Professional Property Management
MW Real Estate Group views property management as a critical component of the full service transaction and asset management process. Accordingly, MW applies decades of experience and affiliations with the industry’s premier associations to achieve the highest standard of property management. Our goal is to communicate effectively and develop cooperative relationships with tenants while maximizing the investment potential of properties for investors. Additionally, MW is keenly aware of the various types of ownership structure utilized for investment property ownership and the resulting requirement for property management based on ownership type.
Property Management Functions :
» Maximizing Occupancy
» Financial Reporting
» legal Compliance
Property owners give MW Real Estate Group authority to act on their behalf. MW’s primary task for successful management is therefore a comprehensive understanding an owner’s goals and expectations. As agent or fiduciary for the owner, MW makes it an absolute priority to remain loyal to and honest with the owner at all levels of the transaction management process, including property management.
Occupancy levels of properties determine their income. The financial implications of vacancies for owners are the number one concern. Therefore, maximizing the occupancy of all properties is the primary goal of MW Real Estate Group’s management division. Yet depending on the amount of upside potential of a property versus the cost of obtaining new tenants, the strategy employed for maximizing occupancy may vary considerably from one property to the next. MW excels in determining the best course of action, either for retaining existing tenants or finding new tenants. If finding new tenants is the chosen objective, after a careful evaluation of market rents, MW uses every means of advertising at its disposal to get results: on site post and banner advertising, creative and aggressive custom web campaigns, or newspaper advertising -- with the aid of publicists if necessary and within budget.
A key responsibility of MW Real Estate Group’s property management division is the preparation of financial reports for the owners. Since financial reports are designed to meet the specific accounting needs of owners, the frequency, format, and detail level of financial reporting required is dictated by the owners. The number of reports issued and timing of reports also varies depending on property ownership structure and the accounting or supervisory needs of owners. MW uses state-of-the-art property management software to achieve the most proficient custom financial reporting.
Owners expect their real estate managers to know more about their properties than anyone else and, more importantly, to communicate that knowledge frequently and in detail. The frequency of communication expected will vary from owner to owner. Different levels of ownership experience, varying property types, conditions, and locations all make for varying degrees and frequency of reporting required. MW Real Estate Group is expert at working with owners to determine the right amount and frequency of reporting required to achieve expert communication whilst maintaining the highest level of management productivity. Best of all, with the online owner information portal, owners can easily access property information, rent rolls, and property financials anytime.
MW Real Estate Group operates in several states and understands that owners rely on their real estate managers to adhere to any special requirements arising from the type of property they own, its location, or its occupants. MW is therefore careful to fulfill all legal requirements—federal, state, or local– for managing and operating their property. Key legal issues which MW is expert at handling and approaches armed with the best available legal counsel include Landlord-tenant law, lease negotiation, evictions, and property specific concerns pertaining to various property types (common interest realty associations, multifamily, commercial, office, shopping centers, etc.).
Time and use take their toll on property. Owners expect their real estate managers to protect their investments by maintaining the physical aspects of the structures and common areas. Because a carefully maintained property keeps residents and tenants happy and preserves the property’s appeal, it is also critical to ensuring continued occupancy and, ultimately, cash flow. MW therefore approaches maintenance with the following objectives in mind: achieving optimal functioning of property; reducing operating costs; extending the useful life of equipment; achieving tenant satisfaction; increasing tenant retention; and maximizing property income and value. But the degree of maintenance required, spanning from cosmetic repair and preventive maintenance to corrective or emergency repairs, depends on many factors such as property cash flow, investment horizon, and degree of pride of ownership. Thus, with its broad experience across different states and property types, MW is adept at developing the management plan for taking any income property to financial success. In terms of execution, MW benefits from long standing vendor and contractor relationships.
Property Management Based on Ownership Type
In any property ownership situation the owner is part of a legal ownership structure either by choice or circumstance. Each ownership type has different requirements for the way its property is operated and funds generated by the asset are used, dispersed, reported, and subjected to risk. Accordingly, MW Real Estate Group complies to the requisite operational and reporting requirements, interacting with the ownership entity as required by the given ownership structure. The more complex the ownership structure, the more rigid and extensive the management requirements, and the more numerous the reporting requirements and recipients. MW Real Estate Group can easily shift gears between the reporting requirements of sole proprietors, for example, versus partners, corporations, or Boards of Directors.