Evaluating Property Management Company Claims, Part I
We've been seeing an up tick in direct marketing for property management companies recently and it is interesting to read the claims made. As real estate property investors we know you take it all in with a grain of salt. That said, it got us thinking about such claims and what investors think when they see them.
Each property management firm will have its own unique mix of attributes, personality, skills sets, technology, and resources. It is the specific mix of company traits that investors consider before making a decision about which company will best suit their needs. We'd be highly interested to learn your thoughts on claims made and how they do or don't affect your decision making process.
Over the course of the next few blog entries we will address a few of the claims UPM has seen and the questions we ourselves have about them, how they relate to us.
GREEN/ECO-FRIENDLY CLAIMS
We just read a claim by one company that they are 99% paper free/green, with electronic everything including digital leases. Sounds fantastic, yes? But with regard to the leases, what is the back up plan for any unforeseen loss of data, for the leases and across all other related information and documentation? Lack of a back up plan and processes can severely affect a completely digitally-based company's ability to operate at all, let alone efficiently.
Another related question is, do tenants not receive printed leases for their files? How many property management firms can assume tenants will have access to computers for archival and communications purposes? The percentage in California and New York is probably high, but is it so in other states like Idaho?
Also, does this green figure take into account any printed property flyers? Does this company not use them at all? If not, does the practice help or hinder acquiring prospective renters? Does this figure take into account the printed brochures the company mailed out to make their claim they are 99% paper free...on new versus recycled paper, perhaps without using eco-friendly ink, and using paper envelopes and postage stamps? Wouldn't the company have made their case better via email promotions and web advertising?
What we at UPM do is incorporate printed materials very judiciously. Outside of our business cards, we have no physical UPM self-promotion materials. We do print property flyers, but in small numbers and based upon the demographics of the specific area. We always utilize web-based advertising, but know that lawn signs are highly effective and flyers are necessary in a number of cases. We know that when renters are conducting a search for their next home they may see a lot of properties and so having flyers in hand helps remind them which they preferred and related property information. When affordable recycled paper resources are available, UPM chooses those options for its printing needs.
Streamlining operations is smart and greener business, and technology can definitely make a big contribution to it. In this case, intelligent decisions about when and how to apply it counts. UPM uses technology like most other firms. As we replace or add equipment we buy more energy-efficient models. When it comes to software solutions, we seek affordable solutions that don't come with application overkill or require huge investments that in turn affect our pricing. We use mobile solutions. When deciding which documentation to digitize, we consider a number of factors before moving forward. UPM incorporates data back up technology and processes, and other means to assure our operations continue as normally as possible at all times.
The bottom line to being a green and eco-friendly operation is planning and smart implementation. We don't claim to be expert or thoroughly green as yet. We do promise intelligent decisions about evolving our company as quickly as possible.
NEXT UP ON THE UPM'S THE SMART PROPERTY INVESTOR
Part II: Headcount Versus Productivity and Cost
Each property management firm will have its own unique mix of attributes, personality, skills sets, technology, and resources. It is the specific mix of company traits that investors consider before making a decision about which company will best suit their needs. We'd be highly interested to learn your thoughts on claims made and how they do or don't affect your decision making process.
Over the course of the next few blog entries we will address a few of the claims UPM has seen and the questions we ourselves have about them, how they relate to us.
GREEN/ECO-FRIENDLY CLAIMS
We just read a claim by one company that they are 99% paper free/green, with electronic everything including digital leases. Sounds fantastic, yes? But with regard to the leases, what is the back up plan for any unforeseen loss of data, for the leases and across all other related information and documentation? Lack of a back up plan and processes can severely affect a completely digitally-based company's ability to operate at all, let alone efficiently.
Another related question is, do tenants not receive printed leases for their files? How many property management firms can assume tenants will have access to computers for archival and communications purposes? The percentage in California and New York is probably high, but is it so in other states like Idaho?
Also, does this green figure take into account any printed property flyers? Does this company not use them at all? If not, does the practice help or hinder acquiring prospective renters? Does this figure take into account the printed brochures the company mailed out to make their claim they are 99% paper free...on new versus recycled paper, perhaps without using eco-friendly ink, and using paper envelopes and postage stamps? Wouldn't the company have made their case better via email promotions and web advertising?
What we at UPM do is incorporate printed materials very judiciously. Outside of our business cards, we have no physical UPM self-promotion materials. We do print property flyers, but in small numbers and based upon the demographics of the specific area. We always utilize web-based advertising, but know that lawn signs are highly effective and flyers are necessary in a number of cases. We know that when renters are conducting a search for their next home they may see a lot of properties and so having flyers in hand helps remind them which they preferred and related property information. When affordable recycled paper resources are available, UPM chooses those options for its printing needs.
Streamlining operations is smart and greener business, and technology can definitely make a big contribution to it. In this case, intelligent decisions about when and how to apply it counts. UPM uses technology like most other firms. As we replace or add equipment we buy more energy-efficient models. When it comes to software solutions, we seek affordable solutions that don't come with application overkill or require huge investments that in turn affect our pricing. We use mobile solutions. When deciding which documentation to digitize, we consider a number of factors before moving forward. UPM incorporates data back up technology and processes, and other means to assure our operations continue as normally as possible at all times.
The bottom line to being a green and eco-friendly operation is planning and smart implementation. We don't claim to be expert or thoroughly green as yet. We do promise intelligent decisions about evolving our company as quickly as possible.
NEXT UP ON THE UPM'S THE SMART PROPERTY INVESTOR
Part II: Headcount Versus Productivity and Cost
Posted by UPM Investor Blog at 3/26/2010 10:11 AM 
Categories: residential property management
Tags: evaluating property manager claims
Categories: residential property management
Tags: evaluating property manager claims
Comments