Pros and Cons of a Live in Apartment Manager
Here are some of the other pros and cons of having a live in apartment manager.
Pro: It's easy to build relationships.
Every aspect of business relies on a relationship to succeed. Live in apartment managers are part of the complex and interact with the tenants on a daily basis. This creates a naturally good relationship in most instances where occupancy rates can remain high because the relationship built translates into trust and that trust translates into a higher value ratio for the rent payments being made.
Pro: Faster responses.
With a live in apartment manager, a tenant that has a problem can immediately receive service. Instead of having to wait for a contractor to be scheduled just to evaluate the issue, the apartment manager can immediately see what is going on, respond in an emergency, and get problems fixed much faster than off-site managers.
Con: Less overall communication.
Live in apartment managers generally have a higher level of autonomy than off-site managers do. This means that some managers may try to take advantage of this situation to do things their way. They might tell the property owner what is happening, but then end up completing tasks in a completely different manner. This lack of communication may put the property owner into a position of legal liability, so routine independent inspections are often necessary to ensure the apartment manager is completing their job properly.
Pro: Better value.
In exchange for rent and a competitive salary, a live in apartment manager gets a lot of value and so does the property manager. This cost savings helps out both parties and increases the overall value ratios for everyone. The manager has no rent and perhaps no utilities depending on the arrangement, which lets them make more money overall. The property owner pays less overall than with a typical management service to receive what is generally a better service.
Con: It's difficult to remove a bad manager.
Because a live in apartment manager has an employment contract and a rental agreement, it can be very difficult to remove a bad manager. Firing the manager isn't the hard part – evicting the manager from the apartment is the difficult part. Not completing their job is not grounds for an eviction. They must be in violation of the leasing arrangement in order for the eviction to take place and that can mean a fired manager can undercut the authority of a property manager quickly. Tie in performance with residency if at all possible.
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