Property Management in Texas
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Property Management in Texas

Property Management in Texas

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Texas is a unique state when it comes to property management. From high-rise communities in Houston and Dallas to mixed-use communities throughout the great state, we know Texas, and we know property management. WRMC is one of the select few in Texas that actively holds the Accredited Association Management Company (AAMC) designation granted by the Community Association Institute (CAI). Our accreditation proves our commitment to providing the highest level of service that community associations deserve. By maintaining this designation, we ensure that our team has the required experience, education, and integrity to expertly guide and advise our managed communities. We invite you to explore our property management FAQ below.

FAQ’s

What is Property Management?

Types of properties looking for management may include high-rise buildings, condominiums, townhomes, single family homes, and mixed-use communities. The property management company acts on behalf of the owner, manager, or a homeowner’s association board to preserve the property(ies) in a fiscally sound manner. 

Texas property management company’s duties can vary, but they usually include overseeing staff and contractors, communicating with residents, collecting dues, and handling emergencies. Most common with association property management, the community manager works for a professional management company and reports to the Board of Directors. Professional property management companies spend time building their networks in Texas.

More importantly, they have people and systems that serve as human resources and administration professionals to ensure that the service providers deployed to your property are adequately vetted, insured, and match your unique needs. Tapping into their networks can save you time and wasted dollars in mistakes and bad hires. The property management company takes on the challenges associated with payroll and benefits administration. You no longer have to worry about recruiting, performance reviews, compliance, and all other aspects of personnel management. Standardized administrative processes and procedures keep things organized and efficient from mailings, meeting preparation, resale, and status letters. For properties governed by a Homeowner’s Association, it is common for HOAs to fail to comply with Texas, federal, and local laws; property management companies can offer due-diligence that you may not complete due to discontent, time, or lack of decisions.

If you currently have a property manager that is not meeting expectations, it’s time to consider another option.

Why would someone work with a property management company rather than self manage their association?

Typically property management companies are selected because of their focused time, networks, experience, and expertise. There are a variety of needs/tasks (as identified above) in the management of a community. These include administrative tasks, human resources, maintenance, cleaning, upkeep and renovations, risk management, and financial acumen. Property management companies should handle all of this. They also often provide their own technologies, such as vendor management and resident portals. They should be well educated in the regions and states in which you reside, like Texas. This invaluable expertise can help you navigate new situations. COVID-19 boosted property management companies’ growth as new processes and protocols for safety and cleaning can be overwhelming for an individual, or even a few. Property management companies bring a team that can assist you in continually navigating changing situations. Additionally, the right property management company will have access to a wide variety of vendors and will provide you with human resources expertise, whether dealing with contractors or staff. For example, each of our clients is automatically enrolled in our robust vendor management program to ensure vendors have adequate insurance and licensure before ever stepping foot on your Texas property.

What are the main things to consider when selecting a property management company in Texas?

Because property management requires such diverse expertise, you should look for companies with experience, case studies, and references. Most communities also prefer to select a company that has experience in their state. Because we were founded in 1991, we have a dynamic, full-service team that can provide boutique service to your community. The key to our world-class service is understanding, anticipating, and fulfilling your residents’ needs with every interaction, every time. You will also want to consider selecting a company that actively holds the Accredited Association Management Company (AAMC) designation granted by the Community Association Institute (CAI). This will narrow your options. 

We highly recommend that you make a list of needs and create an RFP, or at the very least interview companies based on that list. Accounting and financial management are one of the top requirement(s) that sets us apart from other companies.

How important is it that a Property Management Company can provide us with technology(ies)?

If you are a property manager or HOA board member, you want a management company that can adapt to the latest technologies. These tools will enable you to be efficient and productive. Management companies should provide demos of the technologies they offer and be able to explain how they are positively impacting other communities.

What are the financial services you provide?

Our accounting department is unmatched in the industry. Our Property Accountants are dedicated to providing fiscal responsibility and complete accessibility to our Texas partners. We provide accurate, timely, and meaningful financial information every month. Our team of experts analyzes your financial position to help identify cost-saving opportunities and streamline expenses. 

