Meeting the Investor's Needs
I’ve been doing property management since 1990. Since then, First Rate Property Management has been fired by 5 property owners. From what I understand, that is extremely rare. Well, last week, I spoke and taught a property management workshop in San Antonio. While in San Antonio, I had the privilege of touring a number of offices and networking with the property owners and managers. As always, I learned a few good things that I could implement in my own business. One of the business owners that I met, had a very similar business. Like me, he too was an investor. In our discussion, we recognized that we see things as investors, not as property managers. I honestly believe that this is why First Rate Property Management is able to meet our client’s needs. Well, I am happy to announce that we have expanded on this. My General Manager, Lizz Loop, has just purchased her first fourplex. I know that it will prove to be a great investment. But, I also know that now she too will be able to look at things more as an investor and less as a property manager. So the anticipation is that our service and our understanding of our client’s views and needs will improve even more.
Boise Rental Market
Below is a chart showing our vacancy throughout the year. First Rate Property Management’s current vacancy is just under 4%. You can see an upward trend and I guess that we will continue to see this upward trend throughout the winter. Our inquiry rate has dropped significantly, so it is getting tougher to fill our vacancies. To offset the change in the market, we are putting extra effort in our renewal program. So any tenant that is on a month-to-month lease or has a lease expiring this fall/winter will be getting repeated calls and mailings encouraging them to renew. We want to avoid any leases expiring next fall, so our renewal offers will be for six months or 16 months.
As you read earlier, I just returned from San Antonio. The week prior, I had been in Virginia for NARPM meetings. I will be out of the office from October 10th thru the 18th to attend NARPM’s National Convention. Earlier this year we became a Certified Residential Management Company. About a third of our office will be attending the convention with me. They will fly out on the 14th and return on the 18th. During the convention, I will be inducted as NARPM’s 2011 President and I am glad to have my employees there to support me as well as be recognized for taking care of business while I am travelling. While at convention, my days start before 7am and end late in the evening. So my responses to emails and voicemails will be delayed.