Property Management in Baltimore, MD
Leonard Frenkil, Jr.
WPM’s President of Multifamily Real Estate, Leonard Frenkil Jr., was featured in The Baltimore Sun’s “5 Minutes With” on Sunday, April 8th. Click HERE to access the full article
Before the internet, if you needed to get in touch with your property manager, you picked up the phone or marched down to the front desk in person.
Obviously, all of that has changed for today’s renters and homeowners. They have multiple channels through which they can seek answers and access information about their community, including websites, Facebook pages, email and text. And increasingly, residents are managing more and more of their community needs through their personal online account.
For example, WPM Real Estate Management makes it possible for residents to create an account, then download an app to their phones. The app allows them to address all their management needs—such as submitting a maintenance ticket, paying rent, checking their account balance or getting information about amenities—right from their phone.
Benefits of Property Management Software
For the most part, digital access has proven extremely helpful for both managers and residents. Modern property management software offers many benefits:
1. Communication. Using software helps to eliminate errors, as the software maintains an electronic record of all communications between property manager and the resident. Also, it helps property managers keep residents informed about the status of their requests—from confirmation that the request was received, to estimated time of a repair, to notification that the job is completed. Such regular updates might be difficult for a staff member to provide, especially if that individual is managing multiple properties.
2. Efficiency. Property managers can track and respond to needs more promptly. Plus, the software can help prioritize requests so that the most urgent ones are attended to first. Also, the software automates a lot the tasks that property managers used to have to oversee.
3. Customer Service. Because property managers can be more efficient, it’s easier for them to stay on top of resident requests and ultimately ensure resident satisfaction.
4. Convenience. An app that allows residents to manage all of their community needs via smart phone provides a valuable amenity for residents.
Despite these many benefits, there are some disadvantages that savvy property managers work hard to avoid.
“While the benefits of property management software are many, using software exclusively to communicate would virtually eliminate face-to-face communication,” cautions WPM Director of Multimedia Marketing and Communications Brent Gratton. “At WPM, we encourage managers to go out of their way to build rapport with residents and to look for opportunities for in-person interactions. For example, many of our communities host social events. Our managers make an effort to be present at these events and meet residents and hear about their experiences.”
Gratton also cautions that, when it comes to communicating with residents, there is no “one size fits all” solution.
“Software doesn’t always perfectly fit everyone’s needs,” explains Gratton. “Residents may have varying comfort levels with managing their community via an app. And some may prefer to receive communications through text messaging, while others may prefer email, while still others rely on paper communication.”
Luckily, Gratton has a simple solution for property managers trying to determine their residents’ preferred methods of communication: “Ask them!”
“When residents first apply to live in our communities, this is one of the first questions we ask. We want to make sure that our information is reaching them. But we also don’t want to annoy them by contacting them through too many channels or reaching out through media they don’t monitor.”
Associations’ Digital Customer Base
Property management software can also be advantageous for Associations. In addition to the benefits listed above, Association-specific management software centralizes the community’s information and makes it easier for board members to access and perform their responsibilities, such as managing contracts, financial reports, tracking delinquencies and submitting work orders.
WPM recently adopted an association website software platform called SenEarthCo.
“It’s so helpful to have all of a community’s information in one location,” explains WPM Association Management Support Supervisor and Executive Assistant Rita Dore. “Board members can tend to their responsibilities in real-time. And residents appreciate the convenience of accessing their information online.”
Today’s digital customer base expects options when managing their community’s account. Good multifamily and association managers will do their best to communicate with their customers by whatever individual manners they prefer. Software often makes the job easier for managers and more convenient for residents. But there’s no substitute for a dedicated, attentive manager.
Mark M. Caplan
We recently sat down with Mark Caplan, WPM Real Estate Management’s Chairman – who is also an investor in multifamily real estate and is a large client of the firm – and asked him to put on his “customer” hat for a brief discussion about his perspective as a client about the multifamily real estate market for 2018.
WPM: How would you describe the multifamily real estate investment market today?
Multifamily real estate continues to be perceived as a desired property type. With significant amounts of capital pursuing limited transactions, low capitalization rates (5-6%) have resulted in higher sales prices for all properties both old and new. This has caused more money to shift towards development, particularly for more expensive rental units. As the supply of higher-end multifamily continues to increase, potentially faster than demand, the operating environment has become challenging for lower price points as well.
WPM: How has this market changed over time?
A lot of forces are at work. First off, the real estate industry – like the rest of the world – is becoming increasingly data-driven. There’s much more information available today regarding property performance. That’s critical because investors perceive access to more data as leading to less risk. The more you know about something, generally the more you’re willing to pay for it, because you’ve eliminated some risk by possessing additional context.