Each of our clients has access to a resident portal where owners can view records, account history, and more. We utilize a web-based accounts payable solution that provides clarity and transparency on invoices processed.

Each set of financials we prepare is reviewed in-house for accuracy before being distributed. With hundreds of reports available, we can put together a package that has what you need.

Each set of financials we produce is delivered on or before the agreed-to deadline—no more last-minute review on the day of your meeting.

We produce accrual-based financials timely and accurately for all of our clients. With hundreds of reports and formats to choose from, we’ve got your needs covered.

Rest easy knowing that bank fees and collection costs are a thing of the past. Through our relationships, we’re able to offer services for which you may otherwise be charged.

Do you provide any training and education?

Through years of hands-on experience, we’ve learned that continual training and education are the foundation of our success. Our dedicated training department offers robust programming for our entire team. Our goal is to bring innovative topics, industry-leading best practices, continuing education, and value-added seminars.

We are equally invested and committed to the long-term success of the communities we’re proud to serve in Texas, and with that comes a unique and exciting program available to our clients – Worth Ross Master Speaker Series. The Speaker Series is our exclusive Board Member training event designed to educate Boards and managers on the topics that help build their knowledge and better equip them in fulfilling their roles. We partner with industry experts to give in-depth training coupled with comprehensive discussions to better prepare you for the challenges ahead.

We are a mixed-use facility; could we be a fit for Worth Ross?

We’ve had the pleasure of managing a wide array of mixed-use projects as they have become increasingly popular in Texas over the last decade.

Navigating the relationship between the master and sub-associations is no easy task. You can rely on us to provide you with sound recommendations by reviewing the documents and adopted policies. We take risk management very seriously! Whether you need a policy review, property inspection, or hands-on assistance in navigating a claim with our in-house licensed insurance adjuster, we have you covered. Managing the cash flow between the master and sub-associations is no easy task. Our team of dedicated staff accountants is familiar with the nuances associated with these regimes and will ensure financial accuracy.

Do you manage any multi-family properties?

Yes, we do. We bring boutique management to multi-family properties in Texas. We facilitate resident management & engagement, rent collection, comprehensive marketing & analytics, complete and transparent financial reporting, and full revenue management. We tailor our lease-up approach to maximize opportunity and exposure. Our team considers every detail to create custom daily and weekly reporting that activity, traffic, trends, and demographics. Our approach is simple – build a community that tenants are happy to call home. We strive to develop lasting, memorable moments through authentic experiences at each property. This approach leads to increased resident satisfaction and retention rates, of which you are proud. Through years of research and first-hand experience, we understand the intricacies of positioning a property to drive traffic and increase occupancy effectively. Our marketing-plan is all-inclusive, with all variables taken into consideration. 

We had issues with our property management company during the height of COVID-19? How did you handle COVID that would convince us to work with you?

We believe that emergency preparedness is a strength for us, and in fact, COVID-19 was an opportunity to prove this. 

 

As the novel Coronavirus swept the nation and the world, every aspect of our lives rapidly changed. We knew it would be a matter of days before our managed Condominium and Apartment buildings would be looking to us for guidance, procedures, and proactive measures to address the virus’s mitigation in their communities. We were faced with a unique and unprecedented challenge exacerbated by a crunch in available time to act.

 

Our first course of action was to create an internal team within WRMC leadership devoted to developing procedures, plans, and recommendations to be rolled out to our boards for approval while remaining a 24/7 resource for our onsite teams. The onsite teams were there for plan implementation while juggling the ever-changing conditions affecting the day-to-day operations.

 

With this vision and purpose, we created our WRMC Risk Team. The newly formed Risk Team is devoted to providing all managers with up-to-date communication and resources so they can, in turn, advise their team, homeowners, boards, and vendors. Our Standard Operating Procedures (SOPs) for COVID were created because of direct collaboration between our onsite teams and our Risk Team.

 

Multiple SOPs were born because of COVID, all of which contain specific details regarding the need for the various SOP’s, the key players’ responsibilities in managing the procedures, and action items to be addressed.

