The Value of a Good Property Manager

Written by Harold Tucker, Spectrum Enterprises

It is common knowledge among my colleagues and I that those properties we audit that have strong managerial teams have less noncompliance, friendlier tenants, and greater “curb appeal”. What we feel immediately when we arrive at these properties is a sense of community. There are several contributing factors we recognize that make a superior property. First is a highly trained management team. Those properties that have continuing education for its employees in the housing field often have lower turnover rates and higher occupancy. Secondly, strong oversight from upper management or ownership is a key factor in quality control of a property. Reports of noncompliance decrease dramatically when everyone from regional managers to ownership is involved in the daily workings of the property. Lastly, a highly experienced maintenance team is worth its weight in gold. A maintenance staff is often the most familiar with the property grounds and its tenants. They are the eyes and ears of the property and can keep the property manager abreast of what is happening on site.

I’m constantly amazed at the work ethic of property managers I meet. They are emotionally invested in their properties and are constantly striving to make it a desirable place for anyone to live. We understand the complexities of managing one of these sites. From screening for qualified applicants, determining income and assets, and generally just dealing with the complicated rules of the Low Income Housing Tax Credit Program.  It takes a highly trained and experienced property team to manage one of these sites.  So I personally would like to recognize all of those property managers out there working so hard to provide clean, safe, and well run properties.

Here is what other Spectrum auditors had to say when asked what they thought made a good property management team.

“The entire staff seems to understand the tax credit program. They all seem to know their tenants and community as well. This is also usually followed up by a good maintenance staff that is on the same page as everyone else.”

“They’ve got to be tough. They have to be able to strike a balance between understanding and caring about the tenant but also realizing they have a job to do.”

“It goes a long ways when I see that the property manager knows the children on site. This is a good sign the manager is really involved on site.”

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