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Greensboro Property Management Blog

The Birch Quarterly July 2015

System - Friday, July 24, 2015
Property Management Blog

Welcome

We are very pleased to welcome two new members to our team, Lequetta Lunsford and Karen Too-A-Foo.

Lequetta has joined our Resident Services Team and will be assisting new prospects and current residents with their needs. Prior to joining our team Lequetta worked in the insurance industry for over 20 years.

Karen has joined our team on a part time basis with an emphasis on application processing. Karen enjoys reading and cooking in her spare time.

Marketing

Marketing has always been one of our strong points and we are pleased to report another significant enhancement to our platform, which will extend viewing hours for our vacant properties. At the writing of this newsletter we are implementing a new product that we have jointly developed with a company in Denver. With this product a prospective applicant can view a vacant home immediately during daylight hours 7 days a week, with no need to contact our office.

Once fully implemented, this new product will allow prospective residents to answer some qualifying questions, upload their identification and credit card information and gain access to a vacant property immediately. While we will still offer our convenient key check out program, this new product will allow greatly enhanced opportunities for prospective residents to view properties.

In addition to facilitating immediate viewings, this product will allow for the immediate automatic scheduling of personal showings for those units that must be shown. If the prospect is simply looking for information on a unit, they will have the ability to call, text, or e-mail, and receive an immediate personalized response.

In other markets that our partner has operated, companies have seen an immediate improvement in their leasing velocity just by utilizing the core system. We wanted to enhance the core system, especially on the back end and reporting fronts, and consequently spent several months developing our own version of the core system. Stay tuned as we work through the full implementation of this market leading technology.

Education

True to our core fundamentals of education, technology, and industry involvement, members of our team will be participating in a number of industry educational events this fall. We are very proud to announce our educational calendar for the fall. Here is a brief synopsis of the events our team members will be participating in:

  •  NC Association of Realtors Annual Convention in Hilton Head Island, SC where they will participate in the property management track over 3 days and attend the trade show.
  •  National Association of Residential Property Managers southeast chapter education and trade show in Raleigh, NC.
  •  Rent Manager conference in New Orleans, LA where our software partner is hosting their annual education event this year. Our CEO, Lee Porter, will be a guest presenter for the 8th consecutive year.
  •  National Association of Residential Property Managers convention and trade show in Atlanta, GA.
  •  Institute of Real Estate Management (IREM) Leadership Conference in Salt Lake City, UT. All of the top IREM leadership from across the world will convene to discuss industry trends and Best Practices.

Keep an eye out for updates from our team member travels!

Vacancy

Feeling the impact of a sluggish rental market, last November we sent out a market update and took immediate steps to modify the marketing of vacant units. The “feeling” that we had is now strongly supported by data recently released from the US Census Bureau (note the chart on page 2 of this newsletter).

The rental vacancy rate for the Greensboro/High Point MSA shot up from 8.7% to 17.9%, a staggering 106% over a 2 quarter period!! Our estimation is that sluggish job growth and additional product coming online accounted for this increase.

While 2Q15 numbers show improvement, we are constantly monitoring the effectiveness of the marketing of our units in an effort to be ahead of the curve, which we were in November 2014. While our vacancy numbers never approached the market statistics, we did see an increase to almost 9% in 4Q14. Thanks to the efforts of our team, we are now proudly at 2.9% vacancy, good in any market. Please review the chart on page 2 for a closer look.

Market Statistics

Service Announcements

Toll Free Direct Number: Our clients can now simply dial a toll free number 1-844-5CLIENT (525-4368) to be routed to our entire Client Services Team. If someone is available your call will be answered, if you get our client voicemail please leave a detailed message so we may return your call as soon as possible. Do keep in mind that our Client Services Team is always on the go evaluating the needs of
 your properties!

Owner Web Login: Our industry leading owner web login on our website is our clients' link to their information. Here is a sample of the information that is available by logging into your secure account on our website:


    • Account Balance
    • Open Payables
    • Open Receivables (has my tenant paid)
    • Service Issues
    • Posted Invoices- retrieve and store copies of all invoices posted to yur account


 Operating Schedule: Our regular operating hours are Monday to Thursday 8:30am-5:00pm and Fridays from 8:30am- 4:00pm. Our next scheduled office closing will be Monday September 7, 2015 for Labor Day.

Our Mission

Our mission is to offer personalized and professional service to both our clients and customers by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, following consistent systems all with honesty and integrity throughout every facet of our business.