Does a Property Manager Save You Money?
Does your property manager save you money?
The dangerous answer: Well... I don't know.
The correct answer: Absolutely!
Yes, I really meant dangerous.
At the All County Annual Conference 2017, our Director of Franchise Development Brandon Paul sat down with some of the highest performing franchise owners in the All County corporation to find out how they're saving money for their property owners and investors – their answers will have you dropping everything right now to evaluate your rental's cashflow strategy.
You'll hear from...
- Hon Wong, All County Advanced Property Management
- Su Ferrera, All County Tampa Bay Property Management
- George Johnson, All County Cumberland Property Management
- Socrate Exantus, All County Central Florida Property Management
- Darren Grassmuck, All County Alamo Property Management
Check our the video and its transcript below!
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The key factors for maximizing the ROI
A good property manager's going to make you money, meaning that we're going to take this and make sure that we keep a good tenant in there. We're going to make sure that we keep the income coming in. We're going to look at the things differently.
We really do focus on what is the value of that asset? What is the maximum rent you should be able to get from that investment? We do that simply because we have access of history of that particular area, and we really can let you know what the other rentals in ... like rentals in your area are renting for, so we really can give you a very good idea of what to anticipate in terms of maximum rents. The other thing is that we have access to a larger network of potential renters. So that when we put the property on the market, we put it in over 50 different places where renters go to look for available properties. We can just broadcast the availability of that rental to a much larger market, which from a landlord standpoint reduces the amount of days on market, so we get a bigger response and potential pool of candidates in order to choose from, which should reduce in the number of days that that property is vacant.
If you can address maintenance quickly, and have a process in place to do so effectively, with the right vendors that are licensed and insured ... Like All County, like we do at All County ... You can ensure that you can increase that key performance indicator that is renewals. By doing so, you are saving the owner money, because you are proactively handling maintenance requests which could become problematic down the road, if not addressed. And of course, you're keeping the vacancy rate low.
Making sure the property is rent ready. It's just like you going out and selling your car. You don't just take it to the dealership and it's got dust on it, it hasn't had a good cleaning in eight-nine months, it's got cracks, the tires are balled, you're not gonna get as much. Well, the same applies to the properties. The appearance and the functionality of all the systems, they have to be top-notch. When that occurs, then you're presenting the property in the best light and you're gonna get the best tenants, and you're gonna maximize your return based on that.
Working with our vendors to keep cost down, having properties turned over, the transition from one tenant to another in a very timely fashion. We keep the income coming in.