Expanding Role Of Managers
Has the decision-making process changed in recent years at your property? Condo, apartment, and other rental property managers have expanding roles these days — shifting from the traditional operations role to growing strategic positions.
Property managers have more and more in common with asset managers, says Lori Burger, president of the Institute of Real Estate Management.
The New Look of Property Management
Property managers are still largely in charge of day-to-day operations. Core functions will always include ongoing tasks including the execution of waste collection, landscaping, and monthly expenses.
The difference Burger points out is that property managers now have a voice in strategy. They can provide boots-on-the-ground recommendations to improve a property’s financial outlook.
The asset management style of property manager includes:
- Use of software and data to provide financial reports and analysis
- Constructing or providing input for long-term business models
- Creating new policies to drive financial growth
In other words, property managers should be striving to make better financial decisions — not just execute the status quo.
For example, for waste management a property manager would typically serve as contact point and bill payer. Now the role may include evaluating and replacing the current system entirely. Bring in dumpster moving tugs to allow any employee to easily maneuver the equipment across the property, and management may be able to reduce staff hours or streamline the process with less labor, fewer injuries and incidents, and greater profitability in the end.
Consider whether your property group’s bottom line can benefit from strategic initiatives overseen by the property manager. A great first step: ergonomic equipment solutions such as dumpster moving tugs from DJProducts.com.