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The Changing Face of Property Management

By Steven Ritter

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It’s obvious that absentee owners, or property owners who live in a city other than that in which their investment property is located, will need to hire someone to take care of that property in their absence. Most absentee owners hire property management companies to handle the basics: Keep the property in a condition that’s suitable for tenants, facilitate regular maintenance, and navigate tenant issues from timely payment to requests for repairs. However, the role of a property manager has changed significantly over the past decade due to more competition, a larger number of investors, and a post-recession climate of financial instability. Today, successful property managers do much more than simply take care of physical properties.

The Role of Property Managers Over Time

According to a report by Rosemary Carucci Goss and Howard L. Campbell, the job responsibilities of property managers have changed dramatically since the Great Depression that began in 1929. As more consumers shifted to multifamily housing units and shared housing, the need for property managers skyrocketed. During the early 1930’s there were no organizations that provided oversight or training for property managers, so much of their tasks were learned on the job. World War II and the post-war housing boom sparked new opportunities for property managers to manage multiple properties and a new, competitive market for qualified property managers burst opened. New legislation designed to protect consumers, varying economic climates, and an increased demand for value-added services have marked several milestones in the role of property managers in the United States over the years. You can see how the role of property managers has changed over the last century.

changing face of property management
From Goss and Campbell: The Evolution of Property Management: From Caretakers to Income Maximization Managers.

 

What is Income Maximization?

A successful property manager works with their clients to develop strategies that are proactive in nature and based on years of experience. A few key components in a successful property manager’s approach to maximizing their client’s income include the following points:

For more information about maximizing your income by hiring an experienced property management company, contact Playa Realty & Management.

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