will become increasingly focused on serving up instant gratification to residents. Property managers should be prepared to answer the call with desired amenities like <\/span>electronic lockers<\/span><\/a>, pop-up stores and restaurants, co-working spaces, spas, and more.<\/span><\/p>\n

Managing Maintenance & Landscape<\/b><\/h2>\n

From <\/span>maintenance and repairs<\/span> to landscaping and renovations, property managers need to be able to keep properties safe and habitable. They can either do the job themselves or hire outside resources to do so. Most property managers have access to a network of reliable contractors, plumbers, carpenters, and electricians to help them with repairs, maintenance, and landscaping.<\/span><\/p>\n

Providing Desirable Amenities<\/b><\/h2>\n

About 90% of the U.S. population will connect to the grid via smartphones by 2023<\/span>1<\/span>. A manager can\u2019t expect to succeed in 2030 (or even now!) without tapping the power and innovation of technology for use at the property. Instead of being an add-on accessory, IoT<\/a> technology will become the focal point of the multifamily housing industry. In fact, experts predict that technology will become the main tactic utilized by multifamily housing communities to enrich their residents\u2019 experiences.\u00a0<\/span><\/p>\n

One example is <\/span>electronic package lockers<\/span><\/a>. Package volume has nearly doubled (48%) over the past two years due in large part to the boom in online and mobile shopping. This number will only continue to grow: PWC estimates the number of packages delivered annually will rise to 16 billion this year, up from 11 billion in 2018<\/span>2<\/span>.\u00a0<\/span><\/p>\n

Parcel Pending\u2019s<\/span> apartment package lockers<\/span><\/a> alleviate the stress of package management by assuming all customer service responsibilities for package delivery, notification, and retrieval. Our multifamily and commercial <\/span>parcel lockers <\/span><\/a>help properties manage their package problems efficiently and cost-effectively, so it\u2019s a win-win for both residents and property managers.<\/span><\/p>\n

With our <\/span>intelligent parcel locker system<\/span><\/a>, residents can quickly and easily retrieve their packages at their convenience. Meanwhile, property managers no longer have to waste precious time accepting, logging, sorting and distributing packages. In fact, it is estimated that our lockers help save up to 24 hours of staff time each week. That\u2019s a huge savings when it comes to operational costs.<\/span><\/p>\n

The Parcel Pending Difference:<\/strong><\/h3>\n