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The 5 Ways I Went From Property Manager to Wealth Manager

By: Brent Voepel

Nine years ago, I quit my job in advertising and began dedicating my career to property management. I wanted to be a great property manager, and to accomplish that goal, I aimed to have cutting-edge software, hard-working employees, and a modern office space. Despite experiencing many obstacles and uncertainties, I managed to build a qualified team and meet my goals. Today we manage over 1100 units and have 40 employees. But it doesn’t stop there, we are still growing!

However, during these nine years, I’ve realized I want to be more than just a great property manager. I want to be a Wealth Manager. I want to ensure amazing performance for our clients’ real estate investments. I want to mitigate any risk involved. I want to protect and exceed clients’ expectations. So, this is a new journey. We are a team of Wealth Managers, focused on residential real estate investing. We serve as experts, representing clients before and during acquisitions, maintenance, and property management, and we are committed to producing long-term wealth. How do we do this? We build an amazing leadership team. We reduce risk by providing expert maintenance support. We use advanced technology to analyze the market. We pay attention to performance metrics. And finally, we treat our customers well. 

Leadership & Support Team 

Property management is a service-focused industry. Assuring our clients and tenants are fully supported is critical. I didn’t always have specific criteria for new employees…I was relatively open and would accept most people because I thought enthusiasm was enough. But, my perspective has developed over the years, and I now realize there must be an extensive list of criteria for incoming employees. Not only should candidates be enthusiastic, but also dedicated, willing to share core values, carry personality traits that match the position, and have qualified experience. We have high standards and will not settle for less. 

Reduce Risk: Expert Maintenance Service 

Real Estate Wealth Management requires a secure plan for property maintenance. About 90% of operational problems were related to maintenance in the early years of my business. I didn’t always have in-house technicians. Workers’ compensation insurance, schedules, and inventory management seemed risky. But, in time I realized that a successful property management company needs a dedicated maintenance team. It is operationally necessary. It allows us to control cost and quality. Though we still work with general and specialty contractors for some projects, our expert service technicians, HVAC specialists, and certified plumbers provide professional, efficient service. We continue to expand our list of services. 

Analyze the Market, Use Data to Guide Acquisitions 

We didn’t always have a solid solution for acquisitions or liquidating Real Estate assets. But, I’ve discovered that the best way I can protect a client is to get involved in the initial process and be a resource before acquisitions happen. Now, we are a team of skilled individuals that leverage an immense amount of data to assist our clients in making logical investment decisions. We use math and specific information to determine optimal investment opportunities. Of course, we have varying clients with different strategies, but we want our clients to understand what to expect every time, including rent range. We mitigate risk throughout the buying process and develop a plan for maintenance and capital improvements. We offer a comprehensive strategy. 

Develop Processes that Enhance Performance Metrics

An efficient process is absolutely imperative to making it through even one day in property management. We have painstakingly developed processes over the years and revisit and modify them quarterly. For every 100 units added, we must rework our strategies to support that growth to maintain and improve key performance indicators (KPI). KPIs drive team members to develop skillsets and promote productivity. We are always improving. 

Focus on the Residents. They Provide the Revenue. 

We focus a lot of attention on our clients and equally focus on our residents. They are our customers. They provide the revenue for our clients, and it’s important they’re supported and treated with respect. I explain to my employees, “If the home isn’t good enough for your families, then don’t move the tenant in.” We don’t settle for any home’s condition. It must be tenant-ready, using a standard of excellence. We also have reliable tenant communication, emergency maintenance, and quick general maintenance responses. We’ve developed a preventative maintenance program, all with the intention of improving customer experience.

In closing, I am continually developing and evolving services. There is always room for improvement. But I know exactly where I what to be professionally, and I feel like now more than ever….I know exactly how to get there. We have the right people. We know what tools to use. And, we care about Wealth Management. 

By |2021-03-08T20:11:51+00:00March 8th, 2021|