ENSURE YOU’RE CALLING THE RIGHT TYPE OF PROPERTY MANAGEMENT COMPANY
With brand recognition across five states, our phones ring often with people “interested in property management” and looking to learn more. We love learning more about your properties and seeking out how we can help you solve your rental property issue, but occasionally we get calls from people looking for something different altogether. Unfortunately, in our effort to be the best at what we do, we can’t help everyone, so let’s tease out the three different areas of need that callers are looking for.
LEARN MORE: 4 REASONS WHY SHORT TERM RENTALS ARE NOT A STRONG LONG TERM STRATEGY
1) HOA MANAGEMENT
Homeowners Associations call frequently…and each and every time we have a disappointing response for them. This just isn’t the brand of property management we do. Nexus prides itself on managing individual properties for our clients. We think of it this way: If you own a three family property in Massachusetts, but live in California, we’ll take care of everything for you (you just need to pay your mortgage, insurance, and taxes). If you’ve been managing your properties yourself for years but now have aged out of it, we’ll pick it up for you. If you went to college, bought a condo unit nearby, and now got a job in Chicago but don’t want to sell, we’ll lease it for you and take care of the maintenance going forward. But, if you’re looking for us to manage 32 units for your condo association, I’m sorry, we’re not going to do it.
The reason is that it’s just apples and oranges. At Nexus, we employ real estate professionals who will take care of your leasing. We have in-house teams to take care of maintenance needs. We work hard to maximize efficiency and appreciate the nuances that different properties bring. But HOA management centers around one size fits all, leading meetings, advising boards, financial oversight and reports, and big picture items that lack the intimate relationships that we cherish. It’s plodding. It’s boring…and apparently, based on the number of calls we get, a good one is hard to find.
LEARN MORE: WHY WALL STREET IS BUYING SO MANY U.S. HOUSEHOLDS?
2) PROPERTY MAINTENANCE
In recent months we’ve also seen a spike in requests for what should really be called property maintenance. The conversations go like this: “Hi, I don’t know if you can help me because I’m already collecting the rent and have a tenant but I just need someone who can be responsible for maintenance emergencies when they come up…do you do that?” Again, unfortunately, the answer is “no”. We understand and recognize the need, but it just doesn’t fit our model. When we get these calls, we’re happy to provide recommendations, but can’t help you ourselves.
The best analogy is someone going into BJ’s or CostCo without having a membership and expecting to enjoy the service and reduced rates that members enjoy. Our in-house maintenance technicians respond quickly and at more competitive prices than industry averages it’s true, but they’re part of a closed-loop system where strong maintenance helps clients add value to their properties and over time add more properties to their portfolios. This works in tandem with leasing that finds strong tenants who take great care of properties and report maintenance issues promptly. Happy tenants make happy owners and with everyone’s incentives aligned it helps keep our teams connected. As much as we’d like to be able to help “non-clients”, it’s a recipe for bottlenecks and the potential for decreasing the value we’re providing to our management clients. Of note, we do offer leasing services (RENT4U®) without full management :) as this is naturally a one time service when a unit is vacant.
LEARN MORE: THE SECRET ABOUT THE MOST SUCCESSFUL PROPERTY MANAGEMENT CLIENTS
3) “TRUE” PROPERTY MANAGEMENT
And then there’s what we think of as true or actual property management. As started above, this revolves around collecting the rent, fostering strong relationships with tenants, and taking care of your property while you do something else, be it working your 9 to 5 or whatever it is these added revenue streams allow you to do. With a maximum management fee of just 8%, our goal is to grow with you over time and to help guide you toward long-term success. Whether you’ve got property in Rhode Island, Massachusetts, Connecticut, Phoenix, Arizona, and soon in Baton Rouge, Louisiana, we’ve got a Nexus team dedicated to adding value to your rental properties.
LEARN MORE: 10 TIPS TO HELP TENANTS ENJOY HASSLE-FREE TENANCY
CONCLUSION AND NEXT STEPS:
Nexus Property Management® has been partnering with rental property owners for over 12 years and now has franchise offices in four states. We are committed to the principles that helped our Rhode Island office grow rapidly and the most essential is the focus on long term results. Our clients come to us with varying degrees of experience and the vast majority become effective investors in no time. Reach out to the Nexus team closest to you.
MOST POPULAR NEXUS ARTICLES THIS WEEK:
TENANTS ARE BOTH YOUR CUSTOMER AND YOUR BOSS
UNDERSTANDING THE RECENT TREND IN ANTI-LANDLORD LEGISLATION ACROSS THE U.S.
THERE ARE THREE DIFFERENT KINDS OF PROPERTY MANAGEMENT COMPANIES TO CHOOSE FROM
Mick Lefort is the General Manager of Nexus' New Haven County Franchise Office and the Vice President of Operations for Nexus Property Management®, a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
Your Property, MANAGED®
The Real Estate Investing Authority®
Connecting You To Better Living®
You Could Own A Nexus Property Management® Office For Less Than You Think!
Pawtucket RI Property Management Office
Worcester MA Property Management Office
Natick MA Property Management Office
New Haven County CT Property Management Office
