3 Reasons Property Management Has Never Been More Complicated

The right firm really matters when the landscape is changing fast.

For a long time, the essential tasks of a property manager have remained essentially unchanged. They find tenants, collect the rent, maintain the property, and take the burdens of home ownership off the homeowner.

BUT the truth is that most property managers have never been adequate to the task, even before the world became more complicated. They haven’t brought in digital technology and they don’t provide attentive, “concierge-style” service. Simply put they don’t care enough.

When you add in the recent changes wrought by Covid-19, that put even more pressure on a property manager, you’ll see why a new breed of property manager – like Belong – is a necessity.

The risk of discrimination complicates property management.

Did you know that according to the U.S. Fair Housing Act – which governs how tenants must be treated – you can’t ask one tenant to pay a larger security deposit than another, even if it is for a non-discriminator reason?

It’s true. 

It’s also true that you can’t ask a rental applicant if they have any kids – even casually.  Nor can you describe a property as “family friendly” in an ad, because it opens itself to the interpretation that the homeowner prefers families as tenants.

And these are just the federal standards; there are also local regulations that must be followed.  Here are some examples of where San Francisco has its own standards above and beyond the U.S. Fair Housing Act. 

It’s difficult for any individual to keep track of these requirements, and there’s no reason to put yourself in a high-risk situation when the right property manager, like Belong, has systems and protocols in place that ensure compliance with federal, state, and local requirements.

With the renovation boom, it’s almost impossible to find great contractors.

You’ve no doubt been reading about how supply chain interruptions have made it harder than ever to get the material you need for renovations. A lack of available, competent contractors has only compounded the challenges.  BiggerPockets – a blog with a mission to help people who invest in real estate, put it like this:

"A few weeks ago you call six different contractors to take a look at a small repair job on your home. Every single one went to voicemail. Okay, understandable. You figure they’re busy working and leave a message. In total, four of them call back, and you schedule an appointment with each of them to get an estimate. Of the four appointments, two of them never showed up. Wondering how to find a contractor (who doesn’t suck)? You’re not alone."

As an owner of one or two properties, you simply don’t have the time or the clout to hire on talented and reliable contractors. At the same time, you know making your hope as perfect as possible will help you get the best possible resident at the highest rent.

So what are your options?

Ask Belong. With access to a concierge service 24 hours a day, 7 days a week, we can give personalized advice whenever you need it. Including connecting you to an extensive vendor network of over 10,000 contractors. If you've got a job to do or repair to make, we know who can help.

With rentals surging in value, it’s hard to know what to charge.

“Rent is about to go up again” declares CNBC’s newsletter, “Make It.”  With this shortage of supply, it’s challenging for homeowners to figure out where to price their homes.  If they’re overly optimistic, they risk overpricing it, wasting time showing it, and having to deal with an extended vacancy.

On the other hand, if you price your home too low, you’re leaving money on the table.  So how do you find the sweet spot, the Goldilocks price, that is “Just right?”  It calls for some sophisticated technology, which is what the folks at Belong have come up with.

They’ve created a pricing optimization model that takes everything into account:  the neighborhood; your individual house and its pros and cons; and what recent rentals deals have brought.

Everyone who signs up with Belong has access to this.  What’s more, Belong handles all the appointments and showings.

In a fast-changing world, which has risks and opportunities, you can’t afford to be stuck in the old way of managing property.  It’s getting trickier and more stressful to do it yourself, which is why a modern property manager like Belong may be just what these times call for.