With 2020 on the horizon, property management is taking new and unexpected routes. Keeping up with trends might be difficult, but there are several things that can help a property manager or property management business succeed.
Technological developments are one of the things that man
agers and owners must keep an eye out for. Internet of Things gadgets, such as thermostats, CCTVs, and smart locker storage, are becoming increasingly popular. Aside from that, automation is becoming an important component of the property management business. It may not be visible in the field or to the clients, but the back-office may surely benefit from it by streamlining their work and efficiency.
As a result, it is critical for properties to rely on a solution that allows them to manage such technologies from a single platform. Many property managers are recognizing that software may assist them in making their operations more streamlined. One such property managing company is IIP Management. IIP Management is based in Ohio and believes sorely in technology and communication.
Essential Communication
The foundation of each mutually beneficial connection is the fundamental component of good communication. Keeping everyone connected leads to better achievements and triumphs, whether the communication is personal, industrial, or entrepreneurial. It is also useful in managing the various intricacies of property management.
Proficient Team
IIP Management, being a property management business and full-service real estate brokerage, is fully informed of the most recent trends and technologies. Its experienced staff can handle any property management function or real estate transaction. It includes recruiting and screening incoming new tenants, managing move-in and move-out procedures, completing rent-ready and rehab work, and aiding property owners with sales and acquisitions. IIP Management’s creative staff is housed under one roof.
Understanding the Client’s Need
Rent levels are eventually established through a collaborative process including property owners and IIP Management’s experienced Licensed Agents. The IIP Management team conducts research using a variety of sources and combines it with its extensive knowledge of the local market (including site visits). In addition, the team works with the owner to make a final decision.
The company has been an active and attentive member of the communities and neighborhoods. It has managed properties for so many years as a result that the team’s efforts and direct engagement in setting suitable rental prices is well established. IIP Management’s goal is to ensure that the owner obtains top rent for their property while keeping turn over time to a minimal.
Maintaining the Flow
Maintenance is an essential and difficult component of any property management company’s responsibilities. To handle most projects, IIP Management employs a combination of in-house maintenance employees, including a maintenance services manager and maintenance technicians, as well as an extensive network of vendors. This enables the firm to achieve the most efficient and effective balance of talents and capabilities at lower costs then to any retail consumer.
Making the Most of Resources
IIP Management makes use of powerful automation software that was specifically built for the firm’s internal management processes and systems. This program was created by a renowned industry tech expert using the most powerful automation technologies available on the market, as well as IIP’s bespoke templates, tasks, reminders, and more.
This allows IIP Management to process turnovers, move outs, and day-to-day duties faster than any other management firm in the Northeastern Ohio market. In combination to the bespoke software developed for IIP’s company, the Appfolio property management software was utilized for trust accounting, owner statements, and tenant portals.
Industrial Insights
IIP regularly surpassed its objective of 30 days from posting the property on the market to tenant approval, averaging just 25.5 days for the property to be on the market!
IIP Management provides two Signature Guarantees with the leasing service:
- Guaranteed Rented in 39 Days
- Tenant Placement Guarantee
Both provide peace of mind to the owner; if the business does not lease any property after 39 days, management costs are on IIP Management! In addition, if IIPs place a bad paying tenant who vacates within six months, the business will re-lease the property for free.
The Eviction Process
IIP Management carefully controls its delinquency in order to safeguard the interests of its owners and will adapt payment arrangements as needed. The COVID-19 eviction moratoriums created a very different situation, but the firm’s personalized approach to receivables enabled it to reduce the financial effect on its property owners.
Of course, there are occasions when eviction is the final and only option. To guarantee that its owners’ financial interests are best safeguarded, the firm stays current with ever-changing rules, from the federal to the local levels.
As a result of the huge change with the unknown, IIP Management created a new fantastic approach to safeguard its owners. A new initiative recently established by IIP is the ‘Eviction Guarantee Program,’ in which any owner may participate and pay a modest charge of $16 per month to have the Eviction Guarantee on their unit, regardless of whether the business leased or not.
This serves as a guarantee to the owners, giving them peace of mind that they will not be hit with an unexpected eviction fee that will deplete all of their revenue. So far, IIP Management has had a lot of success and positive comments from this program. It also continues to provide this Signature Guarantee to new and prospective owners.
Buoyant Endeavor
IIP’s signature warranty/guarantees and technology for its reputation are communication. In addition, the opportunity to execute any real estate-related job under one roof.
Acing the Pandemic
COVID-19 undoubtedly brought additional difficulties to the team, as well as to everyone! However, IIP was able to pivot in a variety of ways that allowed it to maximize service levels in a very restricted environment.
For example:
- Investing in new technology and processes
- Remaining fully staffed but mostly working remotely
- Organizing the maintenance function to ensure that emergency/urgent work orders were completed
- Proactively designing an internal outreach program to its tenants who were financially impacted by the pandemic
- Minimizing the negative effects of COVID-19 on its owners and tenants
Full-fledge Activity
As a full-service brokerage firm, the expert staff at IIP Management can handle any property management function or real estate transaction. It includes recruiting and screening prospective tenants, managing move-in and move-out procedures, completing rent-ready and rehab work, and aiding property owners with sales and acquisitions.
IIP Management maintains a large database of investors, clients, real estate experts, and brokers that are continuously looking to conduct business. With this network, the company adds value to every investor or property owner. During the pandemic, many owners were forced to sell their assets; because to its extensive network of buyers and brokers, IIP Management was able to liquidate many of them in little under 15 days with a simple email.
This was beneficial for them since they knew that instead of trying to hire agents/real estate specialists, they could go to their contact at IIP Management, and the business would set things in action without any difficulty.
Box of Offerings
IIP has recently developed solutions that assist both property owners and tenants, in addition to the complete range of traditional property management and brokerage product offerings.
These items are as follows:
- Guarantee for Pets (which protects owners against excessive property damage caused by pets)
- Guarantee of Eviction (which protects owners against the cost of evicting defaulted tenants)
These items enable product and service customization to better match the specific demands of both owners and renters.
Future Endeavors
“We envision IIPM continuing to proactively adapt as the industry evolves, and providing an individualistic and personalized approach to property management.” “Our goods and service level will consolidate our reputation while also accelerating our market share,” said the IIP Management team.
Precise Information
“Our technology evolves, as do our warranties and guarantee to our clients. We have a wide network of networks that we employ to help our clients liquidate/purchase real estate assets or just direct them to a competent source and specialists,” the company says.
Tech Quest
The Internet of Things (IoT) is all about technology. The technological phase will have a significant influence on property management and real estate in general. IIP aspires to provide next-generation technology to the real estate sector, where individuals may buy a property with a “click of a button” and have all of their real estate requirements met within 48 hours by a single business.
