After years of being a property manager, I still get asked what do you do again? So your job is just to collect rents, right? Therefore, I have learned to reply jokingly: yes, that and babysitting adults. Property management is a lot more than just collecting rent. On any given day, a property manager can be a financial advisor, a counselor, a fire fighter, an accountant, a problem solver, an analyzer or perform any other task that may come up. Here is what New Bridge Management does.
New Bridge Management manages the real estate portfolios of investors. We do this by reducing costs and liability, increasing revenues and assist in appreciation of properties by developing relationships. You might ask how is that we assist in property appreciation by developing relationships. Residents have always been the focus of our company. We feel it is our job to take care of the residents. When we are able to provide housing for residents and take care of their needs in terms of their housing and are able to develop a relationship with them, then they in return pay their rents on time and take care of the properties. They trust that we are there for their best interest and are open to communicate if anything comes up. Hence, if residents take care of the properties and report work orders in a timely manner, then the repair cost is lower. The combination of early prevention, timely repairs (reduced cost) and consistent market revenue streams, help in the appreciation of property values.
In addition to managing properties, we must also develop expert level knowledge on external factors. The global pandemic is a perfect example. While it is nearly impossible to be an expert on the pandemic itself, we must become experts on how to deal with it, the legal changes surrounding the pandemic and their collective impact on housing, tenant rights and landlord rights. This is a simplified explanation of what we do. Property Management as an industry is more complicated than this. If you have an investment property that needs our expertise, visit us at www.newbridgemanagement.com.