Property managers are tasked with the following core responsibilities: collect rents, pay homeowner association dues, pay bills, manage properties for the owners or homeowners associations, and oversee vendors’ provision of services.
Because of the economic recession, more and more properties are expected to maintain a cheaper operating budget despite having many of the same expenses.
According to Frank Gatski, president and CEO of Las Vegas headquartered Gatski Commercial Real Estate Services, “Property owners and tenants are expecting more from their property managers, more of what they’ve always provided. This is especially the case with distressed properties. Additionally, some want more services, like construction management, lease renewals, tax appeal assistance and help with loan modifications and refinancing.”
More and more tenants are struggling financially since the economic crises of 2008. This poses difficulty for property managers who simultaneously have to keep tenants happy to retain occupancy levels while also collect rent to maintain the property.
Rental costs have dramatically increased in many metro regions throughout the states, whereas home values have dropped by 30% or more. According to a recent study by Deutsche Bank, Americans are now paying 9.8% of their incomes to own their homes after paying mortgage, property taxes and insurance payments. This, according to the study is down from 17.2% at the peak of the housing bubble. The study also highlights the fact that in 28 of the nation’s 54 major housing markets, paying mortgage on a house, along with most other costs of owning it is now cheaper than renting the same house.
Because HOA property management companies’ business depends on the happiness of residents overall, it’s also in their best interest to make sure that the community they manage is kept safe, clean, well-maintained, and has the amenities residents need and desire. A good HOA property management company is going to work hard to keep HOA residents happy and to make them proud of their homes and of the homeowners association.
American Management Group is the leader in providing turnkey community management solutions to communities across South Florida. With over 25 years of experience in property management, AMG has the confidence and vision to help with your organization’s daily functions, as well as execution of long-term plans. Contact AMG today for insight on how to navigate your organization’s needs.