How Developers Benefit by Partnering with Property Management Companies
Residential home builders and real estate developers must wear many hats while creating the buildings and communities so many of us call home. Indeed, each project’s ultimate viability and marketability depend on how well every phase of development is planned and executed – ideally, with the highest levels of expertise, experience, cost-efficiency and professionalism.
Creating, launching and sustaining a thriving and desirable community begins with a great vision – and requires a great team to bring it to life. That’s why many home builders and real estate developers choose to partner with professional property management companies, often from the conception phase, to secure their interests and add expert knowledge, guidance and value at every stage of development.
The best property management firms are committed to fulfilling developers’ visions and enhancing property values and lifestyles for homeowners. At the same time, they understand the challenges and potential roadblocks of each development phase, so they can offer insights, share best practices and tailor innovative plans and solutions. The result? The guidance and support real estate developers need to effectively cut costs, prevent unforeseen expenses and streamline operations, while creating sought-after communities that capture the interest of future homebuyers and residents.
Quality property management companies have extensive resources, such as local market knowledge, neighborhood connections and hands-on experience managing communities of all types and sizes, from small developments to high-rises to master-planned communities. As a result, they are uniquely qualified to provide information and guidance on association planning, budgeting, funding, financial tools, governance models and other key data. In addition, they can expertly consult on upcoming amenity trends and desirable lifestyle programs to help create each planned community’s distinctive identity and ambiance and position it for short- and long-term success.
Property management companies that have extensive experience working with new home builders and residential developers deliver even more value – they understand the real estate developer’s goals and interests, but know how to create a balance between executing on their vision and serving future homeowners.
“A good property management company considers itself an extension of the home builder’s team, providing direction and support to help reduce costs, facilitate operations and overcome challenges. At the same time, it is committed to creating communities that deliver exceptional living experiences to homeowners,” says Katie Ward, president of FirstService Association Consulting Services. “Providing excellent service and satisfying everyone’s needs is an art, and the best property management companies are very good at it.”
What many people don’t realize is that homeowners association (HOA) forward planning can sometimes span several years, depending on the planned community’s scope, size, complexity and unique needs and requirements. There are numerous details and factors to skillfully and correctly strategize and implement, such as planning the association and its governance structure, amenities, social programs, lifestyle, pre-management and community readiness, transition planning and much more.
Because there are so many factors to get right, the leading property management firms prefer to begin partnering with real estate developers and their teams from the earliest stages of development. By also providing expert consulting services to the project’s land planners, landscape architects, civil engineers, attorneys and other professionals, they can help ensure viable operations and lower costs to help the project stay on course through completion. Additionally, if the partnership is successful, property management companies often continue working with the building or community through build-out, transition and beyond, providing ongoing professional association management services to help ensure its ongoing success.
When real estate developers and property management companies work in tandem, they can enjoy a productive and mutually rewarding partnership that supports each party’s knowledge, creativity and expertise – and creates a residential community that remains profitable, marketable and desirable to homeowners for many years to come. To learn more, contact FirstService Residential today.