Managing multifamily investor properties is a core capability at New Star. Whether you’re an investor with an extensive portfolio looking for a team to manage income properties while you expand your search for new acquisitions, or you just picked up your first multifamily and need to find a manager that leverage your investment’s return while you work your “day job”; New Star is suited to manage your real estate assets.
In many respects, several aspects of multifamily management are similar to commercial property. New Star doesn’t just see a multifamily building; but has a larger view that we are leveraging the financial return and cash flow from a valuable asset. Yes, we are managing a property; but more importantly, we are managing an income generating asset. The focus is on financial performance.
Looking through the lens of a profit and loss statement, New Star first looks at a property’s rental market area. We want to be sure that our target rent level makes sense in light of the local market and comparable properties. After aggressively marketing your vacant unit through multiple outlets, we attract a pool of potential tenants for showings and qualification. Ultimately, making a recommendation for a tenant that best fits your property. New Star believes tenant selection is one of the most important aspects of multifamily management. Then, once a good tenant is in place, New Star remains responsive to tenant concerns, increasing their satisfaction with the value offered for your rental unit.
Moving to the operating expense lines of the P&L, New Star looks to optimize maintenance and capital expense management. Experience has shown there is a balance between over-investing on elements that will not drive returns; and skimping on repair items that could drive higher costs later. When a unit becomes vacant, New Star moves quickly to turnaround the unit and begin marketing; all focused on delivering a qualified tenant with minimal downtime.
Finally, New Star will look at ongoing performance of a property with a client. We will review rents and vacancies and discuss longer term approaches that will further leverage results over time.
NEW STAR PROPERTIES CUSTOMER PORTAL
Got a Question? Fill Out the Form Below and a Member of Our Team Will Reach Out to You Within 48 Hours.
“I have had the pleasure of working directly with Tim and his insights into real estate investing and property management are some of the smartest I’ve seen. Whether you are a property owner looking for a turn key management provider or an investor seeking guidance I highly recommend you reach out out to Tim today!”Chris S.