The Need for Property Managers is On the Rise
In an unprecedented challenging housing market Community Housing Development Corporation (CHDC) continues to expand affordable housing opportunities throughout the Bay Area. As the economy continues to recover , the cost of housing in the Bay Area has also continued to increase with homeownership becoming only a dream for many. Homeownership rates have fallen across California, as housing prices have grown faster than the US average. In the Bay Area this has resulted in a growth of residential renting, increasing the need for affordable rental property. Over the past six years leading into 2018, the industry has exhibited strong growth as demand for apartment rentals has strengthened, especially in relation to the rest of the country. While the Bay Area market is still healthy and growing this has created a need to expand our search for more qualified Property Managers.
With still relatively low interest rates, the property management industry has a positive outlook for growth. As an industry it’s important that non-profits, commercial, industrial and residential real estate companies begin to build a pipeline of skilled talent. (not sure what it means). Property managers responsibilities include and are not limited to overseeing the operation and maintenance of properties, customer services/tenant relationship management, and resident services, addressing needed tenant services.
Property Managers maintain files and documents, create budgets and make sure the building complies with all laws and lender/investors requirements. They also work directly with tenants to discuss leasing and property rules, collect rent, and address complaints and concerns from tenants. To be an effective and efficient Property Manager, a broad skillset is critical, such as:
- Communication skills – Keeping the lines of communication open helps build positive relationships with tenants, vendors and staff.
- Customer Service – Excellent customer service are expected from tenants and Property Managers should be responsive to tenants needs and/or problems that arise.
- Organizational Skills – Property Managers have to juggle multiple priorities while meeting tight deadlines. They need to develop or follow systems and schedules that will keep the property managed well.
- Negotiating Skills: Property managers have to work out details with potential tenants, put bids out for work or service on the property, and deal with people in the community.
Having these and complementary skills, attitudes and behaviors are necessary for Property Managers to achieve business success. As you know, these skills need to be nurtured, which is why it’s important for industry leaders to identify good talent and support the skills development in our property management staff.
The number of adults aged 20 to 65 has increased over the past five years, a demographic that makes up the bulk of demand for rental units. In an effort to grow and stabilize the property managers within California, we have an opportunity to look at this same demographic across the state to identify new talent. CHDC is looking to be a leader in identifying, developing and nurturing a new pool of property managers.