One of our values is Together. We value being partnership builders. We realize that it takes a whole host of people and organizations to enrich a community. One of the most influential partners in our eco-system is the property manager. This role is the voice, face, help-desk and authority to our residents. They also serve as the role of connector to the broader community. Because we deeply value the owner-property management relationship, we take extra care in selecting these third party partners. When interviewing potential partners, we evaluate through these four lenses.
Competency
These are tangible, educational and often legal elements. We look at licensing, coursework, and association membership. We look at the type and number of properties currently being managed. We seek out referrals from people like brokers, insurance agents, and other trusted community members. We consider length of experience and read online reviews.
Good ole online reviews...let me digress here for a moment. Every property manager in our experience, will have a host of negative online reviews. Often times managers have to step into the personal and financial lives of residents. It is no surprise that those interactions sometimes end in negative feelings. These type of reviews should be expected and read with the intent of identifying themes or attitudes that are pervasive in the way they manage. A complementary way to read these is to see how a property manager responds to those negative reviews. Do they respond professionally and respectfully to residents and seek peaceful solutions?
Competency can easily be mistaken as quality. A manager may be competent in terms of knowledge but knowledge must be coupled with additional characteristics for us.
Compassion
We don't believe that the real estate business is simply a property business. It really is a people business. We want to see language and attitudes reflected that speak to the human nature of being in real estate. If a property manager's website, documentation, and attitude only reflect “property, asset, investments” language, it makes us question how much they understand the people-centric nature or the humanness of providing a home for our residents.
We want to hire a property manager that can balance compassion and business. Treating people with kindness and appropriate boundaries is necessary in the world of apartment investing.
Communication
We look for the methods that property managers will not only connect to us, but the ways they will connect with our future residents.
We ask what is their digital presence and accessibility? How hard is it for us to get them on the phone? How hard will it be for a resident to get them on the phone? What is their after hours process? What software do they use to manage communication? What regular rhythms do they have built in to discuss property updates with the owners?
Having clear avenues and rhythms of communication allows for the best care of our residents and the places they live.
Connection
Because our property managers are the often the first phone call that our residents make in curiosity or crisis, we really value our managers being connected to the local community.
Each community has its own set of cultural norms, resources and opportunities. A property manager that is connected understands these norms and can be a navigator of resources and opportunities. A connected property manager knows the story and the culture of the neighborhood and can often find creative and agreeable solutions to work alongside residents.
Selecting the right property manager is crucial to the success of our redemptive real estate mission. By focusing on competency, compassion, communication, and connection, we ensure that our managers align with our values and commitment to community flourishing. As we continue to grow and invest in new properties, we remain dedicated to choosing property managers who share our vision and dedication to creating thriving, vibrant communities. Together, we can make a lasting, positive impact on the lives of those we serve.
We invite you to learn more about our approach and how we implement these principles in our work. Stay updated on our initiatives by subscribing to our updates or attending our upcoming webinars. Join us on this journey as we strive to redefine success in real estate investment. www.sovsage.com/join
Enriching Communities through Redemptive Real Estate,
Easton Garcia
Sovereign Sage
Director of Redemptive Real Estate and Community Innovation
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