It's officially been 8 months since Meridian has really kicked off our mission to provide an honest & fair approach to the Property Management industry. Our success has been incredibly humbling...We have signed 36 new clients consisting of 80 properties...and while this seems impressive from a small business perspective, the most amazing part of this company has been the relationships. Residents & owners are utilizing Meridian, not just because of our knowledge of the industry, but because they understand that we want to do some bigger...something that really makes a difference. The mission for Meridian was to be able to utilize revenue's from management fees to assist with true missions...serving our communities, locally & around the world.
Choosing to manage properties in the Urban core of Kansas City is not exactly the easy route to generating revenue, but I will say it has been the most rewarding. The handful of investors that are choosing to buy bulk properties in these neighborhoods are realizing quickly there is price to pay for large cap rates....and that cost is time. Crooked contractors, utility companies, city codes, and poor property management companies seem to be making these properties less and less desirable. The problem is not money...the problem is time. It takes time to develop relationships with the right contractors to ensure they are bidding rehabs fairly...it takes even more time to deal with the Kansas City utility companies. The most frustrating part of the process is the lack of quality property management companies. The inflated maintenance charges along with the lack of actually managing the property ultimately results in poorly screened tenants, evictions, costly make ready's, and vacancies...The solution? Relationships. I have identified a few basic ways to ensure the success of distressed properties in neighborhoods such as the Urban Core.
-Build an honest relationship with investors & contractors to ensure they are getting the best prices on maintenance & rehab costs.
-Be available to answer questions brainstorm and actively look for new ways to improve the property,
-Work with non-for profit agencies/churches etc to locate tenants that will appreciate newly renovated home at a reasonable rental rates and that are willing to support tenants in difficult financial times,
-Know the neighbors. Shaking hands and speaking to neighbors has led Meridian to having a better understanding to what the neighborhood needs and has helped find great tenants through networking.
-Be an active presence-visit properties consistently and communicate with residents regularly
Our team is actively looking for ways to make these communities more desirable while increasing the value of the homes in the historical areas of Kansas City. I want Meridian to be the link between families needing a clean, safe home and the investors that own these homes, but need them properly managed. In order to accomplish this we are in search of agencies that assist families looking for a new home, AND for investors that are looking for a common sense management company to take care of their homes.
The end goal...a high cap rate for investors, tenants enjoying more affordable homes, fewer vacant properties in the Urban Core, and a property management company that is willing to use those management fees to give back to the community!!
Join our team as a resident, investor or agency and help turn distressed neighborhoods into safe, enjoyable communities!
Crystal Vaughn
Owner/Managing Broker
Meridian Realty & Property Management LLC
