LESSON #5. Implement Asset Management Controls
Gather data around a property’s assets (appliances, roof, flooring, windows, etc.). Ensure you have information about age, model number, warranties, and brands. This information should be integrated within your maintenance processes in order to flag issues early on in the maintenance cycle. Using data to drive decisions is powerful. However, this requires the data to be readily available, updated, and easily accessible to your operations team. CONCLUSION Vendors and vendor management are critical to the success of property managers and an area that can cause substantial liability if vendors fail to adhere to acceptable standards. Inflated maintenance costs for a property can diminish an owner’s return on their investment and compromise the financial performance of a property. Property managers have a fiduciary responsibility to their clients. To that end, it is essential for property managers to ensure all maintenance requests are necessary, completed to the expected standard, and performed at competitive pricing. And most importantly that vendors have pass a background check and your due diligence process.
ANDREA HARDAWAY President and Founding Partner First Property Management Author of Property Management Freedom (423) 475-7368
Andrea Hardaway is the President and Founding Partner of First Property Management. Founded in 2015, First Property Management provides residential and commercial management services in Greater Chattanooga and surrounding areas in Georgia and Alabama. As one of the fastest-growing property management companies in the area, First Property Management has become a magnet for real estate investors focused on growing their property portfolios.
CHRIS COOKE Director of Operations First Property Management
Chris Cooke works with investors to maximize their portfolios, leading a team that manages over 1000 doors in the greater Chattanooga area. After serving in the U.S. Army, he spent over 25 years in the government sector focused on accreditation measures, improved process development and automation, and transforming leaders through leadership development curriculums. Chris holds a Doctorate in Public Administration from Valdosta State University, a Master’s Degree from Columbus State University in Public Administration, and a Bachelor’s Degree from Covenant College in Organizational Management.
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