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Selecting The Right Property Manage

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From a project’s inception, great attention is paid to the details of design, construction, and finishing. Countless hours and often too much money is spent on marketing, from getting the rendering just right to naming the project and furnishing a sales gallery or model units. It may have taken years to gain approvals and permits but finally, your project is nearly complete. What tends to be an afterthought, however, is who will manage your property. While it may seem to be a small detail in what was a sea of decisions, selecting the right management company for your asset will help ensure it maintains its long term value.

Here a few key factors to consider when selecting your new property manager.

Technology

In today’s world, tech is a must-have for residents and landlords alike. A top management company needs top software. With numerous property management software options available it is imperative your management company has one that is easy to use for leasing, rent payment, and maintenance. Quality software will also provide easy access for property owners to view online reporting allowing quick snapshots of property performance or an in-depth look at financials

Service Plans/Maintenance

Even if your building is brand spanking new there will still be little kinks to work out and routine maintenance to ensure systems are running efficiently. Your management company should have a concrete plan in place to handle both emergency maintenance requests, standard requests, and routine/preventative maintenance.

Brokerage

With your renderings and floor plans in hand, many projects kick-off sales or leasing well before construction is complete, hiring a broker to handle filling up the building. However, finding a property manager who also offers brokerage services can streamline the process and allow for the lease-up or sales process to be the start of a solid tenant/management relationship. Utilizing just one contact for sales/leasing and management also makes the process easier for the property owner allowing for just one point of contact instead of two separate teams.

References & Reviews

Your prospective tenants or buyers are going to be reading online reviews so you certainly should too. And while some may need to be taken with a grain of salt, a majority of the time these reviews are an accurate glimpse into a companies customer service. A quality management company will also be happy to provide several references who can attest to their capabilities in handling valuable real estate assets.

Customer Service

Once your buildings are full it is now up to the property management team to ensure your tenants are happy and will stick around for years to come. Turnover at your property can be a costly expense that may be avoidable with high-quality customer service. While there will always be a certain amount of turnover, losing tenants to a competitor property because of bad management will surely hurt your bottom line. Sure signs of good customer service include personal interactions between the management team and residents, the manager does not hide behind an automated phone message and reaches out to residents to personally solve problems. Engaging residents in community events is also important in building a sense of community likely to keep tenants happy and renewing.

Have questions about selecting the right management company for your project? GB Property Management offers expert property management services throughout Boston and can also provide lease-up or sales services for new construction. Their tenant retention rates are also ridiculously high at 87%. For more information or a quote on management services contact the GB Property Management Team at (617) 777-6109.

GB Properties Tips for Tenant Retention

Tenant Retention 101 Image
With the rental market hitting its winter slow down, now is the time for landlords to take a moment and look at their tenant retention numbers and if not in place set up a tenant retention plan. With more inventory coming onto the market, often with new resident specials, it is imperative that landlords retain quality residents. When factoring in painting, cleaning, and leasing commissions average turnovers costs can be over $3700 per unit.

GB Property Management

GB Property Management has created this quick list of tried and true ways to retain tenants. Using these tips the team at GB keep their tenant retention rates near 75%, well above the national average of just around 50%.

Customer Service & Communication

Many landlords and property management companies tout five-star service but what does that really mean?  For residents the ability to easily communicate with the property management team whether is a question on their lease or a maintenance request is crucial.  Prompt, courteous, and accurate answers and service are a sure way to keep residents happy. It is also imperative that all members of your staff have the right attitude, from the person taking the call (even if its an answering service) to the maintenance technician.  Communication, even when a clear answer is not at the ready, also fosters good landlord/tenant relationships. Don’t keep tenants guessing and be sure to be proactive!

Community Building

Residents that feel invested in the community are more likely to renew and will also take better care of your property.  Landlords can foster community through events, a community newsletter, or virtual portal. There are several new apps and property management software options that promote tenant engagement.

Renewal Incentives

In some cases, landlords may offer small concessions or a bit of an apartment facelift to retain a long term tenant.  It is far less expensive to give an existing tenant a new appliance than it would be to renovate the full kitchen if they vacated.

Know Your Market

Knowing what your competition is offering is key when negotiating renewals. Perhaps even a “secret shopping” trip is in order to check out similar units and amenities. This knowledge will allow you to outbid the competition to keep your best tenants. Look for boston properties tenant services.

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