A Property Management Company Must Be Able to Adapt
Whether you own commercial property, residential buildings, or both, you know how quickly the real estate industry can change. Fortunately, working with a knowledgeable property management company can help a building owner weather the ups and downs of the industry.
Cervelli Real Estate & Property Management has extensive experience with real estate and management of apartment buildings, office buildings, and retail property throughout New Jersey’s Gold Coast. Here, we highlight a few aspects of the industry that property managers must navigate to be effective.
High mortgage rates mean that housing supply is scarce and single-family homes may stay on the market for just a few days. This can have a major effect on the rental market: tenants who were considering buying a home may be more likely to stick to renting until mortgage rates go down. Owners of apartment buildings will want to look for apartment management companies who know how to work with long-term renters and can maintain or improve tenant retention rates while adapting to shifting renter demographics across the owner’s portfolio.
Emerging Tools and Technologies
Artificial intelligence (AI) and machine learning tools are permeating nearly every industry, and real estate is no exception. With access to robust data, AI applications can analyze information, identify patterns, and inform a company’s long-term decisions. Residential, business, or retail property managers can utilize AI in a wide range of tasks, such as:
- Fielding tenant inquiries
- Sending payment reminders
- Scheduling property inspections and preventive maintenance
- Managing site workflows
These automations help property management companies work more efficiently without sacrificing attention to detail.
Property managers must abide by local, state, and federal laws and regulations. These include:
- Fair housing laws
- State rent control laws
- Healthy and safety regulations
- Financial disclosure regulations
These can vary by location, so property management companies must be fastidious in ensuring compliance. For example, professionals in office building management may need to post notices related to state labor protections or Occupational Safety and Health Administration (OSHA) regulations. Failure to comply with regulations could result in fines, litigation, and reputational damage. Compliance also extends to third-party vendors, so property managers must have effective processes in place for vetting potential service providers.
Unique Property Types
Mixed-use buildings blend residential and commercial functions, such as placing ground-floor retail spaces in a high-rise apartment building. These kinds of developments often deliver a set of benefits: residents have convenient access to shops, restaurants, and local services, while commercial tenants have a built-in clientele. For building owners, however, mixed-use sites can present challenges and competing demands. Owners need to partner with an experienced retail property management service that understands the unique characteristics of mixed-use properties and can balance the needs of different types of tenants.
Choose a Knowledgeable Property Management Company
Serving building owners throughout northeast New Jersey, Cervelli Real Estate & Property Management has the staff expertise and resources to adapt to market trends and changes. With extensive experience as building owners ourselves, we draw on our understanding of the industry to deliver the highest level of service for our clients. Additionally, Cervelli Real Estate & Property Management maintains a network of trusted vendors and third-party service providers to protect our clients’ portfolios. We are proud to offer building management services for:
To learn more about getting the most out of your investment through a partnership with Cervelli Real Estate & Property Management, contact us today to learn more about our residential and commercial building management services.