In continuing with our Tops lists, we now present the Top 5 Things Your Property Manager is most likely NOT doing for YOU. Through numerous conversations with prospective clients over the decades, when we ask these top 5 questions initially, the answer is generally a resounding NO, across the board. While these are property manager 101 items in our opinion, we continuously learn these items are inconsistent among property managers.
It is our commitment to ensure that we consistently offer these top 5 aspect, plus many more offerings. If your property manager is not providing this list for you on a consistent basis, please speak with us about how IMS may simply offer you better. OK, let's get to the list.
1 Communicating with you consistently. Let's begin by defining what we feel is consistent communications with a client. As a property manager, we feel there should be at least weekly communication, at varying levels. This can include telephone calls, informational emails, and IM options, which many of our clients enjoy. If your only communication from your property manager is you receiving your monthly statement, there are better options for the management of your asset.
2 Goals and long-term planning. When is the last time you sat down, or had a lengthy telephone call with your property manager, thoroughly discussing your individual goals, and discussed the long-term planning of prosperity for your asset? We are continuously surprised at the answers to this question. Please note, the number one goal of your property manager should be the continuous revenue maximization of your asset, with the secondary goal of the preservation of the "curb appeal" of your asset, which comes in many forms. Some companies are great on this on the front end. But once you are signed, the discussion begins to decline. IMS provides comprehensive initial goal setting, along with long-term planning. In addition to a comprehensive year one budget, and 5 year forecast, knowing we operate in a changing business climate, we solicit these types of conversations with our clients in an on-going manner. We cannot stress enough the importance of goal setting and long-term planning. Remember, failing to plan, is planning to fail!
3 Surveying. The best property managers are constantly surveying the business landscape and demographics of the areas in which they conduct business. These are the areas in which the assets they manage are located, and it benefits all parties involved when the property manager is property up to speed as to the items in the area which will impact the revenue and profitability of the property. For example, industrial property manager must come with an understanding of the local labor market, proximity to differing transportation types, access to raw materials, and a host of other variables. The property manager for a multifamily community must constantly be aware of the "comps" for similar apartments in the area, to ensure they are offering competitive prices. Remember, the number one goal of the property manager must be to maximize the profitability of the asset. Many property managers simply do not give enough time and attention to understanding the demographics, and changes in their local business climate.
4 Inconsistent (at best) Property Inspections. The number two complaint we receive from prospective clients is that their current property manager does not conduct proper inspections of the property, service work on the property, and general "curb appeal" inspections of the property. The nature and scope of property inspections varies among asset types. For example, we manage condominium communities in Myrtle Beach, where daily inspections are performed. We manage MHC communities, where a bi-weekly inspection is required for the property. We manage multifamily communities, where a weekly inspection is required.
Understanding of and agreement as to the frequency, scope, and who the inspector will be are items which should be agreed to and in writing, as part of any management agreement. The best property owners request copies of all property inspections, and organizationally, we value these owners, who stay actively involved in the management of their property. This is not micromanaging, but rather, simply keeping abreast to the consistent inspections piece of the asset.
5 Proactivity in Daily Operations. Last, and likely most important, many property managers are simply lacking in proactively marketing, managing, maintaining, preserving and general oversight of the assets under their control. The reasons why are many, but being overworked, and underpaid are the two most common. There can be extreme burn out among property managers, and most are juggling the management responsibilities of portfolios, which should be spread out among three property managers. Historically, we see a 3:1 ratio of properties to property manager, with the three representing the overage in responsibility, relative to any property manager. They are generally charged with three times the number of assets, and corresponding responsibility they should be carrying.
We invite you to experience the small business feel of IMS. Regardless our size historically, we have forever strived to maintain this small business feel and mentality, to the benefit of our clients. Our association managers and account managers are not doing the work of three people, so they do have a nice quality of life balance, which is so very important. As such, we are aggressively proactive in our daily operations and every aspect of the management of your asset.
Comments