 

In addition to the COVID SOP’s, the Risk Team set up weekly recurring phone meetings for all GMs to participate and collaborate directly with them on all things involved with the unique COVID challenges present in their buildings. These phone meetings produced terrific results in resolving pressing questions. They gave a real sense of teamwork and collaboration between all our GM’s from Colorado to Austin and Dallas to San Antonio. 

 

We also created a specific email distribution group as a direct communication line to the Risk Team. This communication allowed any member of the team to promptly address concerns, suggestions, or requests regarding COVID procedures. We found that multiple communication mediums and predictable and recurring meetings afforded us a constant pulse on our buildings and the individual challenges they were facing.

 

In an interview with one of our GM’s, we were able to gain more details into precisely what a specific building, board, and onsite staff were doing to keep business running smoothly while also being proactive about the current health and well-being of the community. Communication was listed as the #1 action item, including providing the latest COVID updates from the CDC and Dallas County, posting all updates in BuildingLink for residents to access, and maintaining an open communication line with the Board of Directors. Training continued, including extra safety classes for both team members and residents if they wished to attend. Safety and sanitary measures were increased throughout the building to include more prioritization in the high traffic areas such as the elevators and front desk. Face coverings were purchased for the entire team and required to be worn at all times. Residents were encouraged to wear masks and practice social distancing when interacting with the WRMC team.

 

COVID-specific products were enacted, such as installing Kleenex stations at elevator landings, creating an Amenity Restriction Policy for COVID, providing new sanitation procedures for the pool and temperature checks, along with increased handwashing. With these further steps and resources in place, our onsite staff was able to keep our residents, homeowners, and vendors safe, informed, and happy. We believe we are poised now more than ever to handle unique situations in property management and in the great state of Texas.

We are considering developing a new community in Texas. Should we contact you?

We would love to talk with you. Developing communities have a unique set of needs by which we need to balance owner satisfaction alongside business objectives. Our Developer Services Group understands the importance of building a strong foundation and navigating through the process from pre-construction to transition. Our team of industry-leading experts have consulted with developers on the most notable buildings across Texas. We’re here to guide you through the process, beginning with document review, budget preparation, cash flow analysis, recruiting, and more. Our goal is to provide you with peace of mind knowing that association matters are being handled timely and professionally, saving you time and money.

What else sets you apart from other property management companies in Texas?

Our success can be attributed to the importance we place on our values and how we incorporate them into our operation. Worth Ross strives to lead the way in association management. To be the leader, we must hire, develop, and retain the industry’s best team. Our leadership consists of the best and brightest in the business.

 

Our mission developed over the years from our first community in Texas, and now resonates with each team member: Dedicated Stewards to Communities. Our stewardship revolves around managing and nurturing the communities entrusted into our care and placing the highest importance on accomplishing those communities’ collective good. The results of our actions are evident by way of our long-tenured partnerships.

 

We live out our values daily. These values include kindness, curiosity, integrity, resourcefulness, and unity. We are an extension of the communities we serve in Texas. When you win, we win. Because we are in a continually changing and expanding industry, we get to use our curiosity to be the best at what we do.

If we work with Worth Ross, are we locked in for an extended period?

We value each one of our Texas communities and create long term and lasting relationships. Our client retention remains unmatched in the industry at 98%. We’re flexible on the term length in our agreement and we include a 60 day termination provision in all of our management contracts. We are very selective in our partners and are looking to work with communities who need the expertise and understand the long-term ROI of working with a company with 20+ years of experience. We will provide you with extensive reporting to best track the return on your investment. Your unique key metrics are reviewed on a daily, weekly, monthly and annual basis to ensure objectives are being met and action is being taken.

How do we get started?

Our Vice-President of Management, Matt Kopchak, heads up the sales process with potential new communities. We work with possible communities in a variety of ways. Our sales process may include responding to RFP’s, holding discovery calls, community visits, or zoom meetings, and providing references and case studies as needed. Please feel free to connect directly with Matt at matthew@worthross.com or 214.599.7601 to get the process started. 

 

Being the best property management company in Texas is what we strive for daily. Finding the best communities to work with has allowed us to explore this great state. We look forward to meeting you and seeing the unique living experience you provide for your residents.

Have an idea? We’re here to help you manage your community.