What Is The #1 Goal Of Effective Property Management?

WHAT EXACTLY SHOULD YOU BE GETTING FROM A PROPERTY MANAGER???

Both Mick Lefort (New Haven County, CT) and Angela Boggs (Phoenix East Valley, AZ) joined the Nexus Property Management® teams this summer as new franchisees. They received full training in the policies, principles, and procedures that the company has crafted over their decade in the business before setting out on their own to manage property in their respective territories. But what does it mean to “manage” property? What is the business model for property management companies and what makes some better than others? Quite simply, property management is such a broad umbrella that sometimes it’s hard for potential clients to truly understand what they’re signing up for. So in typical Nexus fashion, here’s a solution to that problem:

WHAT ARE YOU PAYING FOR? LONG TERM HASSLE FREE TENANCY

Nexus founder Nick D’Agnillo was a recent guest on the Sounds of Health Podcast and talked a bit about the Nexus origin story. D’Agnillo was a professional poker player prior to turning his talents to property management and making a living at the table shaped his perception and understanding of business dealings and those ideas are at the core of Nexus’ DNA. As D’Agnillo shares, we think in terms of “what’s the best decision if I was in this position, facing these variables, a million times in a row?”

This all translates to a consistent lens toward long term gains and avoiding short term distractions. Ultimately, Nexus’ promise is to create long term hassle free tenancy, which is a win-win for landlords and tenants. And my brokering a relationship where all parties goals are aligned, Nexus is dedicated to “Connecting You To Better Living”®.

LEARN MORE: THE QUICK AND EASY MATH OF REAL ESTATE INVESTMENT

HOW DO YOU GET LONG TERM HASSLE FREE TENANCY?

The key lies in ensuring that all parties are getting what they signed up for. With rent prices elevated across the country there are many landlords out there jacking prices up because the market allows it, but if they’re not using that added income to subsequently add value to tenants’ units, the balance is off and conflict is likely. The goal is to maintain that balance through effective and efficient communication and prompt service.

One reason many property managers fail in this regard is because their incentives and goals aren’t aligned with those of their clients. The most common version of this is property managers who are also involved in other realty services. For example, if a property manager, who is tasked with making your investment property profitable, also sells homes for a 3% commission, how hard are they going to work to keep that property in your possession? Similarly, if a realtor or broker gear their business toward selling and buying but provide property management on the side, they’re not going to be true to your goals as an investor.

LEARN MORE: NEXUS PROPERTY MANAGEMENT WANTS TO HANDLE YOUR HEADACHES

LEASING, MAINTENANCE, AND MANAGEMENT…OH MY!

When you hire a property manager, you should be gaining a partner to help you navigate along your investment journey. They should have specific and consistent leasing procedures and should be able to speak intelligibly about how they find you the most qualified tenants for your property. They need to provide maintenance for your property and ideally will have an in-house team to reduce your costs. And they will have a management structure that prioritizes your needs, not theirs.

Nexus Property Management® has been managing multi-family and single family properties since 2013. We continue to craft and perfect our best practices around win-win solutions for clients and tenants alike. If you’re interested in learning more about Nexus’ services and you're in one of our many territories, contact any of our teams across Arizona, Connecticut, Massachusetts, and Rhode Island.

LEARN MORE: THERE ARE THREE DIFFERENT KINDS OF PROPERTY MANAGEMENT COMPANIES TO CHOOSE FROM

MOST POPULAR NEXUS ARTICLES THIS WEEK:

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!