For property managers and management companies in Los Angeles, much has changed over the past 10 to 15 years. While the industry has been constantly evolving during that time span, so have their responsibilities. Today’s professionals have seen those responsibilities increase in dramatic fashion in that they do far more than simply collecting rents and paying monthly bills. Their days now consist of the following:
- arranging insurance coverage
- assigning and coordinating maintenance tasks
- creating and collecting bids for remodeling and renovation
- developing marketing plans and strategies
- ensuring that properties are government-compliant
- hiring, managing, and motivating their staff members
- improving property landscaping
- overseeing property security
- providing tax information
- reporting expenses and taxes
Current market conditions
In order to fulfill these responsibilities, they must constantly evaluate ever-changing market conditions and respond to them as well as stay current on industry trends. They must also be aware of new technological developments and generate additional fee income increases. Additionally, they have to develop client relationships and maintain the ones that are essential to the business.
The reality is that it is a matter of adapting to the economic times in a constantly evolving industry. There are a number of external factors that play a significant role in the way that property managers and management companies operate. For instance, we are witnessing more specialization on behalf of these companies and individuals which oftentimes includes:
- complexities of property-specific accounting and taxation issues
- environmental concerns
- government legislation
- insurance requirements
- lender regulations
- licensing requirements
In addition to this, the marketplace has become more consolidated thanks to the growth of larger real estate companies and investment trusts.
About branding strategies
Today, the key to surviving downswings in the US economy is the utilization of branding strategies. The use of this has resulted from consolidation in an ever-changing market. Companies are developing unique images that can be used throughout their listings and are based on specific property management services. In many cases, management plays a key role the development and maintenance of a company’s branding identity.
In as much as a positive image helps in the retention of tenants, a negative image will decrease the retention rate and increase the duration of vacancies. You have to ensure that tenants have a pleasant experience with your brand. Since one of their primary responsibilities is the development of strong tenant relations, there should be plans or strategies in place for managing service provider and tenant issues quickly and easily. This will help streamline the processes and increase the tenancy rates.
On a closing note, the property management industry is witnessing a significant growth in the utilization of specific technologies that are helping investors and managers do their jobs more cost-effectively and efficiently. Basically, the use of computers has provided a great deal of relief where data collection, manipulation, and the storage of data are concerned.