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The Roles of Property Managers and Its Hiring Advantages

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The industry has been steadily increasing over the years. Pixabay

Property management is a growing industry, especially in the United States. Many Americans have turned to industry professionals to get the most out of their properties.

The industry has been steadily increasing over the years. According to the latest report by IBIS Wolrd, the industry has an annual growth rate of 0.8 percent in the US, from 2014 until 2019. In terms of total revenue, it has recorded $76 billion in 2019 alone. In addition, the industry has generated a total of 844,307 jobs.

Property management involves both residential and non-residential real property assets. The growth could be attributed to the cost reduction in the part of the owners if they would outsource the management of their properties.

The Most Common Roles of Property Managers

 

Property, Managers, Hiring
Property management is a growing industry, especially in the United States. Pixabay
  • Promotion and Advertisement for Properties. As property managers, they have the responsibility of advertising the properties to get tenants. The Northern Virginia Property Management offices, for instance, will make it known to the public that specific real property assets are for rent or lease at a given rate.
  • Management of Tenants. Property managers are responsible not just in finding tenants but handling their concerns, as well. In looking for potential tenants, they will screen them accordingly, making sure that they check their criminal background and credit history. In the meantime, they will also ensure that the tenants are comfortable in the spaces or properties they are renting or leasing. The property managers will hear out their comments and requests. Apart from these things, they are also in charge of evaluating lease contracts and managing evictions.
  • Management of Rent. Property managers oversee the management of rent.  It means that Northern Virginia Property Management professionals, for example, are responsible for setting and adjusting the rental rates. Likewise, they are in charge of collecting rent from the tenants.
  • Enforcement of Policies. Landlords draft occupancy policies when making properties available for rent. As property managers, they must check if the tenants are abiding by the rules. If not, they will deal with the violators accordingly.

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  • Management of Budget and Records. Property managers are provided with a specific budget for the management of properties. They will use the budget in operating the properties while making sure that every expense is adequately recorded.

The roles of these managers are vital in keeping the properties profitable.

When the owners decide to hire property managers, they can expect to experience the following advantages:

  • Getting more responsible tenants. With the screening process property managers are adopting, landlords have a higher chance of getting reliable and quality tenants. These are the ones who pay their rent on time and cause fewer problems for the owners.
Property, Managers, Hiring
Many Americans have turned to industry professionals to get the most out of their properties. Pixabay
  • Optimizing rental rate and maximizing revenue. As professionals, property managers have all the necessary knowledge and skills on how to maximize the prices for renting or leasing properties. As a result, the owners can maximize their revenue.
  • Convenience due to confidence. Having professional property managers brings forth comfort for the landlords. They can enjoy more time for themselves because they are confident that their properties are managed well.

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For more questions on how an arrangement with property managers works, owners can keep in touch with a reliable property management office near them.

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U.S. Employers Sharply Stepped Up their Hiring in June: Report

U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy's durability

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FILE - A worker is shown atop a building under construction in Hillsborough, N.C., July 1, 2019. The Labor Department reported July 5 that U.S. employers sharply stepped up hiring in June, adding a robust 224,000 jobs. VOA

U.S. employers sharply stepped up their hiring in June, adding a robust 224,000 jobs, an indication of the economy’s durability after more than a decade of expansion.

The strength of the Labor Department’s jobs report issued Friday could complicate a decision for the Federal Reserve late this month on whether to cut interest rates to help support the economy. Most investors have anticipated a rate cut in July and perhaps one or two additional Fed cuts later in the year. That scenario may be less likely now.

Stocks sold off early Friday before paring their losses. The Dow Jones industrial average was down about 20 points in late-afternoon trading. But the yield on the 10-year U.S. Treasury note climbed to 2.05% from just under 2% before the jobs report, reflecting a view that the Fed might engage in fewer rate hikes.

June’s solid job growth followed a tepid gain of 72,000 jobs in May, a result that had fueled concerns about the economy’s health. But with June’s pace of hiring, employers have now added, on average, a solid 171,000 jobs for the past three months. Last month’s burst of hiring suggests that many employers have shrugged off concerns about weaker growth, President Donald Trump’s trade wars and the waning benefits from U.S. tax cuts.

