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A Property Management Model that works – Managers and Widgets – Bravo is getting better all of the time!

Posted by joe.watkins on October 12, 2013
7 Comments

Bravo Group and its affiliates have been managing properties for many years now. With nearly 800 units under management, we have modified our business model to adapt to the changing needs of our business several times. Some of these changes have been out of necessity due to our growth and many more have been very purposeful to continue to improve our execution and communication. We have determined that our property management model really works! How do we make this determination?

We have heard from some of our larger clients who have management companies all over the country (as many as 20 other companies), that we fill properties faster and collect a higher percentage of rents than any of their other companies across the country. What about our model works? We call our model the hybrid property management model–One that utilizes the strengths of the Property Manager but the skills and effectiveness of specialized departments (sometimes referred to as “widgets” from our Broker).

Now let’s take a closer look at what we mean by the hybrid model:  One part of our model is the Property Manager. Many companies use a straight “property manager” model to manage a portfolio. This means that a single manager is responsible to carry out all duties and responsibilities that an owner hires a property manager for. From Leasing to application processing to move ins and move outs to collections to maintenance to accounting–that property manager does it all. One benefit of this model is that there is little communication gap between the owner, property manager, and the tenant. This model also helps the property manager to establish good relations with the tenants and owners. The major problem in the “property manager only” model is one person is wearing too many hats. That many skill sets in one person is hard to come by. They will be mediocre at best in most areas. Our model utilizes the strengths of the Property Manager but gives them “widgets” to help in other areas.

The other part of the our hybrid model are the departments or widgets. Departments are created in larger companies to effectively spread the work volume across more specialized people to be more efficient, but most importantly to produce better results in each area. Imagine an engineer having to work in the sales department or a salesperson having to write code of a website. It just does not work. These widgets in Bravo Group’s management model are small departments that specialize in what each area performs to create efficiencies and more professional and quality results. These widgets include accounting, applications, leasing, move in and outs, and marketing to name a few. All of these areas are handled by people other than the property manager. This allows our property managers to stay in the office and focus on collections, communications, problem solving, and customer service to name a few.

We are constantly tweaking our systems, processes, and model to be more effective. We are committed to not let our growth and size reduce our results as your property manager. We have spent tens of thousands of dollars in technology to improve communication. We know that our results are often not realized if not communicated. Behind the scenes, what may have seemed like a normal month of receiving your rent, may in fact have been a series of good decisions and processes that got your tenant to pay or back on track.

To summarize, Bravo Group utilizes Property Managers to be the one source of communication and responsibility for a particular portfolio, but also utilizes many specialized departments or widgets to the get the job done faster, more effectively, which produces overall better results!

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