The activities of the Property Manager
In the increasingly competitive landscape of the real estate market, the figure of the Property Manager (PM) plays a crucial role in maximizing the value and profitability of properties. The tasks range from logistical organization to Customer Care, up to bureaucratic obligations. In this article, we will explore the five main activities performed by a Property Manager, analyzing the tools used, the activities performed and the challenges faced.
1. Acquisition of Properties
The property acquisition activity represents the starting point for any PM. This phase requires strong commercial skills and accurate evaluations of properties in order to analyze their investment potential and profitability, as well as marketing and branding skills. The main difficulties lie in the distrust towards property managers and, generally, short-term rentals are perceived as riskier than long-term rentals which are considered safer.
2. Launching Houses
Once the contract has been signed, the PM liaises with the homeowner to identify solutions in order to enhance the property from the point of view of space, structure and design. He therefore follows and coordinates any renovation or energy efficiency works and takes care of completing the standard inventory of the apartment. At the same time, the PM collects all the technical data of the apartment in order to draw up a house manual and an emergency report with all the solutions to any problems that may arise. Finally, he takes care of organizing the final cleaning and the photo shoot before creating the advertisement on the online portals.
Using digital tools to automate processes can improve efficiency, but managing renovations and resulting collaboration with external vendors often leads to delays. A specialized team can help solve these challenges.
3. Operational Management
This is one of the most dynamic and complex phases of the Property Manager's work. It is made up of various sub-activities:
a) Customer Service
The PM offers 24/7 customer service, answering guests' questions, providing tourist information and resolving any problems. Shift planning and time organization are essential to guarantee a high quality service.
Tools such as company phones with a call dispatch system and Airbnb and Booking accounts are used. The main challenge is the need to be constantly available, as lack of response can affect reviews, and unexpected events often arise that require immediate resolution.
b) Check-in and Check-out
Every day dozens of guests enter and leave the accommodation and it is essential to ensure that these procedures are carried out correctly. The PM is responsible for this process and ensures that the delivery and collection of keys occurs correctly. It also takes care of optimizing these processes in order to make rentals even more automated and easier to manage. To optimize check-in and check-out processes, digital tools such as smartlock systems can be used. However, challenges arise when early check-in and late check-out requests occur, requiring careful coordination.
c) Organization of cleaning
Cleaning management is essential to maintain quality standards. The PM organizes and supervises housekeeping staff, mediates between them and guests to accommodate requests for early check-in or late check-out.
The use of a PM management system proves extremely useful for coordinating cleaning. Furthermore, it is essential to establish a collaboration with a cleaning agency and appoint one or two contacts with whom constant contact is maintained to verify that the work is carried out in accordance with previously established standards.
d) Maintenance and Resolution of Unforeseen Events
If there is damage or problems in the apartments, the PM is trained to identify the quickest, most efficient and economical resolution strategy. It has a database that collects the contacts of the best specialists for each type of intervention and develops manual skills to solve minor problems independently.
e) Control of the Apartments
To ensure high quality standards, the PM carries out regular inspections of the apartments to promptly identify and resolve any problems.
In the apartment supervision process, the main challenge is to optimize the time to ensure thorough supervision of all housing units.
4. LEAF Management (Legal, Economic, Administrative, Fiscal)
This phase includes several crucial activities for the legal and economic management of properties.
a) Legal:
The PM ensures that the properties comply with current regulations. This includes verifying the state of the apartment, adequate insurance and the opening of the SCIA (Certified Report of Start of Activity), which allows you to correctly manage guest data via the Alloggiati.it portal of the State Police and Ross1000.
b) Administrative
The PM manages administrative practices, including the registration of contracts and tax returns, ensuring correct financial transparency.
c) Economic
Processing rental prices using Machine Learning algorithms, generating detailed monthly reports, and managing income and expenses are crucial components of economic activity.
d) Tax
Managing short-term rental taxes, including applying flat rate tax and providing quarterly tax reports, ensures tax compliance.
5. Revenue Management (Price Algorithm)
Revenue management involves using advanced algorithms to determine rental prices based on variables such as seasonality, market demand and other factors. This approach optimizes the profitability of the property and guarantees competitive prices in step with the market.
The efficiency of the algorithms is made possible thanks to the support of dedicated software for the analysis of supply and demand.
The role of the Property Manager is multidisciplinary and requires the management of technical, administrative, legal and economic aspects. Thanks to a combination of specialized skills and the use of cutting-edge tools, the Property Manager is able to convert properties into profitable investment opportunities, ensuring excellent guest service and efficient property management.