What is a property manager?
A property manager is a third party who is hired to handle the daily operations of a real estate investment. These could be investment properties, or multi-tenant high rises, or condominium properties. The real estate units could be rentals or they could be individually owned units with some areas maintained as community properties by the property manager.
What does a property manager do?
The services handled by a property manager run the gamut from maintenance of the common areas (such as lawncare, sidewalk cleaning) to fee collection. For the most part the services are turnkey operations. However there is room for negotiation with the property owner or landlord on the scope of work.
For rental units that are managed by the property manager, the work can span the following:
- property advertising
- maintenance of common areas
- collection of rent and additional fees
- interviewing and screening of prospective tenants
- conduct routine maintenance and repairs
How does it benefit the property owner to have a property manager?
For non-institutional property owners, who do not have managers on staff, the job of managing a property may not be suitable to their temperament or capabilities. It makes sense to outsource the daily operations to another entity. While there is a cost to this, the upside is that the property manager has knowledge of the business that saves time and money in the long term.
The con is that there is a cost to this.
How to maximize profits by reducing charges around tenant management?
Whether a property manager or owner, the key to profitability is containing the costs around tenant management. The associated costs may include any/all of the following:
- Non-payment of rent or property management dues;
- leasing fees charged by realtor for new tenant;
- advertising fees for promoting vacancies;
- renovation charges for the vacated unit.
How does Dwello help property managers boost profitability
Dwello is a tenant rent collection system that helps property managers boost profitability in the following ways.
- Better on-time rent collection: Dwello has an unbeatable proposition for the payees. They get a bump to their credit score just by paying on time. There is also a penalty for not paying on time. So it's a win-win for the tenants to pay through Dwello. This reduces the lag in payments.
- Reduced customer churn: As there is perceived value provided by the property owner/manager to the tenant, there is a positive impact on tenant retention.
There are other softer benefits for the property manager. They bump up profits through reduction in operational costs as below:
- No need to manage a trust account
- On-time monies transfer from property owner
- On-demand accounts reconciliation and reporting.
Contact Dwello's payments specialist through the form below to set up a personalized demonstration.