So, I've owned a residential property management company since about 2000 and when I started it was literally with paper, pencil and Excel. No cell phones, no texts, no online portals and rent payments, no electronic signatures, some email, newspaper ads and a lot of door knocking (I can almost feel some of you more seasoned PM vets nodding out there). I wrote a blog recently about some of the overall trends and gradual evolution of the PM industry primarily focused on the evolving consumer services expectations. While the end target result is primarily the same for landlords (maximize rent, reduce expenses, asset appreciation, providing safe & affordable housing, etc.), the PM's have either zealously or begrudgingly had to incorporate new mediums and technologies in order to survive and thrive in this industry.
For example, the arm of our business today offering the full services of a management company to just under 500 doors, utilizes online management software, owner/tenant portals, online tenant screening, advertising and applications, online PDF fillable leases, electronic signatures, walk through inspection apps, online maintenance coordination, lots of texting, etc. These tools not only allow for greater tracking performance and accountability, but they lend themselves nicely to sharing with our landlords delivering an unprecedented level of transparency.
All of that said, there are still some things that have not and will not ever change. Trusting Relationships. Quality Communication. Business Ethics. I'm curious to know if this been a consistent experience for other BP members our there.
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