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Property Management Styles - Pros/Cons and How Technology Can Help

By Jennifer McCready

 

property-management-stylesAs with any other role in the business world, property managers conduct their work in a variety of different ways. Each of these styles has certain strengths as well as certain weaknesses, and one is not necessarily better than the other. We thought it might be fun to take a moment and examine a couple of the different property management styles, as well as their pros and cons, and see how technology can benefit each of them.

Hands-Off or Passive Property Management

Some property management professionals feel more comfortable working from behind their desk in an office environment. These people tend to be more analytical and usually enjoy working with computers and leveraging technology to make their organization more successful.

Pros

The good thing about hands-off property management professionals is that they tend to be very reliable. This means that when a manager, colleague, property owner or resident needs to reach them, chances are they will be successful most of the time. Another positive aspect of passive property management is that it enables the person to remain on top of things like running and distributing reports, and responding to emails in a timely manner.

Cons

Of course, there are also some downsides to being more behind-the-scenes when it comes to property management. By being in the office most of the time, you may not be able to establish yourself as a recognizable and authoritative face at the properties you’re managing. This may also have a negative impact on things like collecting late payments, because phone calls are often not as effective as an in-person visit.

How Technology Can Help

The right property management software can compliment this style by helping you stay organized and on top of all of the tasks you’re juggling. Whether you’re working from your home office or out of various satellite locations, you’ll always have access to all the information you need, right when you need it. That makes your job much easier!


Get the full scoop on How to Build An Extraordinary Property Management Team.
 

Hands-On or Active Property Management

Unlike their passive counterparts, this type of property management professional prefers to roll up their sleeves and get involved on a more active level. These people are in the trenches on a daily basis, hitting the road and regularly spending time at their properties.

Pros

Making your presence known and becoming a familiar face at the properties you are managing can go a long way toward owner and resident satisfaction. You’ll also be able to identify things that may need attention or improvement on a timelier basis if you’re regularly touring your properties. Additionally, you can keep a closer eye on those who you’ve hired, such as contractors, to ensure you’ve got the right team in place. Finally, actually being physically present can improve things like rent payment collections.

Cons

The problem with being a hands-on kind of property manager is that it can be easy to let administrative duties slip. This means that calls might not be returned in a timely manner, emails may not be attended to and you may begin falling behind in a lot of important day-to-day office duties. If your style tends to involve playing a more active role, you have to be sure you have the discipline and the organization skills to keep up with your other tasks, not just those that keep you on the go.

How Technology Can Help

Having access to information when you’re on the go is essential to the success of any hands-on property management professional. That’s where the right software solution can help. By streamlining and centralizing all of your important data, you’ll be able to stay on top of your game wherever you are, and keep your customers happy at the same time!

The bottom line is there really is no perfect style for successful property management. The ultimate goal is to find the right balance so that you can take advantage of the benefits, while overcoming the hurdles that they each impose. Whatever your style, technology can help by streamlining processes, facilitating fast and easy access to information, and improving the overall efficiency of how you work.

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Get the full scoop on How to Build An Extraordinary Property Management Team. Download our free resource guide.

 

Tagged Productivity, Technology, Property Management

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