Our company has extensive experience managing literally thousands of homes over the years for many different homeowners. It’s not practical for us to deviate too dramatically from a company standard process that’s “proven” very effective over time and region. We cover more of our region than any other non-franchise company. While our individual offices are highly local, with almost all local staff and a local feel, we’ve balanced this well with a deep corporate rental philosophy, extensive training, the best tools available, and most importantly a detailed policy regarding what we consider to be the best management strategy. Strategies forged in the housing crisis & honed over more than a decade. Much of this policy can be found on our 50+ page FAQ, here
Our results speak loudly and have grown louder through the COVID19 crisis. For these reasons we don’t tend to match up well with investors who need to be heavily involved in the rental “process”, & day to day or minor decisions. We work with a few major investors who either welcome our great results with little headache, or have found common ground where they definitively take specific tasks, and we definitively take others, but we tend to perform noticeably worse when taking a passive management approach. However, when it comes to repair costs, communication and approval are fundamental aspects of our method, so many owners do and often should be heavily involved. This note refers more to other, subtle aspects
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One is our price reduction strategy. If the bottom line price quoted here isn’t within your requirement, we won’t be able to manage the home. From there we have a complex pricing strategy that varies from home to home, and it’s best to let us use our experience fully. We earn very high rents, but also high-quality tenants and low vacancy. Many owners see a price reduction as our attempt to get an easier rental, but it’s really due to the fact that we consider vacancy to be a major risk, & often ignored significant cost to investors. We outline details on this issue in this article. We are aggressive with our rents, and also consistently present our properties far better than any other company. No one can view our phenomenal listing presentations & reasonably feel that our approach takes the easy route
We aren’t perfect and we have staff issues, but taking the most effective route regardless of the effort required is built into our fundamental procedure. This note isn’t about errors or mistakes, these should always be corrected and do occur especially in busy periods or heavy new hiring. This note is about strategy, and managing rentals is an art, not a science, and we consider our company to be the best in the business with this delicate balance. You wouldn’t tell Picasso how to paint right?
Another common problem is when owners are playing the short game. Our company has been here for over a decade, and we’ll be here many decades from now. We are a long-term focused company, and that clearly shows in everything we do. When owners want to get in and get out or treat each rental as if it’s the last they’ll need to worry about, we are not going to match up well. While a homeowner’s reputation may not matter after they’ve sold, ours will. We don’t obsess about today’s stats, because we obsess about long-term performance, and those two are often not in agreement. We also stick to a “golden rule” philosophy across the board, including tenants
We have a phenomenal reputation with renters. That’s not easy to build, and it’s not free. When we go easy on a great tenant (no one is tougher on bad tenants), some owners feel we’ve violated our duty, or that we only care about the tenant. That is a short-term view, and we respect it. It is not our view. The fact that any renter from anywhere in the world can view our reputation and instantly feel comfortable wiring us thousands of dollars, is a massive asset many investors don’t value enough. This approach endears the highest quality tenants to us, and they usually pay a premium for that peace of mind. Following a golden rule philosophy with all your customers is great business in our view, and it’s fundamental to our approach. It also translates into higher net income, higher quality tenants, and significantly fewer headaches for you. The fact is if a manager is willing to put the screws to a great tenant, it’s unlikely they won’t do the same to you. We also put our money where our mouth is, and remain loyal to this approach with rentals our staff own
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If these are issues that are likely to come up, you should opt not to partner with us. As you have your methods, we have ours. That isn’t to say either is right or wrong, only that we take different approaches. Many companies operate great with direction, and they’ll be a better match
To sum up, you probably wouldn’t tell Picasso how to paint a masterpiece unless you’re a master painter yourself, and if you are you probably wouldn’t commission another painter. This is exactly how we view our business model. If you know best then we won’t be an asset. However, if you’d like a hand-delivered masterpiece with little effort or headache on your part, we’re your company
