In the increasingly competitive real estate market, the role of the Property Manager (PM) is crucial for maximizing the value and profitability of properties. Their responsibilities range from logistical organization to customer care, and even handling bureaucratic obligations. In this article, we will explore the five main activities performed by a Property Manager, analyzing the tools used, tasks performed, and challenges faced.
1. Property Acquisition
Property acquisition is the starting point for any PM. This phase requires strong commercial skills and accurate property evaluations to assess their investment and profitability potential, as well as marketing and branding expertise. The main challenges lie in the distrust toward property managers and the perception that short-term rentals are riskier compared to long-term rentals, which are generally considered safer.
2. Home Launch
Once the contract is signed, the PM collaborates with the property owner to identify solutions to enhance the property in terms of space, structure, and design. They oversee and coordinate any renovation or energy efficiency upgrades and manage the completion of the apartment’s standard inventory. Simultaneously, the PM collects all technical data about the apartment to create a house manual and an emergency response guide with solutions for potential issues that may arise. Finally, they arrange for thorough cleaning and a professional photo shoot before creating the listing on online platforms.
The use of digital tools for process automation can improve efficiency, but managing renovations and coordinating with external suppliers often leads to delays. A specialized team can help address these challenges.
3. Operational Management
This is one of the most dynamic and complex phases of a Property Manager’s work. It consists of several sub-activities:
a) Customer Service The PM provides 24/7 customer service, answering guests’ questions, providing tourist information, and resolving any issues. Planning shifts and managing time are essential to ensure high-quality service.
Tools such as business phones with call routing systems and Airbnb and Booking accounts are used. The main challenge is the need for constant availability, as a lack of response can impact reviews, and unexpected issues often require immediate solutions.
b) Check-in and Check-out Every day, dozens of guests enter and leave accommodations, and it is critical to ensure these processes are carried out correctly. The PM is responsible for this process, ensuring the proper delivery and retrieval of keys. They also work to optimize these processes to make rentals more automated and easier to manage. Digital tools like smartlock systems can streamline check-in and check-out processes. However, challenges arise with requests for early check-ins or late check-outs, which require precise coordination.
c) Cleaning Organization Cleaning management is essential for maintaining quality standards. The PM organizes and supervises cleaning staff, mediating between them and guests to accommodate requests for early check-ins or late check-outs. Using a Property Management Software (PMS) is extremely helpful for coordinating cleanings. Additionally, establishing a partnership with a cleaning agency and appointing one or two dedicated contacts to maintain constant communication ensures that the work meets pre-established standards.
d) Maintenance and Issue Resolution In case of damage or issues in the apartments, the PM is trained to identify the fastest, most efficient, and cost-effective resolution strategy. They maintain a database of contacts for the best specialists for each type of intervention and develop hands-on skills to resolve minor issues independently.
e) Apartment Inspections To ensure high-quality standards, the PM conducts regular apartment inspections to identify and address issues promptly. The main challenge in the supervision process is optimizing time to ensure thorough checks across all housing units.
4. LEAF Management (Legal, Economic, Administrative, Fiscal)
This phase encompasses several critical activities for the legal and economic management of properties.
a) Legal: The PM ensures that properties comply with current regulations. This includes verifying the apartment’s condition, securing adequate insurance, and filing the SCIA (Certified Start of Activity Notification), which enables proper management of guest data through the Alloggiati.it portal of the Italian State Police and Ross1000.
b) Administrative The PM handles administrative tasks, including registering contracts and filing tax returns, ensuring proper financial transparency.
c) Economic Setting rental prices using machine learning algorithms, generating detailed monthly reports, and managing income and expenses are critical components of economic management.
d) Fiscal Managing taxes related to short-term rentals, including applying the “Cedolare Secca” and providing quarterly tax reports, ensures fiscal compliance.
5. Revenue Management (Pricing 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 property profitability and ensures competitive, market-aligned prices. The efficiency of these algorithms is made possible by dedicated software for analyzing supply and demand.
The role of the Property Manager is multidisciplinary, requiring the management of technical, administrative, legal, and economic aspects. By combining specialized skills and leveraging cutting-edge tools, the Property Manager can transform properties into profitable investment opportunities, ensuring excellent service for guests and efficient property management.
