I have to start by saying, I love property managers. For what they put up with, they should all get gold stars and a trip to the islands. From Resident complaints, maintenance issues, unruly vendors, and a litany of other issues, they have their hands full on a daily basis and I tip my hat to them.
That is why I have always found it odd that a lot of buildings and portfolios choose to have their Property Managers to do their leasing. I understand this decision from a monetary standpoint, but from business standpoint, it seems counterproductive.
My dear old dad always said "you can do 1 thing great, and 2 things not so good". In all honesty, that could have been another historical figure, but let's say for arguments sake, my father said it. This has never been more true when it comes to property management and leasing apartments.
In having property managers handle the duties of leasing apartments directly, it puts a huge strain on the manager and as such, leasing suffers. I have seen it time and time again where property managers get overwhelmed and guess what is the first thing to fall by the wayside: renting apartments. Emails don't get returned, calls go unanswered and when there are tours, they are rushed and not very impressive.
The other side of the coin are Property Mangers who oversee leasing agents and the marketing, for a property. This is most common in larger buildings, but once again, is a sin of cost cutting.
A property manager (a good one) is very well versed in how to handle people, maintenance, work with vendors, knows construction, accounting etc. What most don't know are the intricacies of leasing apartments in this day and age. How many property managers know how to setup re-marketing for a properties website? How many are familiar with graphic design? How many know how to run a successful social media campaign? How many are familiar with branding and it's impact on leasing?
One of the major benefits of using a firm like BreadBox, is that our only job is to market your apartments. From Search Engine Optimization and Pay-Per-Click Campaigns to Re-marketing and Reputation Management, we are able to provide a complete marketing platform for your community. We are always at the forefront of the latest technology and trends. All this in a tidy package that let's your property management team concentrate on your building and residents.
And the best part? Now your Property Manager has the time and energy to keep your residents happy. Which at the end of the day, will increase your profits. And isn't that the reason you own a Property to begin with?
Author: Justin Cleary is an almost 20 year veteran of the Multifamily Industry. He has owned and operated several multifamily focused businesses and startups including The Philly Apartment Company, The DC Apartment Company, BlueSquare Real Estate & Property Management, LeaseUp and his latest venture, BreadBox (http://breadbox.consulting)