Asking for a helping hand from an expert does not make you weak. It was Socrates that said, “The more I learn, the more I learn how little I know”. This is never more evident than in the world of property management. It is in one’s nature to want to be a property owner. For some it is their home whether an apartment or in the suburbs. While for others it is to be part of something larger. A community or an association. After you have become a property owner you now must protect your valuable asset.

A property manager’s responsibilities include financial (treasury and account management), compliance (due diligence), maintenance (experienced operation staff), Resident relations (personality management), Emergency preparedness (24 hour on call), contract negotiator (language protection), and so much more. When reviewing financials a property manager should be aware not only of the budget in comparison to actual expenses, but also the experience of similar properties. The Institute for Real Estate Management publishes an annual income and expense analysis. The Institute compiles information submitted by property management companies from around the nation. These reports will tell a property manager; are we spending more than other buildings on wages, custodial expenses, repairs, insurance, supplies, utilities and other budgeted expenses.

The ever changing building codes require property managers to continually be up to date on compliance. An example of a new compliance can be found in the New York City building code that now requires building owners to adopt a building smoking disclosure as of August 2018. All residents must be made aware of the building smoking policy as of this date. This must also become part of the property’s applications for potential purchasers or renters. Those not in compliance will be subject to a fine.
Protecting your asset is a priority. Finding a property manager that has the knowledge is a must.