The short answer to this question is “yes, and always by necessity.” The property manager is one of those positions that nobody really discusses, even in real estate circles. Which is a shame, because the role of a property manager is fascinating. A property manager is someone who has to handle the groundwork for high-stakes real estate. At the very least, this type of position can’t be considered a boring desk job.
And with property management on Cape Cod, the stakes are raised just a little bit higher. Especially residential property management on Cape Cod , mainly due to the area’s history as one of the Northeast’s premier tourist destinations. Nonetheless, the tourists keep coming and the rental business is still humming along. In addition, many of the area’s wealthier residents have built summer houses of their own. Obviously, most of the owners aren’t going to be working from their vacation houses. Thus, a residential property manager is needed to keep the real estate in the best shape possible for the owners.
A Property Manager Must Handle Day-to-Day Problems
So property management is not a job for everyone, as it requires absolute attention to both detail and surroundings. Property management on Cape Cod does not consist of just laying some ant traps in the kitchen. Property management is about preserving the resale value, and improving said value wherever possible. It’s about making sure the toilets are clean, the hallways are clear and the lights still work. Residential property management is that and so much more.
A Property Manager Must Act Like a Landlord
A good property manager, specifically a property manager on Cape Cod, must remember the following: the smallest single property on the Cape Cod’s rental market costs as much as the average web designer makes in three years. Therefore, high standards are a must to be a competent residential property manager. That has to be conveyed to both owner and renter alike, for problems both big and small. For the property management firm, there is no such thing as a day off from work.
A Property Manager Must Develop Connections to Local Businesses
Of course, there are the usual connections to be considered. Residential property management on Cape Cod generally has to revolve around connections. Plumbers, electricians, landscapers, and so much more: property management will inevitably involve finding the good ones and calling them when needed. A good property manager also has to be a solid marketer in the process. After all, all of these businesses have busy schedules with other clients; sometimes, they need to be convinced to place the property manager’s charges at the top of their priorities.
But in the process, the property manager must ensure they get the best service at the lowest price. A solution to that problem would be a property management firm developing a diversity of consistency. A network of vendors and contractors, along with hiring in-house staff, must be curated and updated to ensure quality work is done.
A Property Manager Be Part-Legal Scholar, Part-Accountant
Understanding the legal side of property management is important, especially Cape Cod property management. Because as it turns out, this kind of legal work involves more than just studying zoning laws. It’s about reading up on court cases, on ensuring owners aren’t taking advantage of renters (or the other way around). But perhaps most importantly of all, the legal side of property management also handles who pays who and at what time.
Or to put it more bluntly, it involves contracts that must be carefully written/read, since “breach of contract” is one of the leading charges in a civil lawsuit. As far as payment is concerned, any property management firm worth anything must have a centralized accounting system. There, statements can be itemized and tax documents can be collected. Should a dispute come up in the course of some property management work, there is a solid paper trail to clear things up.
Residential property management is not the easiest work to handle. Scratch that: property management, in general, is not for the faint of heart, not in the slightest. Which is why a property manager must be a jack of all trades, with a master of one being worse than a master of none. But success in property management on Cape Cod can pay off in dividends. From there, one could build a business that will last a lifetime.
Call RPM at 508-509-4485 for more property management insights in not only Cape Cod, but also the Boston area.
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