How New Property Management Trends, Technology Increase Efficiency, Tenant Experience.

ESV Onyiriuka Iloye,

Globally the property management sector is witnessing a significant change, driven by technological advancements and innovative strategies, which are redefining all segments of the market including the commercial real estate management. The transformations have triggered efficiency, reduced costs, and streamline operations in the real estate sector.

Property management is the process of overseeing and managing properties, which can be residential, commercial and industrial. Before the property manager takes over any property for management, the landlord usually authorises him through a power of attorney. This confers on the manager the powers of the landlord to act as he could have acted. Property management involves a wide range of responsibilities

First, it involves the introduction of the property to prospective tenants, and the selection of good and reliable tenants while taking into consideration the security of income on subsequent renewals. The process includes the negotiation of rentals on open market basis, collection of rentals and remittance of same, taking of inventories for effective record purposes, formal handing-over of keys to the tenants and perfecting of lease agreement between the landlord and the tenants.

Property management centres on the prudent organisation of human and material resources with the aim of achieving defined objectives in real estate investment. These responsibilities will generally include lease administration where the property manager ensure that leases are renewed at appropriate periods and at prevailing rent(s) in the market, with due consideration to sitting tenants. In terms of security service, the property manager ensures that a reputable security company is contracted to take over the property with the consent of tenants so that their personal effects and the fixtures and the fittings are not vandalised.

The manager also makes recommendations towards ensuring that pre-paid metres are fixed at the property before tenants take over possession to avoid estimated bills from electricity companies, which normally lead to accumulated bills, which have been found to be the habit of many tenants.

It is the responsibility of the property manager to raise objections (if any) to all excessive rates by the government over the property and also ensuring prompt payment of the said charge to the appropriate authority after collection.

The manager would ensure that the services of a reputable waste disposal company are sub-contracted by the tenants and periodic fumigation is also carried out.

Essentially the property manager’s maintenance responsibilities include acting as middle men between the landlord and the tenants- listening to all complains from the tenants and relating them to the landlord, also relating the landlord’s instruction to the tenants.

The manager is always ready to proffer solution in case of any dispute. They represent the landlord in all matters in other to enable him focus on his core business without distractions from the tenants. They carry out routine inspections on the property to ensure that all the landlord fixtures and fitting are in good condition. They also ensure that yearly records of transactions of the property are kept and remitted to the landlord for record purposes.

In most cases, residential property management are carried out on blocks of flats, bungalows, duplexes, tenement buildings and condominiums. The commercial property management relates to office buildings, retail centres and industrial parks while the industrial property management includes warehouses, manufacturing facilities and logistics centres. The specialised property management involves those carried out in hotels, hospital and educational institutions.

Furthermore, effective property management gives the landlord the opportunity to concentrate in his core profession thereby creating opportunities for increased productivity. It increases property value through regular maintenance and repairs. It also ensures optimisation in rent collection and reduction in vacancies, and helps to create a positive tenant experience through responsive maintenance and repairs.

With the influence of technologies on the market, property management has been made much easier in specific areas particularly advertisement and marketing of real estate. Through the help of modern technologies, you can market your property in so many social media platforms, which automatically reduces void periods in properties.

In addition, tenants can snap or video any complain in their apartment and send to the property manager through social media making it easy for the property manager to understand and proffer solutions easily.

Discussions and meetings on a particular property transaction can be carried out online without physical meeting making the process faster, less costly and less cumbersome.

Modern banking technologies like mobile apps, and Automated Teller Machines (ATM) cards, have made payment for transaction to become much ease, making collection of rent and remittance to landlord a seamless process.

ESV Onyiriuka Iloye, a practicing Estate Surveyor and Valuer writes from Port-Harcourt, Rivers State.