H&s Reny Property Management
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As with almost all aspects of life during the pandemic, property management has changed in 2020 and continues to evolve in 2021. ” explained Daniel Wolman, CEO of Gumley Haft, a New York-based property management firm. The responsibilities that the pandemic is stressing that already important value asset managers are bringing to the table, said Joe Muratore, co-CEO of Graceada Partners in Sacramento, California. “The on-site manager is more crucial than ever and it’s their job to communicate well with tenants and show kindness and compassion.” Personality is everything, he added. “It holds the community together, helps collect rents and helps keep occupancy high.” “You need the ability to prioritize things,” Wollman added. “We’re in a business where each person manages five to six multifamily buildings, and there are priorities for each building. Those priorities can change from minute to minute, so you have to be able to pivot. Successful property managers also need to stay on top of the latest real estate trends, including keeping up with the changing needs of residents. Financial knowledge helps management companies thrive In the California Central Valley area of Modesto, Sacramento and Fresno, where Graceada Partners operates, vacancy rates are 2.6%. Only 3% to 7% of Graceada’s tenants had problems paying rent during 2021, Muratore reported. His property management team has been working with those tenants to make payment arrangements that will help them be in a better financial position when the eviction moratorium is eventually lifted. He said his management firm is working with a third-party company to make sure they comply with eviction moratorium rules and deal with late payments and concessions for both tenants and landlords. Vollman agreed that a good sense of finances is more important than ever for property managers. Gamli Haft’s buildings combine residential and commercial units, requiring careful balancing of budgets to address some of its business tenants that were not fully operational during the pandemic. He outlined some of the considerations property managers must take into account and questions they should ask to maintain positive cash flow: “In buildings where we have commercial tenants that are not operating or are severely restricted due to executive orders, are we ready to make economic concessions? How will those concessions affect our budget? What will the building do to complement those concessions? Can the building find ways to save money as a trade-off for some of the loss of rental income?” These answers may vary depending on specific tenants and the location of the property. Those in areas like New York may have to cut corners for remain profitable if some tenants don’t pay rent. However, Muratore noted that only 3% – 7% of his tenants in Central Valley, California, have expressed any difficulty paying rent. Conserve budget resources, property managers must find ways to deliver the amenities tenants want in a changing world. “We’ve put more focus on outdoor amenities,” Muratore said, noting that Graceada Partners added barbecue areas to one property as well as exercise equipment overlooking the lake outside. that we can get more bang for our buck with outdoor amenities so it makes sense financially. It also allows us to takneme,” he said. Diana Pitro, executive vice president of RMK Management Corp. in Chicago, said its properties have added virtual events during the lockdown to help residents maintain a sense of community. One property hosted a virtual “1920s Valentine’s Day Massacre Murder Secret Party.” These types of virtual events can range from free to thousands of dollars, depending on the number of attendees. Landlords may provide them as a benefit to residents or charge a nominal fee to offset the cost. As people began to venture outside during the summer, Pietro said RMK brought in food trucks to create a safe, socially distanced outdoor event, something that cost the property management firm nothing. for the food they ordered, just like during a public event like a street fair. to increase the sense of community within their properties during the pandemic. The firm shared weekly communications that included helpful information such as walking and running routes around town, neighborhood restaurants offering takeout, and details on lesser-known area parks where people can safely gather with family and friends. “It was a cadence of communications and activities that supported the city and the neighborhoods that are important to us while providing resources for our residents,” Rennie explained. Keeping residents safe during the pandemic Health, safety and social distancing remain on everyone’s mind, of course At the start of the pandemic, Pitro’s firm re-examined the maintenance services it offered and scrutinized its overall construction operations to keep people safe and meet their comfort levels for human contact with people outside their immediate families. “We offered ‘Home Care Packages’ for residents who wanted to take on light maintenance tasks themselves in order to have less foot traffic in their unit,” she said. “We provided them with HVAC filters, water filters, touch-up paint, carpet shampoo, light bulbs and instructions. Our maintenance teams have also been nimble in adjusting their schedules to accommodate residents [being home almost 24/7]. Prop-Tech Plays a Role Even as property managers focus on the soft skills of managing people and the pandemic, property management technology, including apps and management systems, can help keep everything running smoothly. “We’re moving our properties to revenue management systems to make sure we’re accurately reflecting the market every day,” Muratore said. and who can deploy it seamlessly, he said. However, the pandemic has highlighted that good property management is more about people skills, as technological systems can be learned, while those qualities that make residents feel welcome are an innate part of “Technology plays a role in every business, but people still they want to call and talk to a person,” Wollman said. Will cities bounce back after the pandemic? As property managers juggle the new restrictions and concerns presented by the pandemic, they are watching the market closely and waiting for a rebound, especially in major cities. “We’re seeing an increase in activity and inquiries, and we’re starting to have an increase in leases,” Rennie said. Vollman said he sees New York City also making a comeback as more restaurants, shops, museums and businesses begin to reopen, albeit downsizing. “People will start coming back,” he said. “After 9/11, people thought no one would ever live downtown again.” While dense downtowns in cities like Boston, New York and Chicago may take time to rebuild, secondary markets will continue to thrive. , Texas; Sacramento, California and Charlotte, North Carolina; as viewing opportunities. “Covid-19 has caused a shift to work from home, but quality of life is causing the economy to shift to spillovers,” Muratore noted. As property managers navigate the next 12 months and beyond, the skills, tactics and strategies adopted during the pandemic should help attract tenants to their properties. As pandemic restrictions begin to be lifted and life returns to a new normal in cities and suburbs across the US, the lessons learned throughout 2020 will prevail.
H&s Reny Property Management
Dawn Allcot is a full-time freelance writer and content marketing specialist. She specializes in commercial and residential real estate investment reporting, personal finance and technology. Her work has appeared in Forbes, The Balance, Bankrate.com, and the Chase News & Stories website, among others. Residential Property Management CASTO provides property management services to nearly 4,700 residential units in Ohio and maintains a 98% portfolio occupancy rate.
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Our Ohio residential property management team tailors their approach to best suit the needs of each property. We help you create management strategies and implement them, as well as analyze performance and communicate clearly with all stakeholders. We are a single-source real estate company focused on adding value through detailed operations, strategic marketing and resident retention.
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