A Day in the Life of a Property Manager

In The News ,

A day in the life of a Property Manager 

Learning their business so that you can better serve them

 

The Calendar Cycle:

1st of the Month:  Rent is due, move outs from last month handled, turns begin, work orders.

5th of the Month:  All rent checks must be entered and deposited.

6th of the Month:  Rent is late, late letters go out.

11th of the Month:  Evictions filed with Magistrate.

25th of the Month (give or take):  Financial Month End Accounting.

Last Day of the Month:  Move Outs.

Typical Position Titles:

  • Property Manager, Business Manager, Site Manager, General Manager
  • Regional Manager, District Manager, Area Director
  • Assistant Manager, Bookkeeper, Market Manager, Leasing Manager
  • Leasing Consultant (or Agent), Marketing Specialist, Relocation Specialist
  • Maintenance Supervisor, Service Manager
  • Maintenance Technician, Service Assistant
  • Groundskeeper, Porter, Caretaker

Notes on Bids:

  • Most sites require 3 bids sometimes they are for immediate projects and sometimes it could be a deferred maintenance item or new budget year items.
  • Property Managers provide a scope / Vendor Members ask for a scope to speed up the process and eliminate extra work/pricing
  • Bids and proposals sometimes require tiered approval, owner approval, or bank/mortgage approval.  Patience may be needed the higher the dollar amount.

Fair Housing Notes:

  • Protected classes- Race, color,religion, sex, handicap, familial status, national origin.
  • Common mistakes
  • How does this affect you as a vendor?
  • Questions not to answer at any apartment community… “What kind of people live here?”  And “How safe is it here, ya think?”

 Correct Terminology:

  • Model
  • Target List
  • Make-Readys
  • Market Analysis/Survey
  • Agent vs. Owner
  • Lease Expirations
  • Rental Agreement/ Lease
  • Security Deposit
  • Garden (Ranch) vs Townhome
  • Closing Ratio
  • Secret Shopper
  • Units
    Residents vs. Tenants
  • Community vs. Complex
  • NOI
  • Traffic vs leases
  • Prospect
  • Availability
  • Vacancy Loss
  • Occupancy
  • Curb Appeal
  • Amenities
  • NAA Designations- CAM, NALP, CAPS, CAMT