If you live in or are invested in a multifamily property, you may have asked yourself, what's the difference between Resident Managers, and Property Managers? Often times owners, sellers, buyers, and even real estate agents are wrong about who's who.
Understanding and knowing the roles and responsibilities for each of these managers can lessen the confusion when dealing with your property management company.
Perhaps the most notable point here is that a Resident Manager will live in the actual building in which they operate. They will occupy a suite within the property and can usually be accessed by the people who live in the building 24/7. This of course offers a huge benefit to both investors and tenants alike. Resident Managers are not required to have a license to work in the province of Alberta.
Some of their daily responsibilities are as follows:
- Maintenance: They are in charge of performing preventative property maintenance to keep the property functioning in top condition. For example, they are usually personally in charge of, or must hire someone to, exterminate, check for leaks, landscape, shovel snow and remove trash. This maintenance aims to keep current tenants happy and attract new tenants.
- Repairs: When there is an issue, the Resident Managers must attend to it themselves or must hire someone to attend to it. They often have a large network of reliable plumbers, electricians, carpenters and other contractors.
- Handling Complaints/Emergencies: They are paid to deal with maintenance requests, noise complaints and have the necessary contacts to handle emergency situations.
- Handling Move Outs: When a tenant moves out, the Resident Manager is responsible for inspecting the unit, checking for damages and determining what portion of the security deposit will be returned to the tenant. After move out, they are responsible for cleaning the unit, repairing any damages and finding a new tenant.
- Dealing With Evictions: When a tenant does not pay rent or otherwise breaches the terms of a lease, the Resident Manager understands the proper way to file and move forward with an eviction.
Although they work out of their offices, property managers are typically away from their desks inspecting apartments, checking on maintenance staff or meeting with tenants. Property managers ensure that the properties under their care operate smoothly, maintain their appearance, and either preserve or increase in value. This is often achieved by conducting careful consultation with the owner of the multifamily property in which they are responsible. While the Resident Manager is only responsible for the building in which they live, a Property Manager is often required to oversee dozens of buildings and hundreds of units. Property Managers are required to have a license to work in the province of Alberta.
Some of the duties of a Property Manager are as follows:
- They usually direct the Resident Managers on what to do.
- Act as the liaison between the owners/investors and the Resident Managers.
- They assist in soliciting bid proposals from contractors.
- Perform routine property inspections.
- They help the investors/owners develop an annual budget.
- Answer questions from owners about fees and payments.
- Deals with owner complaints and questions.
At Braden Equities Inc. it is our policy to have a Resident Manager, as well as a Property Manager assigned to every single building that we run. This is above and beyond the industry standard and makes life easier for our tenants and building owners alike. This difference is a huge piece of what sets us apart from the competition.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing apartment buildings in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we manage has not. Contact us today.