Every Property Owner, Investor and Owner’s Association should know these important facts:
Most Property Management Companies have a strong motivation to do a poor job. Why?
Simply put, the more properties they manage, the more money they make. This creates a powerful incentive to take on more properties than the company can comfortably manage. It also places enormous pressure on each manager and employee to cut corners, and put off tasks whenever possible. “Why did it take them 8 months to re-pave the parking lot?” Because they’re TOO BUSY. Pinwheel Properties is different. With multiple revenue streams, we can afford to take on ONLY carefully selected clients, keeping our focus sharp and response times fast.
One single feature is the most critical to look for in a Property Manager. What is it?
INTEGRITY. We call it our most important product. Does your management company make ALL their costs clear up-front, or were there “surprises” as the relationship developed? Is every maintenance request followed up, or do many seem to be simply forgotten? Is your manager more skilled at resolving issues quickly, or making excuses? Do you feel you’re a high-priority client, or do they treat you like they have more important things to do? It’s no mystery. Over time, your management company’s integrity is made obvious by how you’re treated, and what results you get.
Conflicts among Board Members and Owners are NORMAL. How are they best managed?
The Board members are fighting among themselves. Some owners are ganging up on other owners and causing grief. Another owner is angry at a Board member and threatening to sue the whole Association. Welcome to the world of association management, where this is NORMAL, EVERYDAY BEHAVIOR. This is exactly where a skilled Property Manager can make a huge difference, defusing ugly situations and building consensus. It starts with LISTENING to everyone’s concerns, DEFINING the real issues, then RESOLVING issues based on applicable regulations and the common good.
Community Associations all have the same top priority. What is it?
This is a trick question, but with a very important answer. How would your association rank these priorities? a) Preserve and enhance property values, b) Maintain the cosmetic appearance of the buildings and facilities, c) Maintain the infrastructure (HVAC, plumbing etc.), d) Ensure the safety of residents and guests through compliance with regulations and best practices. Many associations would choose exactly that order of priority. But here’s the trick – the best way to ensure property values is to REVERSE this order. It’s a step by step list of HOW property values are actually created!
Portfolio Advisors in the real estate business have a guaranteed conflict of interest. Why?
Realtors are under pressure to promote THEIR listings above all others – or at least, to favor the properties that provide them the biggest commissions. They’ll have excellent reasons why certain properties are “just perfect” for you – but are those reasons in your best interest, or theirs? Ethical evaluation of real estate investments requires an objective third party, whose compensation is NOT derived from the sale. With many years experience investing and managing our own portfolio, we’re an ideal choice to help optimize your ROI. Our success is measured by YOUR rewards, not our own.
Property Marketing is usually approached backward. What’s the RIGHT way?
When promoting and marketing properties, the starting point is usually “We need a Web site!”, or “We need a brochure!”, or whatever. But when the TOOL is created first, the approach is backward. Instead, POSITIONING and BRANDING always need to come first, before any message is created. It answers questions like, “Who is our target prospect?”, “Who are we competing with?”, “What is our USP (Unique Selling Proposition)?”, and other important considerations. Too often this step is ignored – but it’s the difference between marketing that WORKS and marketing that merely COSTS.