You bought the property and/or developed the property. Now it’s time to manage the property. That’s where the rubber meets the road. How efficiently the property is managed can be the difference between meeting expectations and missing projections. Good property management keeps tenants happy and signed. It protects the value of the property. It’s also labor intensive—because if it’s done in-house, you’re managing a property and managing a staff. But more and more property owners are choosing to focus on their core business and allowing a third-party property management firm to manage their properties.
Let’s begin with some physical examples of why outsourcing makes sense. A good portion of property management encompasses day-to-day issues like landscaping, trash removal, routine maintenance and snow removal—services that can benefit from economies of scale. Metro’s property management division has more than 6.5 million square feet under management, so our buying power is much greater than a landlord who might own one or two shopping centers.
Your property management firm will also be at the receiving end of emergency calls, handling issues like extreme weather and power outages. Our highly trained managers are on-call 24/7 so owners don’t have to get involved with unforeseen events. With many years of experience, we’ve encountered most situations at some point so we can get to the cause of a problem and its solution more quickly.
Internally, we’ve invested in a well-trained staff: property managers, CPAs, staff accountants and project coordinators. We have a deep bench of professionals and can staff up as needed so you don’t have to. We’ve invested in technology as well; for exceptional record-keeping and recording we use the most current software and systems in the property management industry. With tried and true collection procedures and the personnel to follow through, we help client’s properties maintain positive cash flow. Even tenant communications are handled for our clients. Rent increases, maintenance and repairs are details that are scheduled and tracked by us and communicated to tenants. Open and ongoing communication reminds tenants that you’re helping their business succeed by providing a safe and well-maintained environment for their customers and staff.
Finally, and just as important, property owners have discovered that management fees are more affordable than the costs of paying salaries and benefits to an in-house staff. With management fees built into a tenant’s lease, costs are mitigated and predictable. Again, by engaging a management firm to run their existing properties, owners and developers can focus on their core business.
The key to Metro’s success has been following two parallel goals: helping clients enhance the value of their properties, and keeping their tenants happy with excellent service.