A question that is commonly presented to us is whether a landlord should work with a property manager that also sells properties, or one that only specializes in property management. Here in Ohio, to become a property management company you’re required to be a real estate brokerage. Unless you’re planning on breaking the law, a property manager needs to be a licensed broker, or there at least need to be a licensed agent working under the oversight of a licensed broker and in the name of a licensed broker.
At Realty Trust Services, LLC, we have both licensed and unlicensed individuals. We have people that exclusively do administrative work that don’t need a license. Still, our goal is to get as many people licensed as possible; this goes in hand with our belief that the more licensed and fully prepared people we have in the company, the more it elevates the company as a whole – as well as the level of service and professionalism we are able to provide.
There’s a world of difference between a brokerage that takes care of property management and one that sells properties. The amount of administrative work, taking care of maintenance, leases, tenants… this is a huge burden that falls on the company that focuses on property management, and it requires a long-term customer service-oriented mindset, in contrast to a sale-by-sale oriented mindset that focuses mainly on completing a transaction that is usually associated with a sales focused brokerage.
With all this information on the table, we would normally suggest that a property manager specialized in your needs (either sales or management) is what you should be aiming for. Instead of one that try to take care of both tasks equally. Nevertheless, at Realty Trust Services, LLC we do have members of our team that are specialized in property sales, with years of experience under their sleeve.
In the end it’s your choice when it comes to which type of property manager you want, and it will probably depend on your specific needs as well, but we sure hope this information is useful at the time you make that decision.
A property management company is like a clockwork machine. If a gear or a cogwheel malfunction or become damaged, the whole system is affected on different levels. So, continuous maintenance is required. I’d like to talk briefly about one of the tools we’ve implemented in order to maintain and improve our quality of service, as well as boost our efficiency as a whole.
We call this self-improvement system the Lean Process Spreadsheet. And it is what it sounds like, it’s a huge spreadsheet, filled with a list of all of the issues related to bad service, errors or things that are just not working. The team has access to this spreadsheet, and they can add details pertaining the things that need improvement, follow up, and full fixes for them. In a similar way, once a solution for a problem is offered, the team is able to offer feedback on this, make additional adjustments or simply give a kudos to whoever fixed the problem. We based this method off a book we read, “2 Second Lean”, and we’ve found it very useful and efficient for scoping our set of processes and finding small things that need improvement.
This is just one way of maintaining a good level of service to our clients, and keep ourselves as productive as possible, but we believe that both in and out of work it’s always important to take a look at the big picture: whenever you fix or improve something -no matter how small or insignificant you might think it is, it will always find a way to somehow improve something larger than itself in the long run.
So, remember… little things matter.