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Greensboro Property Management Blog

The Birch Quarterly October 2014

System - Friday, October 24, 2014
Property Management Blog

Welcome to Our New Team Members

We are very pleased to welcome several new members to our team over the last quarter:

  • Tracy Reilley joined our Resident Services team after working in customer service both in the manufacturing and financial services industries. Originally from upstate New York, Ms. Reilley now calls Greensboro home.
  • Chris Meriwether has joined our Client Services team while preparing to return to graduate school next fall. Chris has worked in the restaurant and financial services businesses and holds a Series 7 securities license.
  • Stephanie Saint-Phard has joined our Resident Services team after spending time in the hospitality industry. Having grown up in Delaware, Stephanie now calls Greensboro home.
  • Lucy Zuleta joined our Resident Services team this past summer on a temporary basis and has now joined our team on a permanent basis and will be assisting all of our team members.
  • Elizabeth Wendt also joined our team over the summer to show occupied properties to prospective residents. Ms. Wendt holds a NC Real Estate license and we have enjoyed her expertise. 

Education

Education, one of our three core values, is very important to the professional growth of our team members. Over the past quarter we had multiple team members participate in local, state, and national industry events.

September saw our team members participate in a National Association of Property Managers regional conference in Raleigh, NC Association of Realtors annual conference in Virginia, and the Multi-Family Executive conference in Las Vegas.

In October, we had team members attend industry conferences in San Diego and Minneapolis. Both Amanda Bailess and Lee Porter were guest presenters at the conference in San Diego for the 6th consecutive year.

While it does put strain on our office operations and require significant resources, we feel that it is imperative to stay abreast of as many industry trends and Best Practices for the benefit of our clients.

Pets

Pets are all the rage now, who doesn't love a fuzzy friend? According to a recent study by Apartments.com, in 2012 only 42% of all renters had pets but now, that number has jumped to 73%! We identified this trend in late spring and began the evaluation of our pet policy.

Our market research led us to implement an updated pet policy effective September 1, 2014. Not only does this benefit our clients, but also our residents. The new policy lowered the up front fee from $250 to $100 per pet, but implemented a monthly rental increase of $20 per pet. This is more in line with the current market conditions and should allow our properties to be more competitive.

We have also streamlined your options as it relates to accepting pets into your investment property. If you have not already been contacted to choose which option works better for you, then you will see that as part of our "turn" preparation.

All of our marketing materials have been updated, as well as building a new web page dedicated to our revised pet policy: pet policy

The Market

Our market has been a tale of contrasting data and feelings. The numbers certainly do not paint a picture of a slowing market, but the overall feeling is that of a softening market. Here are some numbers to take in on a year over year basis:

  • October 2013
    • 655 Prospects 45 Applications 20 Move ins
  • October 2014
    • 1,328 Prospects
    • 58 Applications
    • 23 Move ins

A cursory review of this data would indicate that the market is positive and on a good slope. However, what cannot be shown in the data is the general thoughts and feelings of people operating in the market. It is our opinion that we are seeing some underlying issues with the credit worthiness of the resident pool in the market, leading to a softer market.

 Based on our forecast, we are taking the appropriate steps to evaluate every one of our properties that either are, or will be, on the market to ensure proper positioning in the market. To clarify, we do not see a dip in the market, just some softening. We are certainly better than just a few years ago!

Market Statistics

 

 

Service Announcements

Toll Free Direct Number: Our clients can now simply dial a toll free number 1-844-5CL-IENT (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!.

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

Operating Schedule: Our regular operating hours are Monday to Thursday 8:30am-5:00pm and Fridays from 8:30am-4:00pm. Please note that we have a weekly team meeting, typically on Thursdays, until approximately 10:00am. Our next scheduled office closings will be November 27-28 for Thanksgiving, December 9, 2014 for training, December 24-26 for Christmas, and January 1, 2015.

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.