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Showing posts with label Property Management. Show all posts
Showing posts with label Property Management. Show all posts

Thursday, July 22, 2010

How Can Property Management Fail the Resident?

Generally, I like to focus on the positive perspective. However, this time focusing on how to destroy customer satisfaction and otherwise fail the resident may be a great way to dig into some of the key resident management issues. The ways property managers can fail resident are plentiful and includes items like: 
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  • Failure to office hours that meet the resident's schedule requirements.
  • Not maintaining the grounds and common areas in a condition that suits the needs of the residents.
  • Failure to respond to maintenance calls. Failure to call in advance before appearing to make repairs. Failure to keep residents abreast of parts orders. Failure to check the condition of apartment systems on a regular basis.
  • Failure to provide a warm and welcoming office environment.
  • Not managing billing and collections in a professional and courteous manner.
  • Failing to properly screen residents.
  • Failing to maintain a safe and secure living environment for residents. This means managing crime issues, resident behavior standards, and correcting physical safety factors.
  • Not maintaining adequate resources for servicing and supporting the facilities and systems on the property.
  • Failing to keep an orderly and happy setting for residents.
The likelihood is we could keep adding to this list for days if we kept at it. The fact is providing great customer service can be simplified by establishing a few basic priorities. These priorities will eliminate the issues and assure efficient operations moving forward.
Great property management implies: 
  • Maintaining courteous, friendly, and responsive operations at all levels including in the office, from the maintenance staff, and from members of the team on call. This approach applies from the first call whether it is a call or an email.
  • Focusing consistently on assuring the systems and approaches evolve with the market place to provide the most responsive business face possible. Today, that means effective Internet advertising, outdoor signage, phone, text, and email management.
  • See to it that customers can rely on the staff to perform all routine activities reliably and according to standards normal for business.
  • Ensure all buildings, grounds, and systems are maintained in good operating condition and upgrades are made on a regular and routine basies.
Managers who perform in a manner consistent with these points will generally run an efficient and effective community meeting the needs of residents and maintaining good relationships with the contractors who support the property, government organizations that they interact with, and with the community they are a part of.

Thursday, June 24, 2010

The Very First Decision You Should Make Before You Purchase Your Next Commercial Property

"The only discipline that lasts is self-discipline." -- Bum Phillips

One of the most frequently asked questions I get is, "Where do I start to invest in commercial real estate? What is the best way to invest in apartments and commercial properties?" Or rather, "What do I do first?"

I am going to tell you what you should be asking yourself - and it has nothing to do with money, down payment, rate of return or occupancy.

Here it is...

Realistically, can you take on the management of the property yourself? Do you want to and or can you? Do you have enough time??

OK. That was more than one question.

One of the biggest mistakes I see is that owners that think they have enough time, energy, and resources to manage a property effectively - only to find out they are way over their heads. Usually they find this out when they have a significant problem at the property with turnover, vacancy, or tenant problems.

Then...

They want to sell their property as quickly as possible to get rid of this "headache." Needless to say, this is not exactly the best time to sell your property.

One of the things that I discuss with investors is how to make more money from your apartments or commercial property by NOT managing them. I spend a lot of time on this because it is truly that important. There are two points I would like to make about hiring a professional property manager:

1. Hiring a property manager frees up your time.
Time is the most valuable thing we all have. As you have likely heard - unlike money, we cannot get time back once it is gone.

2. Hiring a property manager allows you to work "on" your investment.
Because someone else is handling the day-to-day operations, you can focus on the most important aspect of investing - being an "Asset Manager."

An "Asset Manager" can clearly focus on how to increase income, reduce expenses, and ultimately increase the property value. THIS is where you should be spending most of your time and effort vs. handling the day-to-day management.

Before you purchase your next property, search yourself for the property management answer. There are very good property managers out there that can do a great job and allow you to work on the property vs. working IN the property. By far, the best money is made when you work "on" the property.

Monday, April 12, 2010

Effective Running of your Real Estate Business - Mike Butler

For more related videos, please visit http://reiwired.com and http://rehab-real-estate.com. You may also visit our Youtube Channel.


Do you want to earn tons of cash while working only five hours a week? Learn how as real estate guru Mike Butler shares the secrets of millionaires and how they earn millions of dollars with just a push of a button.

Discover the things that stop you from getting rich and how to overcome them. Find out how you can manage more than 50 properties while enjoying a vacation on a luxury cruise. And if you’re sick and tired of spending too much time in your office doing tons of paperwork, listen as Mike Butler teaches you a smart investor’s system so effective you won’t need a bookkeeper or a property manager when running your real estate business.