Exploring Additional Services That Could Be Offered by Property Managers

[Alex Zweydoff]

As a professional property manager myself, I understand the essential tasks that investors are looking for from their property manager, like rent collection, maintenance, and tenant screening. However, the role of a property manager can encompass much more than these basic responsibilities. I'm curious to hear from this community about what additional services you think a property manager should offer to enhance the overall property management experience.

What are some other innovative or valuable services you think property managers could offer? How would these services benefit you as a property owner or tenant? Looking forward to hearing your thoughts and experiences!

[Tim Baldwin]

Alex, it's a great question. I have some thoughts to your question:

1) Maintenance service plans (requires agreement with preferred vendor, or if you have maintenance staff, through your company)
2) Landlord liability insurance through third-party insurance providers (note: this is in addition to a Dwelling Policy, which the owner should already have)
3) Lawn maintenance service programs (requires agreement with a vendor for agreed-upon pricing, or if you have lawn staff to provide this service, through your company)
4) Fee in lieu of security deposit (requires agreement with insurance company that provides this service)
5) Increased inspection options (e.g. "for $___/year, we provide "x" additional inspections")
6) Liability policy that covers tenant intentional damage, criminal acts, and unpaid rent when skipped or evicted (through insurance provider that provides this kind of coverage)
7) Financial reports per quarter (as whatever period makes sense to you) (this can allow you to advise the owner on the health of their portfolio)
8) End-of-year review of the property to show conditions and suggested needed and preventative maintenance items 
9) Preferred vendor discounts (requires a contract with a vendor to give better pricing)
10) Eviction protection programs (this is usually done "in house" when you have sufficient number of units under your management to be able to offer this kind of program)
11) Legal services (requires agreement with landlord attorney to provide those services at set fees)
12) Professional photos option (for enhanced listing)
13) Professional, licensed home inspection (this is more relevant for older homes to ensure safety and habitability are addressed) 
14) HVAC filter replacement program (this can also be a program offered to tenants)
15) Pet and ESA screening through pet screening vendor (helps to streamline and increase quality of screening)
16) Client portal account for ease of communication, updates, reports, etc. (you may already have this available)
17) Smart lock install (helps owner and your company to be more efficient and secure)
18) Rent guarantee programs (requires agreement with service provider - I'm personally not a fan of these, but they are available on the market) 

There are others, of course, but these are "up and coming" types of additional services PMs can offer to owners. Best wishes!

[Alex Zweydoff]

Thank you for your feedback! We already implement many of these items, and like you, I have strong feelings about a few of them. It's clear you're on top of industry trends! I've also heard about some upcoming innovations that will be game-changers. Innovation and providing better services are what it's all about.

Quote from @Tim Baldwin:

Alex, it's a great question. I have some thoughts to your question:

1) Maintenance service plans (requires agreement with preferred vendor, or if you have maintenance staff, through your company)
2) Landlord liability insurance through third-party insurance providers (note: this is in addition to a Dwelling Policy, which the owner should already have)
3) Lawn maintenance service programs (requires agreement with a vendor for agreed-upon pricing, or if you have lawn staff to provide this service, through your company)
4) Fee in lieu of security deposit (requires agreement with insurance company that provides this service)
5) Increased inspection options (e.g. "for $___/year, we provide "x" additional inspections")
6) Liability policy that covers tenant intentional damage, criminal acts, and unpaid rent when skipped or evicted (through insurance provider that provides this kind of coverage)
7) Financial reports per quarter (as whatever period makes sense to you) (this can allow you to advise the owner on the health of their portfolio)
8) End-of-year review of the property to show conditions and suggested needed and preventative maintenance items 
9) Preferred vendor discounts (requires a contract with a vendor to give better pricing)
10) Eviction protection programs (this is usually done "in house" when you have sufficient number of units under your management to be able to offer this kind of program)
11) Legal services (requires agreement with landlord attorney to provide those services at set fees)
12) Professional photos option (for enhanced listing)
13) Professional, licensed home inspection (this is more relevant for older homes to ensure safety and habitability are addressed) 
14) HVAC filter replacement program (this can also be a program offered to tenants)
15) Pet and ESA screening through pet screening vendor (helps to streamline and increase quality of screening)
16) Client portal account for ease of communication, updates, reports, etc. (you may already have this available)
17) Smart lock install (helps owner and your company to be more efficient and secure)
18) Rent guarantee programs (requires agreement with service provider - I'm personally not a fan of these, but they are available on the market) 

There are others, of course, but these are "up and coming" types of additional services PMs can offer to owners. Best wishes!

[Thomas Talbert]

You owe it to yourself to attend a NARPM conference. You will be blown away!

[Alex Zweydoff]

Hi Thomas! Couldn’t have said it better myself I am very active within NARPM at the Local, State, and National level. If you are professional property manager you are a member of NARPM! 🙌 mQuote from @Thomas Talbert:

You owe it to yourself to attend a NARPM conference. You will be blown away!

[Nathan Gesner]

Quote from @Alex Zweydoff:

Investor education and sales services. 

Do your owners really know what their return is? Are you educating them on the market? Opportunities to expand their portfolio? When they choose to buy or sell, are you providing that service in-house?

[Alex Zweydoff]

Investor Education - What a great idea! We’ve recently began meeting with our investors one on one and finding out their goals and figuring out the best way forward for their specific needs, but to truly provide ongoing education in-house is a great idea! Quote from @Nathan Gesner:

Quote from @Alex Zweydoff:

Investor education and sales services. 

Do your owners really know what their return is? Are you educating them on the market? Opportunities to expand their portfolio? When they choose to buy or sell, are you providing that service in-house?

[Nathan Gesner]

Quote from @Alex Zweydoff:

Check out Blanket. They provide all the data you need at no cost. When the owner sells, you pay Blanket a referral fee. I have no first-hand experience, but I just signed a contract to start using them. Very professional site, more data than you can shake a stick at with very little input required by you, and it can help retain owners and increase sales.

[Alex Zweydoff]

Quote from @Nathan Gesner:

Quote from @Alex Zweydoff:

Check out Blanket. They provide all the data you need at no cost. When the owner sells, you pay Blanket a referral fee. I have no first-hand experience, but I just signed a contract to start using them. Very professional site, more data than you can shake a stick at with very little input required by you, and it can help retain owners and increase sales.

 Thank you I've heard of them but never looked into much, I will check it out!