US, Employers, Hiring
A worker helps build a 2020 Ford Explorer car at Ford’s Chicago Assembly Plant, July 5, 2019. VOA

`Although there are drags on the economy in 2019, the expansion should continue through this year,” said Gus Faucher, chief economist at PNC Financial Services. “The doom and gloom was overblown.”

The unemployment rate ticked up to 3.7% in June from 3.6% for the previous two months, reflecting an influx of people seeking jobs. Average hourly wages rose 3.1% from a year ago.

Trump responded to Friday’s jobs report by tweeting, “JOBS, JOBS, JOBS!” But the strong hiring gains have lessened the case, at least for now, for the Fed to slash rates as Trump has repeatedly and aggressively pressed the central bank to do.

“If we had a Fed that would lower interest rates, we’d be like a rocket ship,” the president asserted to reporters in an appearance Friday. “But we’re paying a lot of interest, and it’s unnecessary. But we don’t have a Fed that knows what they’re doing.”

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Last year, Fed officials raised rates four times, in part to stave off the risk of high inflation and in part to try to ensure that they would have room to cut rates if the economy stumbled.

On Friday, the Fed reiterated that it would act as necessary sustain the economic expansion, while noting that most Fed officials have lowered their expectations for the course of rates. The Fed’s statement came in its semiannual report on monetary policy.

Broad gains

In Friday’s jobs report for June, the hiring gains were broad. Construction companies added 21,000 workers after having increased their payrolls by only 5,000 in May. Manufacturers hired 17,000, up from just 3,000 in May. Health care and social assistance added 50,500 jobs. Hiring by transportation and warehousing companies increased 23,900.

US, Employers, Hiring
FILE – Federal Reserve Board Chair Jerome Powell speaks at a news conference following a meeting of the Federal Open Market Committee, May 1, 2019, in Washington. VOA

The government sector was a major source of hiring, adding 33,000 jobs in June. Nearly all those gains were at the local level.

For Todd Leff, CEO of Hand & Stone Massage and Facial Spa, the resilience of the U.S. job market has provided both an opportunity and a challenge. With more Americans earning steady paychecks, demand for massages and facials has increased, and the company plans to add 60 locations this year and roughly 1,800 jobs. But the low unemployment rate has also made it hard to find and retain workers.

“We could hire 1,000 more employees today — if they were available,” said Leff, whose company has about 430 locations and is based in Trevose, Pa.

Investors have been turning their attention to the Fed, which has expressed concern about threats to the economy, especially the uncertainties from Trump’s trade wars, and about inflation remaining persistently below its 2% target level. A Fed rate cut, whenever it happens, would be its first in more than a decade.

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Joshua Shapiro, chief U.S. economist for the consultancy MFR, said the likelihood of a Fed rate cut late this month is now slightly lower, though he still estimates that the federal funds rate — what banks charge each other — will be sharply lower by the end of next year.

Ryan Wang, U.S. economist at HSBC Bank, suggested that the solid jobs report might create a communications challenge for Fed Chairman Jerome Powell when he testifies next week to congressional committees.

The financial markets still foresee a rate cut of 25 basis points this month, Wang said, adding, “It will be important to see if Chair Powell lays out on a strong case for near-term monetary easing in his testimony next week.”

The sluggish pace of hiring in May had signaled that employers might have grown more cautious because of global economic weakness and, perhaps, some difficulty in finding enough qualified workers at the wages that companies are willing to pay.

Slower pace

The pace of the overall economy is widely thought to be slowing from annual growth that neared a healthy 3% last year. Consumer spending has solidified. Home sales are rebounding. But America’s manufacturing sector is weakening along with construction spending. Growth in the services sector, which includes such varied industries as restaurants, finance and recreation, slowed in June.

Overall, though, employers have been adding jobs faster than new workers are flowing into the economy. That suggests that the unemployment rate will remain near its five-decade low and that the economy will keep growing, even if only modestly. (VOA)