Multifamily Florida - Spring 2012 - (Page 17)

FEATURE Superior Property Management: Do You Know What It Looks Like? you decide who the right management company is for you! SIZE OF ORGANIZATION “The bigger, the better!” Really? Many large property management companies in our industry manage 50,000 units or more. You will receive a presentation from senior executives that will feature an engaging PowerPoint presentation from a handsome team of professionals. You will be wowed by the array of marketing techniques, attractive financial packages, as well as an impressive client list. You will hear why the “Big Guy” is better than everyone else. It all feels good, and deciding on the “Big Guy” is comfortable. Many have made this decision. Before you make this decision, though, here are some things to think about: • Will you ever see these people again? • What leverage will you have to get the attention you want? • What is the quality/experience level of the Vice President or Regional Manager who will work your property? Can you meet them? • At what frequency will your asset be seen? • What is the internal financial review process before the owner sees the financial package? • Is managing the asset a number-one priority, or is getting your business and adding to portfolio count more important? THE MID-SIZE/SMALL OPERATOR The local or smaller operator may not have the name recognition of the larger organization, but you need to explore the quality of the operation and reputation of the owner. Are they willing to take on challenging assignments and not just trophy deals? How strongly is the owner aligned with the success of the company? The management presentation may not be as slick, but look hard and gauge the commitment to excellence and reputation. • What involvement will the presenters have with the asset being considered? • What is the quality and experience level of senior management and Regional Manager? • Evaluate financial reporting and flexibility. • Who answers the tough questions? Who is the contact person? • Understand internal financial review process. • Who provides the leadership and drives results? • Are they hungry for your business? by Jeff Goldshine, Finlay Management President The significance and importance of “Superior Property Management” is a discipline of real estate that rarely gets the attention and focus that it truly deserves. No matter what condition our financial markets are in, what is important to an owner is the continual laser focus on the asset. A manager is hired to maximize the value of your asset. Sounds wonderful, right? These are great “buzz words” to hear, but what exactly does this mean? How does an owner truly evaluate the “BEST” management company? Is there a handbook to guide this most important decision? Sorry to say, there is no easy answer to the most important decision that a multifamily owner will make. This exercise should not just be limited for a newly-acquired asset, but a reevaluation of your existing management company in place. The following is a guide to help MultifamilyFLORIDA l SPRING 2012 l 17

Table of Contents for the Digital Edition of Multifamily Florida - Spring 2012

President’s Message
Legislative Update
Florida Apartment Industry Makes an Impact in Tallahassee and Washington, D.C.
Caution: Spring Might Bring Killer Bees to Your Community
How to Avoid Over-Insuring Your Apartment Property
Superior Property Management: Do You Know What It Looks Like?
Apartment Industry Aims to Provide Housing for Homeless Families
Product/Service Council Directory
Index to Advertisers/

Multifamily Florida - Spring 2012