Property management and apartment building management are careers and job opportunities that appeal to many people. Often these jobs will come with some perks if you’re managing a luxury apartment complex, but the job can also have its challenges as well.
Before embarking on the property management journey and seeking out some luxury apartment buildings to take care of, let’s first go over 5 key things you should know about.
#1 – The Pressure Is On To Keep Occupancy Rates High
The ultimate goal of the property manager is to rent out properties, as well as taking care of the properties, the facilities and the tenants. If a luxury apartment building is half empty most of the time, apartment owners are not going to be happy and they’ll want to know why they’re missing out on earning regular rental income.
Owning luxury apartments, such as Sierra Luxury Apartments, is designed to be an investment that returns a positive ROI. What apartment owners don’t want is an investment that becomes a negative income earner that’s nothing more than a money drain.
As a property manager in charge of a first class apartment complex, it’s a very important part of your job to make sure the apartments are rented; and this includes regular rentals of any apartments that are vacation apartments and not permanent.
#2 – You Can Enjoy the Facilities
One of the fantastic positives about luxury apartment buildings is the facilities. Often there will be indoor and outdoor pools, spas, saunas, barbecue areas and possibly even a well equipped gym.
As the building manager you can take advantage of all the facilities during your down time, so although the job can certainly come with some pressure, it also has its perks as well.
After a day’s work, chill out with a relaxing swim in the pool, followed by a spa. Feel the pressures of the day drain away with each gently exploding bubble of water.
Your main responsibility is to manage the building and all that the task entails, but if you’re a resident manager, then you have every right to enjoy the luxuries on offer as well.
#3 – You Are Responsible for Maintaining the Entire Complex
If it’s a large building with lots of units and common areas, then you’ll need to hire some help to effectively take care of all the tasks involved. Part of your job will be managing any workers you bring on-site, such as gardeners, landscapers, cleaners, tradespeople to do repairs and so on.
Someone will also need to be available within the manager’s office the entire time it’s open as well. This person will be dealing with residents and guests, fielding phone calls, taking bookings, arranging leases and more.
While it can feel like you’re on holiday in an environment like this, there is a lot of work to be done 7 days a week, every day of the year.
#4 – You’ll Need To Be Dependable and Available
Being available doesn’t necessarily mean 24/7, but generally someone will need to be contactable in the case of an after hours emergency.
Property management of an apartment complex involves work in many different facets. This is easily manageable with the right team and good organization, but it also means that someone from the management team is available, and that management as a whole is dependable and can be counted on at all times.
If any problems arise, management needs to be able to deal with the issue expediently and in a professional manner. The smooth operation of the apartment complex depends on this.
#5 – Property Management Can Be a Rewarding Career
One of the biggest draw cards to becoming a property manager is it can be a very rewarding career, particularly if you’re a genuine people person.
Property management positions can pay well, and often you’ll get to live in a luxury apartment rent-free as part of your salary package. It’s already been mentioned that you also get to enjoy the facilities as well. Managing a luxury apartment building can be a lot of work, but with the necessary skills and the right attitude, it can actually be a lot of fun as well.