Contact us for more information regarding any questions you have.
Why should I hire a property management company for my investment property?
- Your investment requires careful attention to accounting and management procedures. Like using an attorney for legal matters, a reputable property management company can help you negotiate the maze of policies and procedures that come with owning and operating a property. For instance, we use continually updated forms that cover all aspects of operating your property. From complete and concise contracts for resident managers to new tenant information, IPM Co. offers you and your tenants an organized, effective approach to property management–an approach that pays substantial dividends over the long term.
- Your investment property can produce higher net income using established management procedures. Our experience has taught us that the key to overall, consistent profitability is maximizing rental rates and controlling expenses. Periodically, we survey the various markets we serve to help reassess our rental rate policy. We're careful to balance the need to maximize rental amounts with the need to minimize tenant turnover, helping you realize a higher net income while saving you money.
Your professional property manager will track costs by reviewing your accounting statements monthly, noting items that require action or explanation. By carefully analyzing the numbers, we can spot details not readily apparent from your statement. We'll pass this information on, discuss cost-saving ideas, and review procedures that can bring in additional revenue.
It's this personal service from a reputable property management company like IPM Co. that can mean profitability for you and better service for your tenants.
Why choose IPM Co. as my management agent?
- 40+ years' experience in property management. We can help you make the management decisions that will keep your property within budget and that will perform well in both good and bad markets. Rely on our expertise to guide you through the various stages of property ownership in a variety of market conditions.
- Accredited Management Organization designation by the Institute of Real Estate Management, one of only 620 firms in the U.S. to have this designation.
- Professional staff. We have three Certified Property Managers on staff as well as several CPM candidates. We're known for our careful attention to detail and our ability to assist clients in all aspects of property management.
- The ability to spot trends in the market and deploy our assets to maximize value for our clients is what separates our proactive approach from other "caretaker" management firms.
- Focused on property management, not sales. We're here to help you manage your property for maximum value. We'll only advise you to sell if there is a valid, investment-based reason for doing so.
- Persistence. We measure and evaluate your property's progress, including regular review of the operating budget and results, and work with you to make sure you're getting the most value from your property investment.
- Long-term relationships. Many of our clients have been with us 10, 15, even 20 years. These relationships don't simply happen–they are built on trust over time.
What type of accounting software do you use?
We offer our clients a wide range of reporting options featuring SKYLINE, our software package with both cash and accrual accounting capability.
What is your communication policy with your clients and property managers?
Our client communication policy includes:
- Client accounting statements issued within 14 days of the end of the reported month to ensure you receive timely, meaningful information.
- Periodic reports detailing your property's performance for the reported month and recommendations for needed changes.
- Access to all bills and invoices associated with the operation of your property.
Our property manager communication policy includes:
- On-site visits.
- Regular resident manager meetings to share information on landlord-tenant legislation, fire safety, policies and procedures, and building maintenance and repair.
- Prompt, comprehensive responses to questions.
How many apartment communities does IPM Co. manage?
IPM Co. provides management services to more than 150 communities which includes over 5,500 apartment units and 1,000,000 square feet of commercial space.
What is the average monthly occupancy rate for the multi-family properties that you manage?
Each property certainly has its own occupancy needs and goals. In most cases we strive for overall occupancy greater than 95% as an indicator of the overall financial health of a property. While a 100% occupancy rate may certainly be a reasonable target, maintaining 100% occupancy over a prolonged period of time may also indicate that rental rates are less than market. In cases such as this, our efforts to increase return to our clients may cause a temporary increase in vacancy (resulting in occupancy of less than 95%) as rents are moved to their market levels. However, this would be a necessary but short-term effect on the way to a better-producing investment property.
How do you calculate your management fee?
We base our computation of management fees on a number of factors including the number of units, the location and condition of the property, the range of specific needs of the property as well as the owner's long-range plans. Our general practice is to visit a property before preparing a fee quote. We have found that providing fee estimates without careful evaluation of the property results in both inaccurate fee quotes and overlooked needs of the property.
Which services and employees do you charge as direct expenses to a client’s property?
Generally speaking, management fees, salary and payroll costs, and repairs and maintenance items are charged directly to the property. IPM Co. charges all service vendor invoices at cost and passes discounts to the owner.
How flexible is your company in adapting management techniques and accounting procedures?
Each property has specific and individual requirements that must be addressed to produce the greatest possible return to the owner. When consulting with our clients, we consistently try to ascertain the goals and objectives of our clients relative to their specific properties and tailor our management programs accordingly.
For example, a major life insurance company or bank may require a more detailed monthly report than an individual non-corporate owner. We can customize our monthly reports to reduce the amount of unneeded paperwork in favor of a more concise and easy-to-read report. There are a number of other means by which we can save our clients time and work, such as e-mailing reports directly to our clients.
How much participation do you expect from an owner or asset manager in managing their properties?
We tailor our individual management program to meet the specific needs of our clients. We represent both clients who are very interested in taking a "hands-on" approach to the management of their investments as well as absentee clients who do not wish to be so involved with the day-to-day operation of their properties. Our goal has always been to provide the level of service each client desires and to adjust this level when appropriate.
Has your firm ever been cited by any government agency for non-compliance or Fair Housing violations
What does IPM’s Accredited Management Organization designation do for me?
Only a relatively few firms nationwide have earned the right to be called an Accredited Management Organization as awarded by the Institute of Real Estate Management. As an AMO, our qualifications and experience are reviewed periodically by the Institute. Information such as insurance coverage and other qualifying items are reviewed and we are re-certified for a specific number of years. Our professional designations are important indicators of our commitment to professionalism, fairness, and dedication to our clients.