Real estate is also increasingly considered and compared to other asset classes (stocks, commodities, etc.). The hierarchy of perceived risk has changed. This has resulted in more money flowing into real estate, further driving down returns.
WPM: Where do you think the multifamily real estate market it is headed in 2018?
Overall, I think it will remain comparable to where it was in 2017, absent something unpredictable and catastrophic. Perhaps there will be some hesitation on new projects as investors wait to see if what has been created is absorbed. Remember, residential units to be realized in 2018 were conceived in 2015/2016. Real estate doesn’t turn quickly, and projects conceived in 2018 won’t deliver until 2020. With more supply coming into market in 2018, and fewer new deals done, 2020 may see less of a supply/demand imbalance.
WPM: What do you perceive the biggest opportunities to be in 2018?
I think the areas that are most variable and challenging are office and retail – how people work and how they shop. If you feel confident in your perspective and are willing to invest, you have the potential to be really right or really wrong. I have a good sense of where people sleep and where they want to live, but work and shopping are changing quickly. Because real estate is less permanent, these types of investments are challenging, but they also represent opportunity.
WPM: What do you think will have the biggest impact on investors/owners in 2018?
At a macro level, the national and local economy are the two biggest external factors. I think the third is consumer preferences or residential preferences. We’re living through a time where people want to live in cities. But as millennials get older, and schooling and open space become more important, it could cause the suburbs to be more attractive. Transportation-oriented development has become more prevalent, the need for a car less so. Changing demographics of renters and the makeup of the student population at U.S. colleges and universities may also have an impact.
WPM: How do you think the Baltimore market stacks up against neighboring markets (DC/VA/PA)?
Politics and real estate are local. I don’t see individuals generally choosing between neighboring cities from just a rental perspective. That being said, look at Marc Train ridership between Baltimore and Washington. From a fundamental economic basis, Baltimore is compelling in that we have great transportation, higher education and a lower cost of living. But Baltimore has perceptual and real challenges right now because of crime. Baltimore could use a good year.
BALTIMORE, MD (10/17/2017) — WPM Real Estate Management was named 2017 Property Management Company of the Year by the Maryland Multi-Housing Association (MMHA) at the Star Awards event on October 12, 2017. In addition to receiving the region’s top honor, WPM was highlighted multiple times throughout the evening. Seven individual WPM-managed communities received awards and recognition, and three WPM employees were honored for their outstanding professionalism and commitment to excellence.
WPM earned the following 2017 MMHA Star Awards:
1st Place Property Management Company of the Year—WPM Real Estate Management
Gold Medal Service Supervisor—Wayne Carter, Wabash Manor
Silver Medal Service Supervisor—Victor Dantzler, The Charles & Blackstone
Bronze Medal Site Technician—Terrie Gross, Rosedale Gardens
Garden Communities $1015 and below:
Gold Medal—Wabash Manor
Bronze Medal—Boston Crossing
Garden Communities $1376 and above
Gold Medal—Riverside Apartments
Elevator Communities $1460 and below:
Gold Medal—520 Park
Silver Medal—Hopkins House
Townhome Communities:
Bronze Medal—The Village of Carrollwood
Star Certified Communities—Dunlea Apartments
Leonard Frenkil Jr., President of Multifamily Real Estate at WPM said, “This award recognizes our team’s exceptional care and commitment to the communities and residents we serve. From leasing professionals and community managers to those providing maintenance and support services, our associates’ professionalism, hard work, and dedication are the reasons that our communities thrive.”
“We are honored to be recognized by our industry,” notes WPM Chairman, Mark Caplan. “We take seriously our mission to improve the lives of more than 36,000 residents in our region by providing excellent, proactive and experienced property management services. This award acknowledges our commitment.”
About the MMHA Star Awards
Awarded annually since 1997, the MMHA Star Awards recognize and honor members who exhibit the most outstanding and innovative properties and professionals in the Maryland multi-housing industry. Nominations are accepted from among the organization’s more than 200 associate members and nominees are judged by a committee of third-party professionals, not affiliated with any of the management companies.
About WPM Real Estate Management
WPM Real Estate Management is an Accredited Management Organization® (AMO®) that provides property management for over 19,000 homes and 36,000 people in the Baltimore/Washington Metropolitan area and Southern Pennsylvania. While historically, the company’s primary focus has been and reputation was made managing residential: multifamily, condominium, senior housing, student housing, and homeowner association communities, for a number of years now WPM has also grown its portfolio of commercial, industrial, and retail properties. WPM has been recognized as one of Baltimore’s Top Workplaces by The Baltimore Sun for the last 5 years. The company employs more than 500 employees, with 80 at the corporate office and more than 400 on location.
