When you hire a property manager there are many possible objectives. One of the most important reasons to hire a property manager is because you believe they will provide services that will improve your return on investment (ROI). The return from your investment begins and ends with cash flow maintenance and improvement. Making a statement that promises cash flow maintenance is easy. It is more valuable to understand just how a manager will accomplish that goal and more!
Having documented and reliable systems is the foundational tool that a property manager must have to truly perform on this promise. Since 1994, we have been identifying, implementing, and refining systems to ensure our clients enjoy the best return on their investments. This article will identify the types of systems we utilize to provide the highest level of performance and execution of our promises!
The days of using spreadsheets for owner and tenant bookkeeping are long over! There are several products that are available that will keep accurate records specific to the rental industry. These programs are mostly cloud based. These offer tremendous flexibility to provide reports or updates to owners and tenants at any time! WILMOTH is using one of these programs and it is a mainstay of our systems. With the level of information provided we also can clearly track the activities that most threaten an owner's cash flow and make corrections when detected.
Whether we like it or not, maintenance is a big part of cash flow maintenance. Standard work order systems are the beginning of a good maintenance system...but not the whole system. A maintenance system that helps manage ROI will include communication technology that provides transparency to all stakeholders...the owner, tenant, vendor and manager. If communication is not centralized much can be lost. Lost communication can affect costs, speed and transparency.
WILMOTH uses one of the top maintenance systems in the industry. With it's tools we are able to prioritize cash flow maintenance while resolving typical daily maintenance issues.
It is easy to give lip service to customer service because it is more subjective than objective. The reality is that, without a significant investment in a strong customer service infrastructure, it may have a negative impact on your cash flow maintenance. In the property management business there are several different types of customers that all deserve to receive good service. We start with our rental owners and their tenants. Then we have vendors and suppliers we also serve. And don't forget prospective tenants and applicants.
A property manager will drown in all of this communication unless they create and invest in a system. The main thing in the WILMOTH customer service platform is the centralization of communications so that any team member can assist any of these customers at any time! A permanent record is also kept for each interaction that is tagged with different searchable information. We are always monitoring inquiries as they arrive via email and text. We also offer a live chat bot on our website to provide customers a self-service help option or a direct connect to a team member!
Keeping all the nuances of each property under management takes a powerful database. WILMOTH created our own database system using a cloud based program from Citrix called Podio. It allows us to customize fields, variables and status information for each property. It provides an internal chat system to allow team members to communicate specifically about a property and a record of that chat retained. Finally, it is through our custom database we populate workflows for all actions based on every possible rental property status option.
In summary, in order to provide cash flow maintenance and improvements, it takes much more than a standard Excel spreadsheet. Professional property management depends on systems and data. At WILMOTH, we have refined both regularly since 1994. As new products come on the market we will continue to evolve but, whatever choices we make, they will evolve around the four main support functions above. In this way we will work to always provide a better return on your investment than you could individually if you try to self-manage.
WILMOTH Group is headquartered in Indianapolis and Fort Myers, Fla. WILMOTH Group focuses on providing creative local solutions for a variety of residential real estate needs including, properties for sale, property management services in Indianapolis, and short-term management services in Tampa and Fort Myers.
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