Examples of Service
The variety of services we offer can allow you to have a complete hands off approach if desired, or choose from our a la carte services. We can do as little or as much as needed, from fielding those late night calls from tenants regarding maintenance issues to making your monthly mortgage payments.
Property: Large Meeting Hall
Owners: A board of directors oversees operations of the hall. They have varying degrees of proficiency with building oversight.
Case: The board need a manager who will be their neutral party point person, and communicate their objectives while relaying information back to them in layman’s terms.
Our Tailored Solution: The Conover Property Manager is the liaison between the owners of the property and its tenants and contractors. He helps set the rent, advertise for new tenants, screen applicants, shows the property, sets leasing policies, and collects rent. He is also charged with evicting tenants who don’t pay their rent or otherwise violate the terms of their lease. The property manager also fields maintenance requests and hires appropriate contractors based on the board’s stipulations.
Property: Two-Family Home
Owners: Joyce & Joe Smith bought a two-family home on the west side of Asbury Park to live in one side and have income on the other side. Both work full time.
Case: Joyce & Joe share a wall with their tenants, so they want to make sure they get great tenants and stay on the best possible terms with them.
Our Tailored Solution: The Smiths’ Conover Property Manager is a buffer between their tenants and them. He makes sure to respond to and resolve all maintenance issues quickly and efficiently. He finds the best tenants for Joyce & Joe, shows the property, sets leasing policies, and collects rent. He gives them detailed reports for their taxes, and keeps them apprised of both issues and solutions as they come up.
Owner: Sandra owns a condo in Ocean Grove. She bought it as an investment property, and her main interest is to maximize her property’s income potential.
Case: Sandra wants to be able to use her property occasionally, but she relocated to Colorado a year ago and is unable to tend to her property on a consistent basis.
Our Tailored Solution: Sandra will need both a Conover Property Manager and a Vacation Rental Specialist. Her team knows the regulations for summer rentals in Sandra’s building, which limit the number of rentals to 3 per year. Her vacation rental specialist set Sandra’s rental contract to a one-month minimum, and advertises the property through Conover’s marketing department and online vacation rental websites. She also takes care of scheduling and payment. The property manager facilitates check in and check out for visitors, fields visitor calls, schedules and pays the house cleaners, respond to lock-outs, handles security deposits (including checking for damages to property after check-out, collection, and return), takes care of garbage/recycling, and coordinates repair as needed.
Property: Single Family Home
Owners: James & Ryan live in NYC and own a single family home in Northwest Asbury Park. They come down the shore every weekend in the summer, plus sporadically the rest of the year.
Case: James & Ryan are close enough to their property to use it, but they have full time jobs & travel frequently. They want to make sure their investment is well cared for, but they also want it to always feel like home to them. Aware of Asbury Park’s increasing summer business, they’re interested in generating income from their home without adding to their own work loads. Their long term goal for the property is to retire in 10 years, and at that time they plan to make this property their home base.
Our Tailored Solution: James & Ryan’s Conover Property Manager looks after their home, including making sure the sidewalks are shoveled when it snows and routinely surveying the property to make sure everything is fine inside & outside the house. Occasionally, when they’re traveling, James & Ryan’s property manager makes sure their mortgage is paid on time. In January, the property manager reaches out to them to inquire about potential summer rentals. If James & Ryan are interested in pursuing this revenue stream, the property manager comes up with a marketing plan based on available dates. Additionally, James & Ryan receive a monthly accounting report on their home.
Here’s Another Post
It’s about property management too. 🙂
6 Ways REITs Benefit from Third-Party Property Management
Public REITs can achieve cost savings by outsourcing property-level services, according to a newly released report by CBRE.
The report, based on an internal study regarding third-party property management for public REITs, was undertaken by David Fick, a professor at Johns Hopkins University and former head of REIT Research at Legg Mason Real Estate Group. Its goal was to discover how expanding external property management services can benefit REITs. The study involved a review of CBRE’s relevant company financial data, internal tools, software, management manuals and online systems used to run properties.
As a result of the study, CBRE now believes internal property management for REITS needs a re-examination, according to Drew Genova, CBRE’s executive managing director, based in Washington, D.C.
“The whitepaper is as much about a study of our property management services and benefits as it is about asking public REITs to consider their property management options, internal or external, on the merits of what is most accretive to their overall strategy,” says Genova. “The message is about providing best in class property management services with a key focus on delivering property level savings, increasing asset value and delivering a great experience for the tenants. The goal is to improve occupancy levels and maintain above market average tenant retention rates. “
Here are the report’s six most important takeaways, according to Genova:
- The public REIT sector is rapidly evolving. It recently crossed the $1 trillion threshold in total capitalization. There are many new REITs in registration under the Jobs Act, and public REITs had record industry index investment returns in 2014. Collectively, these events have raised the profile of a once niche sector—yet public REITs still remain committed to doing things “the way they have been done forever,” including property management to be managed internally.
- REITs can save money by outsourcing property management services. In fact, a REIT with less than 10 million sq. ft. in a given market can realize significant efficiencies with professional, third-party, property management.
- Smaller REITs actually lose efficiency—and therefore margin—due to excess capacity at some level, or inability to spread costs across enough sq. ft.
- A REIT with externally managed assets has more flexibility to move capital between property types and locations.
- The scale of a large, specialized management company makes it possible to spread costs for training and development for a fraction of what similar functions would cost a REIT.
- External property-level IT deployment allows a REIT to focus on its investment and portfolio management business, while the external manager maintains the latest in property management technology and software.