In the past, property management was often a purely reactive entity that merely maintained the condition of a property. Today, however, modern property management is forward-looking, proactive and technologically up-to-date, both internally and externally.
Nowadays, the field of activity of a property management company covers a wide range of services. This ranges from the management of homeowners’ associations to the management of rental properties, commercial properties and even assisted living. The range of services extends from classic administration to accounting and facility management.
This development represents a challenge for modern, performance-oriented administration. Particularly in light of the increasing number of new administrations being founded, it is crucial that property managers can only assert themselves and establish themselves on the market in the long term by having comprehensive knowledge. This includes a broad knowledge of constantly changing laws and regulations, as well as a sound commercial and administrative organization that takes into account business factors and market knowledge. A timely reminder and litigation system with knowledge of compulsory administration and enforcement is also essential.
The financial management of the managed properties ranges from accounting and billing to operating cost management with cost analysis and minimization.
Success factors for modern property management in detail:
1. Legal knowledge:
In order to meet legal requirements, it is essential that the property management is always informed about current laws, regulations and legal developments. This applies to tenancy law, building law, property ownership law and other relevant legal areas. Through continuous training and regular refresher courses on legal knowledge, the property management can ensure that it makes legally sound decisions and responds effectively to changes.
2. Commercial and administrative expertise:
Property management operates in a complex economic environment that requires sound commercial and administrative skills. This includes sound accounting, preparing invoices, managing budgets and managing cash flows. Commercial competence makes it possible to efficiently manage the economic aspects of the properties under management and to make optimal use of resources.
3. Technical support:
Modern property management companies must have technical know-how in order to meet the technical requirements of the properties they manage. This includes knowledge of energy-saving technologies and compliance with legal regulations. Technical support is becoming increasingly complex and is important to ensure that the value of the properties is maintained.
4. Advice to owners and tenants:
Transparent communication is crucial for the relationship of trust between the property management, owner and tenant. The property management should be able to provide understandable and comprehensive information, be it on legal issues, financial matters or general concerns. Competent advice supports owners in decision-making processes and gives tenants the necessary understanding of their rights and obligations.
Each of these success factors plays a key role in the quality and efficiency of property management. A balanced interaction of these factors makes it possible to successfully manage the diverse requirements of property management .
5. Technique: “Must-have” versus “Nice-to-have”
The integration of modern technologies enables efficient work and improves communication with owners and tenants. Digital platforms and documented processes simplify administrative tasks and provide a transparent overview. The interfaces between the individual components of a property management system are crucial.
In today’s world, a property manager must be able to cover and reconcile the interests of owners and tenants to the same extent. The interests are different here: the owner primarily wants to keep the profitability of his property and the value stable. The tenant wants to achieve the maximum performance for the lowest possible rent. Professional property managers usually manage this conflict of interests well through know-how, good communication and customer orientation.
