Branching Out From Traditional Property Management Services

Ever thought about what it would take to expand your property management services?

Our guest on The Property Management Show today is from our own backyard. Based in Oakland, we’re talking to Carlos Veliz, the CEO of Vision Property Management. Carlos shares how to branch out from your traditional property management services to create new lines of business, revenue, and most importantly – service.

Introducing Carlos Veliz of Vision Property Management

Carlos has a pretty great story. Vision Property Management went live in November of 2017. They now manage 700 units and they’re currently negotiating for an additional 150 units. Most of their accounts are local; they serve properties that are within 20 to 25 miles of Oakland.

Most three-year-old management companies would build their business organically or by buying up companies and portfolios. Carlos followed a bit of a different path.

He comes from a property management background, but had been doing construction. Carlos was renovating an apartment complex in early 2016, and one of his construction clients had purchased a portfolio of 25 units around Oakland. This client was having a terrible time finding a good Oakland property management company. His complaints were:

* They didn’t know what they were doing.

* They didn’t provide any reports or updates.

* They spent money without trying to save it.

Property management had been something Carlos had wanted to get back to; he had been thinking about opening his own property management company at some point. So, he asked this client for three months to prepare and get licensed and up to speed. Then, he would be ready to manage those units for him. The client agreed immediately.

How to Expand Your Property Management Services With The Triangle Effect:

Building Better Businesses

“The Triangle” is what Carlos calls his business model; from his property management company, he developed a construction company and a maintenance company. His goal has been to find recurring income streams so he could make all of his companies stable.

When Vision was started, they were using maintenance vendors just like everyone else. It was really difficult to find a good, reliable maintenance vendor. Results were inconsistent; sometimes, the quality was there, and sometimes it wasn’t. The vendors he used could not be counted on to fix their errors. If something went wrong, getting them back was almost impossible. They had already moved onto a new job and a new client.

In order to control the level of maintenance service he was delivering to his clients, Carlos realized he had to open his own company. So, he did that – and now all the work orders for Vision Property Management are done within 72 hours, and they’re handled professionally and responsively.

It has increased accountability and it has fostered trust.

In property management, 90 percent of the complaints you get are maintenance-related. If you can control and limit those complaints, it’s easy to run a great business.

Speaking of complaints, you may have seen our blog on incentivizing online reviews – which will frequently revolve around maintenance issues. If not, check it out!

The construction company, of course, already existed, and it fit seamlessly into the other two businesses. They’re being invited to do turnovers and remodels and major repairs. Carlos encourages his property management clients to gather other bids, but he has a relationship with his clients that makes it instinctual for them to choose his company. They’re more comfortable because they know him, they know his company, and they know his work ethic.

So the Triangle,