Why hire a professional, experienced property management firm?
Why should community owners look to hire a property management firm like FOURMIDABLE instead of trying to manage themselves? There are a number of very powerful reasons, both large and small.
At FOURMIDABLE, we put in the work to make things simple for you. Whether its financial management and accounting, human resources, technology, maintenance or procurement services, marketing services or compliance, our team has the experience and savvy to handle any style or scale community.
Like many property management firms, we take on the burdens that you may not want to face. You may not have the expertise or desire to manage the community yourself; you may not want to be an employer overseeing the endless issues surrounding managing your team; and you may be in a solid enough financial position that hiring a firm like FOURMIDABLE makes monetary sense.
Let’s quickly review a few of the key ways a management company can not only help but enhance your community and its value to you.
Rental Concerns– this is all about setting up, maintaining and regularly updating the rental structures within your community. A good firm can also assist with various resident concerns, requirements, needs and assessments.
Marketing – with a management company comes expertise in marketing, not only for potential renters but within the broader community where your property resides. A firm can assist with public relations through the local media, can help with promoting special deals or enhancements to your community and make sure your community is a good neighbor and part of the area around it. At FOURMIDABLE our marketing department has established a framework from which we plan, measure, design, brand and market residential developments. This marketing approach is structured, yet flexible, to allow responsiveness to ever changing market conditions. We understand that the future of any property is dependent upon market knowledge and image.
Technology – most management companies utilize sophisticated software systems to help manage accounting and operations, staffing schedules, occupancy ratios, rental categories and changes, marketing, prospect and resident portal and compliance requirements.
Compliance– depending on the style of community, compliance concerns can be an intense and challenging function for anyone managing a rental community. This is one area an experienced firm can really lift the burden from the owner and manage all of the federal, state and local requirements, especially when it comes to affordable housing communities. This also includes training community staff, performing internal file audits at each community, reviewing and updating policy based on changes to HUD guidelines, and coordinating all reporting requirements to various agencies.
Risk and Crisis Management - ensuring that a client’s property is insured as directed by the client is critical when it comes to risk management. Insurance policies, potential litigation and managing a crisis are all something companies like FOURMIDABLE have experience dealing with.
Vendor Relationships – like resident relationships, management firms are positioned to develop and maintain rapport with vendors, allowing community owners to maximize the value it needs from whatever vendors are required, whether it be HVAC contractors, landscaping companies, or other bricks and mortar contractors.
Human Resources – staffing can be a big issue these days, so having a firm manage the hiring, scheduling, and disciplining can save you a lot of time and potentially uncomfortable situations.
These are just a few of the obvious reasons why it makes sense to consider a good property management firm to help make sure your community is everything you want it to be, and a place where your residents feel at home.
For me there is one other key ingredient to all of this, and that’s the people. Our team of men and women assist properties across 11 states in a highly professional way. So, behind all of the sophisticated software, financial recording tools and HR hiring systems are the people of the management company. They truly are what makes a company like FOURMIDABLE.