For properties managed in Houston, net operating income for the second quarter of 2011 has soared by more than 13% compared to the same period last year.
Houston, Texas (PRWEB) September 14, 2011
The Texas apartment rental market has strengthened during the past year, but did not keep pace with assets managed by NOI Capital Partners. The Texas property management company leads its direct competitors by 1.3% in occupancy and $47 in rent, yielding $62 more in monthly revenue per unit. These differences add up to big dollars for owners and investors – the average asset managed by NOI collects yearly revenue that beats competitors by $185,000. Best of all, net operating income for the second quarter of 2011 has soared by more than 13% compared to the same period last year.
NOI Capital Partners believes that successful property management in Houston, in other Texas cities, or elsewhere has consistent themes. Says Jim Marfuggi, Managing Director: “Stay focused on creating perceived value for customers, because tenant retention is critical. You’ve got to add value by adding the right features — spend money to enhance visual appeal and good service. Don’t skimp on marketing, but monitor its effectiveness closely. Know what you want leasing agents to say, and make sure they say it. What matters is consistency and continuous improvement – do a hundred little things well each day, and they mutually enhance one another. The result is a superior living environment for residents, which translates directly to an improved bottom line.”
Because of this culture of continuous improvement, NOI has become an industry leader in re-engineering the work of property management. It is removing routine administrative tasks from the property level, and better applying technology, centralization, and outsourcing to gain efficiency. Personnel with greater financial and accounting acumen are being located on-site, to reduce bureaucratic redundancies in financial reporting. The end result – NOI does it cheaper, AND it does it better. Over the last year, NOI cut average property expenses by 6.5%, while continuing to best the competition in terms of both rental and occupancy rates.
NOI is outperforming other Texas property management companies despite industry-wide impediments to strong performance. Richard Wagner, fellow director of NOI, observed: “Somewhere along the line, property management services got a reputation for being unable to improve financial performance at the properties. That led investors to hire management companies solely on the basis of price, and it’s become a race to the bottom. That penalizes companies like NOI Capital Partners, where the culture is all about asset performance. It delights us to report quarter after quarter that our assets have the highest rental and occupancy rates. I joke with investors that NOI is the best bargain in Texas. We really are. Our clients know it, and that’s very gratifying.”
For more information about NOI Capital Partners and its Texas property management services, visit http://www.noiamerica.com or call 210-568-0469.