The Role of Support Services in Real Estate Management

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Real Estate Management

As a property manager, your days are a constant juggling act of tenant requests, maintenance issues, contractor coordination, rent collection, and marketing vacant units. You are the point person responsible for maximizing the value and upkeep of your clients’ real estate investments.

With so many rotating tasks and stakeholders like owners and residents to keep satisfied, having a host of reliable support services becomes absolutely essential. Trying to do everything yourself inevitably leads to dropping balls and subpar results.

Leasing Assistance Fills Vacancies Fast

Vacant rental units represent lost income that property owners cannot afford. That’s why most managers leverage leasing assistance services to keep properties marketed and filled quickly.

From creating appealing rental listings with professional photos to scheduling/conducting showings and vetting tenant applications, these specialized leasing teams focus solely on presenting your properties perfectly and converting leads into signed renters rapidly.

An Answering Service That Works 24/7

What happens when the office is closed but a resident calls about a maintenance emergency, or a prospect wants to schedule a viewing immediately? Without extended support, you likely miss those opportunities or frustrate people with voicemail runarounds.

A property management answering service provided by a company like Apello solves this by providing live, professional virtual receptionists available 24/7 to take messages, dispatch urgent requests and book appointments using your custom protocols. Prospects get consistently attentive service.

Bookkeeping and Back-Office Order

One easily overlooked area is accurate bookkeeping and back-office administration to track finances, payments, receipts, and reporting properly. These tasks quickly become nightmares if neglected.

Savvy managers outsource this to experienced bookkeepers and virtual assistants well-versed in property management accounting needs. They ensure rent rolls are flawless, bills get paid promptly, financial reports required by owners are complete, and records stay organized.

Vendor and Contractor Partnerships

As the coordinator of maintenance and repairs, you need a deep bench of responsive, reliable, high-quality vendor partners for jobs like:

  • HVAC
  • Plumbing
  • Electrical
  • Landscaping
  • Painting
  • Renovations

Thoroughly vetting and managing this contractor network is crucial for controlling costs while providing great service. Many firms specialize in vendor management for property managers, managing the recruiting, rating, scheduling, and quality control so you don’t have to.

Legal Counsel and Advisors

Real estate is rife with complex regulations around safety, fair housing, lease agreements, and liability that can vary significantly by area. Having an experienced legal counsel that you can call on is wise for assuring full compliance, reducing risks, and resolving disputes appropriately.

Many property managers also retain specialized tax advisors to maximize their deductions and handle filings correctly. These professionals focus on the legal and financial minutiae so you can focus on operations.

Support Scale as Your Portfolio Grows

As your real estate management business grows with more properties/units, your staffing needs also increase proportionally. Support services again serve as ideal solutions for scaling assistants, bookkeepers, marketers, leasing agents, and other roles up or down easily without carrying excess permanent overhead.

This flexibility allows you to match staffing to revenue streams while maintaining consistent, quality service delivery and support. Many third-party providers offer bulk pricing discounts as you require more of their services too.

Build an Advantage With Support

While some smaller independent managers try taking on everything themselves, utilizing the right support services creates competitive advantages by:

  • Projecting a more professional, dependable brand image.
  • Providing responsive 24/7 customer service.
  • Maximizing operational efficiency and quality.
  • Reducing liabilities and costly mistakes.
  • Scaling support affordably as you grow.

Conclusion

Instead of spreading yourself thin, focus on your property management expertise while surrounding yourself with specialists that make your entire operation hum. Your clients’ investments and residents’ satisfaction depend on the support systems you have in place.