Our Professional Services
Property management has progressed over the years to be more than having a real estate agent "watch" a property for the owner! Today, the concept of Property Management is one of "specialized service" which includes the marketing, physical, fiscal and administrative aspects of investment real estate.
MARKETING * The marketing of rental property includes formulating an advertising program as well as presentation of the individual rental unit. Whether it is the initial start-up (rent-up) of a new project; the marketing of a property after rehabilitation; or the re-renting of units on regular resident turnover, MARKETING has become increasingly more important.
To the average rental property owner, "marketing" means a few "classified ads" or perhaps a VACANCY sign. However, today, these terms have a much broader meaning, and, as a result of increased competition, marketing programs must be carefully planned, and market research plays an important role. It is critical to measure the wants and needs of the rental market and to be aware of trends in the industry as well as local market conditions.
With each passing day, the interaction of the internet with our every day lives is becoming even more prominent, and while classified newspaper advertising is still one of the primary selling media for rental housing as this is where prospective residents first turn when they want to find new housing, the internet is fast becoming a source for locating and renting rental properties. For this very reason, we maintain a daily classified ad directing prospective renters to our 24-hour rental line. We pioneered Central Virginia’s first web-based rental property advertising program utilizing our web presence at both the RentConnection as well as YAHOO* CLASSIFIED sites where we place digital color pictures of all of our current and future property offerings.
Gibson Management Group, Ltd. does not list or sell real estate; therefore, we maintain a close relationship with local Realtors who refer their rental clients to us with the knowledge that their broker-client relationship will be protected. We offer cooperative rental referral fees for Realtors who refer prospective rental residents to and maintain listings of our rental properties on the Charlottesville-Albemarle Association of Realtors MLS system.
PHYSICAL MANAGEMENT * Quality and efficiency in the management of property can obviously have an effect on the success of its rental rate, quality of occupants as well as investment value. Both of these factors depend on properly trained personnel and adequate equipment. From time to time your property will require repairs and maintenance during a tenancy and during resident turnover. We will coordinate this function as a part of our management service.
Rather than having our own “in-house” maintenance staff established as a company “profit center”, we prefer to utilize specialized service personnel whose hourly rates reflect the scope and technical difficulty of the work being performed.
We inspect the exterior of properties on a frequent basis, and we perform unit evaluations on a periodic basis during occupancy so that we do not rely on resident requests to effect routine maintenance or repairs.
Repair work is coordinated to present as little inconvenience as possible to the property residents. We schedule routine maintenance well in advance and maintain an established relationship with our regular service personnel so that “emergency” calls will be handled in a prompt and expedient manner. We utilize lockboxes placed on the property to allow for entry by our approved vendors so that residents are not inconvenienced and property owners do not have to pay excessive “travel time” for vendors in cases of emergencies.
FISCAL and ADMINISTRATIVE * Fiscal and administrative responsibilities are two important functions attended to by The Gibson Management Group, Ltd. These are functions that can be bothersome, time consuming and expensive for the investment owner. As part of our total management program, we offer the following services:
- Directing advertising and marketing programs
- Securing and qualifying desirable residents
- Establishing resident policies and regulations
- Responding to resident complaints, problems and requests
- Coordinating maintenance/repair functions when needed, as well as contracting for special services, to ensure the best possible rates
- Collect rents, concession/laundry income and security deposits in a timely manner
- Prompt issuance of correspondence including legal notices for the payment of delinquent monies and performance of lease terms.
- Maintaining current, correct inventory records of appliances, tools and equipment belonging to the property
- Conduct frequent exterior property inspections to ensure that building and grounds maintenance is being properly performed
- Hire and supervise personnel or contract services as may be required for the administration or maintenance of the property
- Provide monthly computerized income and expense statements showing current month and year-to-date income and expense figures as well as a current month transaction register of all income and expense activity
- Pay mortgage, condo association fee, insurance, real property tax billing or other property-related expense as may be directed
- Monitor utility charges and request rebates/corrections as appropriate
- Recommend repair or renovation projects for the protection of the property owner’s investment
- For more specific information relative to your property management needs for your property, contact us for your personalized written Rental Property Management Proposal.....