Large Apartment Community Owners are Losing Hundreds of Thousands | Nexus Property Management® Franchise
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Many Real Estate Investors Are Unaware Of The Losses They Create By Managing Property Themselves!
Have you ever seen a beautifully converted mill building? Or, even a sleek, finely built high-rise apartment building? Of course you have! Have you noticed that all of them share one terrible, costly mistake ?
What the owners of these buildings have done is put an on-site office, and salaried employees! So sad! While that might not mean much to a tenant, a vendor, or other community members, it means a whole lot if you are invested in these properties. The days of coming in to an office, sitting down, talking about maintenance issues or tenant complaints are over! There are more efficient ways of managing property that can save each one of these locations hundreds of thousands of dollars in operating costs during the course of a year!
Money Wasted By Real Estate Owners With Large Apartment Portfolios.
Take this example in Pawtucket, Rhode Island. There is a former cotton mill building that has been converted to house a few hundred loft-style units. They are equipped with granite counters, stainless appliances, hardwood floors, parking, laundry, and even a basketball court with workout facility! It’s truly a magnificent production, however, what these investors have also done is put an on-site office on the first floor that is staffed with property managers, leasing agents, secretaries, admins, janitors, and maintenance workers. For argument’s sake, lets say there are 10 salaried employees on staff making $50,000 each per year. That’s $500,000 for everyone before you add in overhead costs such as workers comp, insurance, payroll taxes/insurances, etc. At the end of the day it costs a company roughly 20% on top of their outbound wages to operate. Let’s also remember the costs (and loss) of having an office. This office comes with electric, heat, supplies, equipment, refreshments, and eventually will need repairs! Had this office been removed, it could become an additional rental loft! Lastly, not only do these investors have to manage their property, they now are in the business of human resource and employee management; which can also be extremely time consuming!
The Efficient Way to Manage Apartment Communities – Off Site Professional Property Management
What these large developments should do is fire all their staff, and transition to the new-school ways of property management! This includes online rent payments, online maintenance requests, and live 24/7 online chats! All of the tasks an office can accomplish are handled much quicker online and for a fraction of the cost! When it comes to maintenance, it is wiser to pay the workers for performance as opposed for how many hours they hang around. This increases productivity, and gives the workers more incentive to be faster + more efficient! Not to mention, an office is only open for 40 hours a week; what about the other 128 hours in the week? New-school (will embed link on this topic) management from an experienced team will gobble those up in stride and create a lean, mean money making machine for investors!
Our Vice President of Franchise Sales, Gregory J. Rice, recently discussed this topic in detail on The Round Table Radio on iHeartRadio Listen in here;
Property owners from all over the globe have chosen Nexus to manage their investments due to the efficiency, systems, and accountability we offer! We are now a national franchise opportunity with territories available in many states.
Click here to learn more;
https://www.nexuspropertymanagement.com/franchise
You may be able to get your own Nexus Property Management® Franchise for less than you think!
Greg Rice is the Vice President of Sales for Nexus Property Management®. A National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
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