06 Apr MW Property Management 2013-14 Review
The North University Park Properties student housing properties, a 21 property USC student housing account, to its core management portfolio. The limited engagement helped ownership consolidate its portfolio with management review and subsequent brokerage services on the sale of 6 properties (
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MW’s first hand knowledge of the assets through property management twinned with Wolf Baschung’s brokerage expertise made for a very comprehensive approach to portfolio analysis and subsequent disposition. MW listed the properties on the open market, but it was MW’s ties to the USC area investment community that was able to secure the most likely buyer and help structure a successful transactions.
During the first quarter MW also continued to improve on systems such as the Owner Portal for tracking asset management bookkeeping and the Resident Portal for account management and online payments. Video links for the Owner Portal and Resident Portal were added and proved helpful as they have gotten over 200 views each.
In Q.2 2013 MW engaged a former BRE auditor to conduct. The goal was to make sure MW is fully compliant with California legal requirements for property management in an increasingly regulated environment. Periodical reviews of this kind help ensure that MW continues to serve its clients with best practices built on rock solid foundation. Many if not most management companies are non compliant, often without even realizing it. This kind of exercise is very important to structure client trust bank accounts correctly, as well as internal trust account reconciliations, contractual agreements, and other regulations not even necessarily available to the public. Most importantly, every property management company should be licensed with the BRE and have a broker of record charged with overseeing operations. If your management company is an LLC, for example, you can be assured it is not licensed, as the BRE does not license LLCs. You can look up your management company’s license status by clicking here.
In 2014 MW saw an uptick in rents when filling apartment vacancies. On average MW was increasing rents by approximately 3.6% on turnovers. In addition, rental concessions have been forgone, for a total effective average rent increase of around 11%. Throughout the year the company continued adding new accounts, among them 33 units Downtown, 18 units in Baldwin Hills, 9 units in Mid City, 8 units and a house in Silverlake, plus a house in West Adams and a townhouse in Torrance.
At MW Property Management we’ve gone to great lengths to acquire the most highly respected accreditations bestowed upon professionals to handle every facet of investment property acquisition, management and disposition. MW Real Estate Group applies all the tools of CCIM to the trade, as well as the CPM (IREM) Management Plan approach in determining the best path for your assets. In this way we give our clients superior insight into what their properties will really do for them. We then follow through with management that delivers. For MW, however, property management is a service provided to clients as part of a total asset management platform which includes investment property sales. The fact that MW Team Brokerage in association with Keller Williams is a major component of our platform does not conflict with property management interests or vice versa. Property management is implemented with a vigilant eye towards profit maximization in the service of portfolio growth opportunities. Yet property management may also continue as an end in itself. MW Property Management companies provide a comprehensive approach to investment property and asset management and sales – a boutique version of the well established practice elaborated by international conglomerates such as CBRE and DTZ.