Ever wondered what exactly you are paying your property manager for? A lot of what they do is the behind the scenes work of keeping your property in great shape. Below is a glimpse into a typical day as a property manager.
On this morning, the PM came into the office before Trio’s opening hours, as usual, to start their day. Getting set up for the day meant finding 43 new emails in their inbox, six phone calls to return, three vendor calls for maintenance that needed to be coordinated, and five tenant maintenance requests.
After finding all those awaiting emails and calls, the day got even busier. The PM had to:
Coordinate, research, and plan for two larger maintenance issues in Trio properties.
Review four HVAC inspections, approve additional work, and/or notify owners of issues for their input.
Process 29 invoices from vendors on previous completed work.
Contact three vendors with questions on their invoices.
Pick up other calls and emails that came in while working throughout the day.
Prepare and send two lease renewals for tenants to sign electronically.
Deal with one emergency maintenance issue that was called in, find available vendors, and coordinate between vendors and tenants for the repairs to happen.
Follow up after doing research on two calls from the day before.
Review and send eight letters to tenants after drive by inspections were completed.
Update marketing on one property in the multiple different systems that Trio uses to advertise your property.
Prepare turnover work orders for one property.
Send six owners letters on lease renewal updates.
Spend 15-20 minutes on a check in with the Trio team to collaborate on current issues and risks.
On this day there were no properties to walk through, drive-bys to do, or Continuing Education to complete, which are duties that are often performed along with all the other things the PM does. Your PM doesn’t do this alone. They have an assistant helping behind the scenes, accounting staff, and a manager bringing in new business, each doing their part to make Trio able to care for your property.
As you can see from what a typical day looks like, PMs have to be able to do a lot to take care of your home. They need to be familiar with everything from plumbing, electrical, and paint to being up to date on the ever-changing technology, the market, real estate from the investment side and much more. Recent laws have only made the job harder. Trio has had to redraw systems and audit technology in order to avoid costly mistakes.
Most of the things we do to keep your investment property running you will never know about — which is exactly what we are aiming for. We know we’ve done our best work when you sleep easy at night knowing your property is in experienced, capable, and caring hands.