Successful Investing in College Housing Stems from Proper Management
The current image of management companies in Boston is that they are slow to respond, disorganized and often quite rude. Complaints heard from current and former students include broken items taking long periods of time to fix. Even when it is something as important as the lock on the front door to the building! In fact, after several requests and still no fix, the residents returned from Thanksgiving vacation only to find their apartment was broken into and personal items were stolen. Other complaints include failure to respond to repeated emails and phone calls as well as property managers dropping by unannounced.
I recently graduated from Boston University with a degree in Biology and a minor in Business. I have lived in the off-campus student area for several years and because of this, have an intimate knowledge of the student market in Boston. Now you may be thinking, “What is this guy doing managing properties when he just graduated with a degree in Biology?” To be honest I have had that though many times, and the answer is that I see a real opportunity for change. The majority of my friends lived off-campus at Boston University, I included, and everyone had problems with their management company. There is an incredible amount of room for improvement and Hodara Property Management has taken upon its shoulders the responsibility of changing the image of management in the Boston area.
Properties that are managed correctly result in low vacancy rates as well as a low cost of repairs. If your tenants are not happy, you, as a manager or as a client, shouldn’t be happy. General issues should always be addressed within 24 hours and emergencies, of course, should be addressed immediately. As a property manager I take great pride in responding quickly to emails and phone calls from both tenants and clients. In addition, I provide my tenants with my personal cell phone number to make myself available to them 24 hours a day. This way I am able to build a more personal relationship with my tenants, which leads to return tenants and happy clients. An open relationship with your tenants will alert you to many small problems that may not be reported until they have become much larger. Being aware of small problems before they become full blown issues will save thousands of dollars. While these may seem “basic” or something that is a “given”, the “basics” are often over looked but they are what keep our tenants and clients coming back for more.
About the Author: Vin Vomero is the Co-Founder of Hodara Property Management, a recent graduate of Boston University and he has been featured in Michael Levy’s “Successful Property Managers” series. Vomero’s company, which has been featured in The Boston Globe, ABC, and the Reality Series “Making Moves,” specializes in the management of off-campus college housing.