Property Management Best Practices

[Brendon Bourne]

Hello,

I work at a small private equity firm in Boston formed in 2021. We have 7 buildings in Boston with 201 doors. I helped with the acquisition of all of these buildings. We previously outsourced all of our property management until May 1st this year where we attempted (and failed) to bring the property management in house.

Our failure was rooted in being understaffed and unprepared for the transition. 

I have worked in the military for awhile in operations and I have the most knowledge in the company regarding our buildings outside of the CEO. I was offered a position to lead a second attempt of bringing the property management in house after going through 3 property managers unsuccessfully.

I am looking for general advise with regards to:

1. Staffing for my team having 7 buildings and 201 units.

2. The dos and donts of property management.

3. Any property management tips for success. 

Thanks

[Caroline Gerardo]

Properties are all in Massachusetts? 

1. Know the law for tenants and landlords like the face of your true love. Set policies in writing, scripts for employees to read, and time lines for all problems. Leases, late collections, evictions, and maintenance all fall under this catagory.

2. Advertising and marketing: Again all descriptions need to be factual and follow legal descriptions (zero discrimination in all online ads). Keep a library of photo images and create short videos of properties. Post the beautiful ones on website. Keep website vacancies current. Control the links to aggregators/MLS/Apartment.com/ are some commercial retail office????

3. Leasing - what is the commission you pay, who shows the subject, lock box or will you be opening doors??? Lease agreements tight and descriptive of all ins and outs

4. Maintenance- first thing is an inspection schedule, get ahead of complaints, know the condition of every unit, keep notes, keep photos, have vendors, know when a handyman is needed verses a plumber. Who is in charge of the calls? What dollar limit is their authority?

5. What is the software platform you will use to collect rents AND intake maintenance requests. ???

Insurance, tax, deep list of vendors, constant growth with partners who provide: HVAC, painting, dry wall, plumbing, roof, board up, locks, key keeping, just to name a few