Multi-family Investor · West Chester, PA · Member since 2012 · 38 posts · 18 votes
We’re looking to rebuild our business model and would love your input as a landlord. Which option would you prefer?
Option 1: Dedicated Property Manager
- Calls may not always be answered live, and response times could be up to 1-2 days.
- However, you’ll always have the same go-to person for all your needs.
Option 2: Concierge Call Center
- Calls will be answered live 99% of the time by one of three team members.
- These team members serve in a concierge-style role, taking calls and addressing your needs. If they don’t have the answer, they’ll find it and get back to you.
What’s more important to you?
1 - Having a dedicated one-on-one relationship.
2 - Getting your questions answered quickly with live responses.
Specialist · Bothell, WA · Member since 2014 · 268 posts · 80 votes
2y
I'm dealing with a tenant issue at the moment and, honestly, as an out of state investor, I prefer the option that will resolve issues most effectively. Speed matters but not as much as actually solving the issue. If I had to choose, I would lean towards option 1, I like the idea of having a dedicated person that at least knows my name and is familiar with my properties and can help "keep an eye on them". A call center who knows where just can't provide that.
I would lean toward option 2. There are so many options out there that bring technology to properties that residents would rather interact with, like texting, etc. They get instant answers, and it's what people are used to these days. Check out Residesk—these guys are doing great things and acting as your support channel for residents so the on-site teams can focus on leasing more apartments.
I have no affiliation with them. I know some others using them and have been very happy.
Management has to be forward-thinking with technology
Specialist · Bothell, WA · Member since 2014 · 268 posts · 80 votes
2y
I'm dealing with a tenant issue at the moment and, honestly, as an out of state investor, I prefer the option that will resolve issues most effectively. Speed matters but not as much as actually solving the issue. If I had to choose, I would lean towards option 1, I like the idea of having a dedicated person that at least knows my name and is familiar with my properties and can help "keep an eye on them". A call center who knows where just can't provide that.
Great post and thought provoking question. I think the most important thing when trying to rent a unit is quickness to respond. If you don't respond, they're off to the next opportunity.
1-2 days may be too long, especially in a competitive market. (Just my opinion)
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
2y
At the end of the day the PM business is a service business and being unable to communicate with the PM for up to 2 days won’t cut it. As others have pointed out the technology that exists in the space makes communication quite frankly one of the easiest parts of the business at this time and tenants as well as clients have grown accustomed to having quick and efficient communication options at their disposal.
If you’re looking for value propositions I would truthfully put communication at the bottom of the list. Through observing what many of these out of state or passive real estate investors (your most likely client base) prioritize in these forums two items that jump out are avoidance of major capex repairs and asset protection. Perhaps tailor some of your services to combat those concerns.
While cap ex is inevitable, there are certainly ways to prolong the life expectancy of major services such as scheduled filter changes, scheduled drain clearing, etc. From the liability/asset protection side always use licensed and insured vendors, build out a robust contract management system, make sure the owner is always listed as additional insured. I would say this pitch would be far more attractive value proposition because most PM’s fail in these respects while most can login to a owner/tenant portal in 2024 and feel like they are getting instant access to communication even if that may not actually be the case.