Despite your best efforts to accurately budget how much of your firm’s time and resources it will take to manage any given property, there will always be those dreaded “high maintenance” properties. You know, the ones filled with tenants who seem to have nothing better to do than report incidents (either real or imagined) or the ones where the elevator continually breaks down because there is no budget for modernization. And this is just the tip of the iceberg when it comes to the un-planned administration tasks that can demand so much of your staff’s time and resources.
Here are some common property management events that can eat up a lot of time (and profits) if they occur too frequently:
• unit sales
• move-in / move-out
• arrears and payment plans
• nsf checks
• special payment requests
• incident reporting
• bi-law violations
• maintenance related issues
• natural disasters
The good news is... INFO-Tracker™ recently introduced its new “Client Profitability Analysis” tool, which enables property managers to track and measure all actions taken on behalf of each client, and get an accurate view of any and all un-planned administration tasks that have occurred.
The corresponding reports generated by INFO-Tracker™ can then be used to develop an effective action plan which may include one of the following options:
A: Negotiate a higher management fee
B: Help your customer to better manage the issues
C: Perform a customer benefit analysis, documenting the extra work and value you are providing
If you know or suspect that you might have a “high maintenance” property on your hands, book the free webinar and find out how easy it is to measure the effect of unexpected maintenance tasks on your bottom line.