by The Property Management Show
The goal of the Property Management Show podcast is to deconstruct business success into its key components and invite subject matter experts to help you improve every facet of your property management business. The topics covered here range from property management marketing, industry innovations, success stories, all the way to general best practices on how to run a successful business enterprise. The podcast creators are Brittany Jones and Marie Liamzon-Tepman from Fourandhalf, Inc – a marketing company that works exclusively with fee-based Property Management companies. Fourandhalf Marketing Agency was established in 2012 and has the best and longest track record for helping property management companies grow. They help with both marketing strategy as well as implementation. Their services include property management website design and SEO, content creation to attract and nurture leads, reputation management, online ads, you name it. Visit fourandhalf.com to learn more.
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11/21/2015
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January 22, 2025
<br /> Ray Hespen, who is a frequent flier on The Property Management Show, joined us again to discuss maintenance metrics and how measurement improves resident satisfaction and owner NOI.<br /> The last time he was on the podcast, in late 2023, his team was just beginning to establish this concept of maintenance analytics. He was investigating what it would look like if property managers looked at maintenance from a data-driven standpoint. He was beginning to collect all the necessary data.<br /> It’s been more than a year now, and we brought him back to talk about what he’s seen since then.<br /> The Evolution of Data-Driven Maintenance<br /> If you get good measurements, you never lose.<br /> Property management has been in this black hole of information and according to Ray, that’s because we relied so much on having exceptional people run our business. It’s a super-high trust game. But, you can’t move what you can’t measure. So in order to scale, Ray and his team at Property Meld released a product that’s the best industry representation of the real world.<br /> Insights and Insights Pro are basically ways to understand your own property management business against a ladder of maintenance excellence. It’s a deep diving into:<br /> <br /> * Vendor efficiency<br /> * Technician efficiency<br /> * Coordinator efficiency<br /> * Benchmarking<br /> * Finances<br /> <br /> You know what the performance actually is instead of trusting someone’s gut.<br /> Ray says it’s been surprising to see how the market has wrestled with some of this. There are some components of the data that people don’t like. They’d rather not look. Then, there are some customers where the metrics are so good, but they still want to get better.<br /> Essentially, providing access to all of this data and insights has opened Pandora’s Box. There’s no going back. It’s possible to measure leading and lagging indicators. And now, it’s possible to consider how to move those numbers. Knowing they exist is one thing. Using them to improve performance is what comes next.<br /> Geographical Insights in Maintenance Performance<br /> The most interesting data gathered from maintenance requests and responses is geographical.<br /> Ray says what’s most important in the information that’s been gathered is that property managers can see their performance against geographical regions and areas. It’s clear to see that property management companies in the southern states, which have warmer summers, have a high speed of repairs and increasing maintenance costs in May. So, it would be unfair to compare yourself to a property management company in Minnesota that does not have air conditioning repair costs until July or August.<br /> The geographical impact to maintenance in weather regions is important. Property managers don’t want to think they’re killing it or falling behind when the data is geographical.<br /> That’s what Ray calls a “big a-ha.”<br /> Customer Satisfaction and Its Impact on Retention<br /> Customer satisfaction has become a much-discussed part of property management, and that covers the satisfaction of residents and owners. It’s important to remember that resident satisfaction also affects owner satisfaction.<br /> Technically, property managers have multiple customers, but there’s also a hierarchy.<br /> Would you rather lose 50 percent of your owners or 50 percent of your tenants?<br /> Exactly.<br /> So, the hierarchy starts at the investor. Property managers do not have a business if they don’t have an investor customer. But, if property managers can make the resident happy, it’s much easier to hang onto those investor clients. So, one of the indicators of investor satisfaction is resident retention.<br /> One of the reasons that tenants leave is that they hate the maintenance.<br /> In the macro environment today, no one wants a rental on the market. Avoiding that as much as possible is important. Also, maintenance costs are growing 8 percent year o...
January 16, 2025
Marc Cunningham and Marie Tepman discuss how property management companies can use AI to attract owner leads by leveraging online presence, content, and reputation to establish trust and showcase value.
December 31, 2024
<br /> Can vendor bidding solutions like RoDevia Brigham’s Proposabid create more transparency and detect fraud?<br /> That’s where we left off during Part 1 of this discussion on The Property Management Show. Let’s pick up the conversation about how the bidding process is broken, and how property managers can avoid wasting time and money. Here’s Part 2.<br /> How has Proposabid Contributed to Fraud Detection?<br /> When RoDevia was talking with her partner, they discussed how a lot of vendors would inflate pricing or maybe there would be work that was needed but didn’t really have to be done in the particular way that a vendor believed, or at a higher price point.<br /> There are a couple of specific cases that she was able to detect, and she cautions owners and property managers that things like this could be happening without them knowing about it:<br /> <br /> * On-site staff may claim that work is necessary, or they’ll be billing you for work that may not be completed or required. If you’re an owner in Arizona with properties in Tennessee, you may not know that what you’re being told isn’t true. If your manager is overstretched and has 76 different properties to manage, she may not know that 34 doors need to be replaced in a specific way at one property.<br /> * There could also be a conflict of interest or some self-dealing going on. Staff or property managers may use companies they own. In San Francisco, we had a cleaning company that got a $15,000 per month contract at one property for 150 doors. It was on-site staff that was registered and had an EIN. Family members worked at this company, and they managed to claim contracts across other properties for almost $500,000 over three years without the owner knowing. There was no bidding process at all.<br /> <br /> If you have a third party that doesn’t have a dog in the fight and can source bids for you in timely fashion and has comparables for you, the process is fully transparent. Proposabid also posts their bids online so other vendors can compare.<br /> Any number of issues can crop up when a company is just assigning someone to source bids who isn’t qualified to do it or is too busy to give it the necessary attention.<br /> Challenges for Property Managers in Analyzing and Comparing Bids<br /> Let’s say a property manager does manage to get some bids. Now it’s time to analyze and compare them. What are some of the challenges and issues would a company face at that point in time?<br /> First, RoDevia would be wondering if you have enough bids.<br /> When you do, you have to ask if the bids have expired to the point where they’re no longer viable.<br /> One of the main things she has noticed is that property managers won’t necessarily know what the vendor does not offer.<br /> For example, there was a hazmat fentanyl situation at a property, and the building had to be closed down. Police were involved. To get bids for the cleaning, you also have to think about what the vendors are not offering in those bids. Proposabid needed to analyze that particular piece. What all five vendors didn’t offer was to post drug testing. Can you post it once it’s clean?<br /> Also, what about repairs and renovations after the cleaning. It might be necessary to tear into a wall. Asbestos and lead testing might be necessary depending on what’s found when you do open up the wall.<br /> Always consider whether you know what you need beyond the bids themselves. This is the most challenging part.<br /> Another challenge can be the number of hands in the pot.<br /> If you have a board or an HOA, there could be some extra time needed. One HOA client had three good bids, but they wanted more. That’s fine, but the three best bids are still going to be the three best bids. So, who is making the decision? Can you get in touch with the right people at the right time? The person receiving the bid probably cannot sign off on the awarding of that bid.<br /> Often,
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