Residential Property Management
Complete facility management to increase resident satisfaction and improve profitability across of your properties from coast to coast.
Standardizing Facility Management Services to Improve the Tenant Experience & Your Profitability Across All Residential Properties
Many residential property management companies treat facility management including maintenance, commercial cleaning, landscaping, HVAC and pest control as a cost center – a necessary expense that individual properties must pay for. Because facility management decisions are being made locally, there is no standardization and no visibility.
Without integrated facilities management and consolidated vendors, it’s impossible to know everything that’s going on in your real estate portfolio at any given time.
Under the traditional facility management approach, each property uses a patchwork of providers with limited to zero oversight leading to inconsistent performance and longer time to issue resolution. This results in inconsistent resident satisfaction, inconsistent rental fees that can be charged to new and existing tenants, and inconsistent occupancy rates across all properties.
By working with a national provider like OpenWorks, you standardize best practices while tailoring to specific property needs. Property owners and managers enjoy a more streamlined workflow and better organization of resources that enable a better tenant experience – improving the P&L.
“When we moved to OpenWorks, we were still using some in-house staff. OpenWorks was organized and efficient; and I soon discovered that the OpenWorks team was doing a better job than even my in-house team was doing."
Reverse “Declining” Resident Satisfaction Scores Across All Sites
J Turner’s resident satisfaction metric – TALi (Turner Apartment Loyalty Index) shows that resident satisfaction has been trending down 13% since 2019, which can be attributed to frequent complaints by residents related to service. If you look at complaints in online reviews of properties, you will see that the top complaints are focused on customer service, maintenance service, condition of the unit, ground conditions, cleanliness and maintenance timeliness.
OpenWorks clients like UDR, (a publicly traded real estate investment trust that invests in luxury apartments) are changing the perceptions of their residents. Not only are tenants feeling a renewed sense of luxury due to more consistent service performance but also with an accelerated time to resolution for maintenance issues. The tenants feel that management and employees of the apartment complexes care about providing them with a comfortable home that matches their lifestyle.
By consolidating services with a partner that focuses on “business outcomes such as improving resident satisfaction” across all properties vs. just completing activities.
Stop Tenant Churn and Increase Occupancy Rates with Higher-Value Tenants
Studies from J Turner show that 27% of tenants would not renew if rent stayed the same. This proves that tenants are questioning the value provided by multifamily companies at current rates. And, this will only worsen as rent increases at phenomenal rates. Unfortunately, tenant services are not improving at the same rate – and service is what community members care about across all rental brackets. Once service is acceptable, renters look to amenities.
Our clients like Sunny Hills Management Company (with a portfolio of 4,200,000 rentable square feet and 83 buildings in southern California) are turning their facility management into a competitive advantage.
Their ability to address work orders quickly, their superior quality control over their buildings operating systems and general maintenance, and how they keep each property clean, well run, and maintained is why they land and keep tenants despite higher rental fees. And, it’s how they fill their occupancy with higher-paying tenants, ultimately impacting the P&L.
How OpenWorks Helps Residential Property Management Companies Strengthen Their P&L
OpenWorks offers clients a consolidated, integrated facility management service that increases efficiency and cuts out unnecessary vendor contracts and costs that further weakens the slim margins that property managers have. As a single source commercial cleaning and facility services provider, you get greater control over your costs, greater visibility into what’s happening across your real estate portfolio, and an improved tenant experience that drives growth.
While we standardize facility management best practices across all properties, OpenWorks realizes that a one-size-fits-all approach to all properties is dangerous. We tailor services based on local and state requirements – each properties’ nuances. This reduces risk and improves the bottom line for residential property managers.