How All County Does Property Management | A Conversation with All County's Co-Founder from All County Franchise on Vimeo.
WHAT DRIVES THE SUCCESS OF ALL COUNTY FRANCHISE?
What makes a great property management company?
Maximizing the ROI for property owners? Making the tenants happy? Hiring quality vendors? Doing background checks to get quality tenants?
In short... all of it.
Just like any other business, there is a wrong and right way to do property management. If you don't have all of your t's crossed and i's dotted then you could run in to some serious issues.
Listen to what the All County President Scott McPherson has to say about what service-excellence truly means in the property management industry (and how our franchisees are trained to deliver excellence on a consistent basis).
Check out the video and it's transcript below.
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Our franchisees in all of our locations are trained again to maximize the rate of return on an owners' investment. How do we do that?
One, we take the emotion out of it. So you know, when we go into a property, we're looking at what is it going to take to get it rented in the least amount of time to the most qualified resident. That doesn't necessarily mean doing what you would do to a property to get it ready to move into and own. And that's one of the first concepts I think is hard for folks to understand. Is, you know, you might like wall paper and you might like pink roses on the wall or you might like black walls in the bedroom and you might light carpet or you might like tile.
at the end of the day, residents and tenants they want vanilla, they need a place that they can walk into and they can envision themselves moving into. So the first step that we bring value into is getting their property set up and onboarded in a way that we know that we can find the most ideal resident, longterm to stay into the property.
And that means setting it up so that you have a marketable, section of the market that's large enough to attract that individual effectively the first time. And somebody that's qualified. Somebody that's going to stay and pay longterm. We don't like turnover. Turnover cost us money as an organization and it cost our owners and investors money in loss of rent. If you have a turnover every year especially in a single family home, you're going to never have the rate of return that you're looking for. So that's the first step.
And the second thing is that, how we manage repairs, we do not just react to everything that the resident wants, we don't give them things that they don't need, we give them what the property needs to perform by law. So in a lot of instances like for example din single family homes, we don't put up blinds, we require the resident to put up blinds, because if we put blinds when the property goes vacant you're going to have to replace them. I don't care if you buy inexpensive ones or if you buy the least, the most expensive ones, they're gonna be destroyed.
When we look at appliances, we don't typically ever buy new appliances to go into homes, one of the things that we'll but new dishwashers, but we won't buy new ranges stoves and ovens, we don't necessarily buy new refrigerators. And the reason why, is we know through years of experience that folks with families just like ours the kids like to climb on the the refrigerator doors, they like to open up the oven, so they can use the doors as stool so that they can see the kitchen counter and those things break, whether it's new or used and we've paid half the value of price for it, we know that they're going to be damaged and need to be fixed and repaired over the course and the lifetime of the property.
So it's how we approach the capital expenditures and repairs that help reduce costs, the vendors that use, we provide far better pricing on these repairs than most folks can do on their own buy the pure volume that we give the vendors. The company is that we form HVC workout, to plumbing work, electrical work and general maintenance repair and flooring those things. And we keep them really busy with the volume we do.
Our typical franchisees manage several hundreds to a thousand homes in any given market place. And you look at the business that is sitting there, they don't wanna do something that makes us unhappy, they wanna provide us with the best value, they wanna give us the best price because it's one stop shopping for them. And they know that they're going to be paid when they're working with an All County office they're not chasing down payments. We pay bills every Friday. And that's how we also help lower and reduce the costs on us.
But then it's the continual relationship with the residents. We stay intouch with the market. We make sure that the rental rate is adapted to the property and to the market that we're in. Does that mean that we're gonna give the highest rental rate possible for the property? No. 'Caused again, what are we trying to do? We want the most qualified individual to stay and pay the longest amount of time. So we really work to ensure that that occurs and for the life cycle of that property, we always earn our owners more money, far more than they pay us in compensation.
Again, with reduced vacancy costs, reduced maintenance repair cost, increased revenues, and not to mention litigious factors. Most folks don't realize when they go into being a property investor that they are now also subject to fair housing and the scariest one, the fear of debt collection act. How they handle these residents, collecting their rent and if they don't pay on time and they are communicating with them and how they deal with residents out there, in environment of their home in any given environment with their housing.
It's a very litigious society we're in and we are very good at navigating those waters, we've been doing it a long time and we'd understand the regulations and we know what can be done and what can't be done and on top of that, we're insured.
We carry errors and omissions insurance, we carry liability insurance for those reasons. Because it's simply a numbers game at some point somebody is going to slip and fall in one of their properties, somebody is going to make a claim that's not necessarily true to benefit themselves, and we're there to navigate those waters and make sure to protect that investor and that home owner.
I've seen many times where we've picked up properties where individuals have gotten themselves in trouble, not necessarily for any fault of their own, maybe sometimes ignorance and not understand what was legal and what was not legal and we've had to go in and kind of straighten it out and rectify the problem and get the property back on track. So that's one of the big ones. It's not something that's gonna happen to everybody, but it's out there and when it does happen it's very costly and that's what we're here for, we're the experts to navigate those situations.