For more information about WPM Real Estate Management, visit the WPM website at www.wpmllc.com.
BALTIMORE, MD (10/12/2017) — WPM Real Estate Management earned several awards at Central Pennsylvania Apartment Association’s “2017 Best of Living Awards” on October 5, 2017. The BOLA awards recognize excellence in the apartment industry. Winners are bestowed with the distinction to announce and display their BOLA award.
WPM earned the following BOLA 2017 awards:
“We are honored to continue to receive recognition as a leader for excellence in our industry,” said WPM Real Estate Management chair Mark Caplan. “These awards acknowledge the commitment, hard work and professionalism of our associates who help improve the lives of more than 36,000 residents in our region each day.”
About WPM Real Estate Management
WPM Real Estate Management is an Accredited Management Organization® (AMO®) that provides property management for over 19,000 homes and 36,000 people in the Baltimore/Washington Metropolitan area and Southern Pennsylvania. While historically, the company’s primary focus has been and reputation was made managing residential: multifamily, condominium, senior housing, student housing, and homeowner association communities, for a number of years now WPM has also grown its portfolio of commercial, industrial, and retail properties. WPM has been recognized as one of Baltimore’s Top Workplaces by The Baltimore Sun for the last 5 years. The company employs more than 500 employees, with 80 at the corporate office and more than 400 on location.
For more information about WPM Real Estate Management, visit the WPM website at www.wpmllc.com.
Whether you spend a lot or a little on vacation, the last thing you want on your return is to be greeted with a costly repair problem. Even a simple mistake, if left unchecked, can lead to major repairs.
That’s why we recommend taking these 10 important steps to help ensure your property is protected and secure.
1) Program your thermostat correctly.
Never turn off your heating or cooling system. Instead, set the heat no lower than 55 degrees when you leave for winter vacations, to prevent pipes from freezing. And for summer vacations, set your thermostat to 78 degrees, to keep humidity down while saving energy while you’re away.
2) Check your water outlets.
Make sure your toilets are not running and ensure that no faucets are leaking. Check your hose bibs and if you can, turn them off from the inside to prevent any possible issues with freezing in the winter or leaking in the summer. You may even want to turn off the main water supply, though this is not recommended unless you have your home professionally winterized or you’re familiar with the winterizing process. If you do choose to turn off your water, be sure to also turn off your water heater (and your boiler, if you have hydronic heat). (Also see #6)
3) Check your sump pump.
If you have a sump pump, check to ensure that it is working properly and is free of debris. You may even want to install a battery-backup system. Power failures, frozen pipes or excessive rain can all spell disaster for your sump pump and your basement. If your area experiences a major storm while you’re away, it may be a good idea to call a friend to verify that your pump remains in good working order. (Even if you haven’t left a key, you may be able to grant access through your garage door, or with a digital security system.
4) Check your windows.
Make sure that all of your windows and doors are locked, weather tight, and shades are drawn closed.
5) Unplug everything that you can.
Save yourself some money and reduce energy consumption while you’re away by unplugging everything but your timed lights and your security system. Don’t unplug your refrigerator, of course, but try turning it to a slightly higher setting.
6) Water your plants.
Indoor plants need to be watered once every 7-10 days. Considering asking a neighbor to do this for you, or find a house-sitting service. For outside landscaping, you can install a soaking hose on a timer, especially if you live in a dryer climate – but do so judiciously, as any water bib left on could become a leak. If you opt to turn your water off, many landscaping services offer watering trucks that can water your yard or gardens for you.
7) Put baking soda in your drains and toilet to prevent any unwanted odors.
There’s nothing worse than being welcomed home by odors that aren’t very welcoming!
8) Take steps to keep your home secure.
If you have an alarm system, notify your alarm company of the dates that you will be away. If you do not, inform your trusted neighbor(s) that you are away and ask them to keep an eye on things. Be sure to remove any outside spare keys from the “usual” spot and put the key in a new place that only one or two people know about. Additionally, to make it not so obvious you are out of town, we recommend that you invest in a timer for your outside lights and perhaps one living room light that turns on for a few hours each evening.
9) Take out all your garbage.
Empty your trash cans to eliminate odors and to make ants, rodents and other pests less likely to move in when you temporarily move out.
10) Stop your mail service.
Visit the USPS website to fill out a simple form that requests that they hold your mail for the dates of your stay. Your local post office will hold your mail for up to 30 days. If you will be away longer than that, you can schedule monthly deliveries of your mail to your temporary address. You can also notify other delivery services and ask that packages be held until your return.
With a little bit of preparation, you should be able to rest assured that your return will be no more stressful than your time away!
