Property Management With Pioneer
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Pioneer Realty Group
Our company specializes in managing multifamily properties and providing top-tier service to our clients. At Pioneer Realty Group, we take pride in our ability to help property owners fill their properties with quality tenants.
We have created a unique database of over 20,000 rental units in Chicago. Our database combines units on the MLS (Multiple Listing Service), our in-house management units, and rental units offered exclusively to select brokerages by some of Chicago's largest landlords. This allows us to provide our clients with the most up-to-date rental comps and help them get top-of-market rent for their properties.
In addition, we are committed to providing stress-free and 100% transparent property management services to our clients.
We have a vast network of connections in the maintenance and property management field, which we use to provide our clients with a one-stop-shop for their property management needs. Our services include monthly financial reporting, tenant correspondence, rent collection, surplus disbursement, maintenance calls, 24-hour emergencies, and advice.
Our pricing model is clear and straightforward. Our transparency is second to none, as we provide our clients with the contractor's invoice and our markup to ensure that there are no hidden fees. Additionally, we offer a 30-day mutual cancellation policy to ensure that our clients are satisfied with our services and can make changes if needed.
Given our extensive experience and expertise, we are confident that our services can provide tremendous value to you as a real estate owner. If you have any questions or are interested in learning more about our services, please do not hesitate to reach out. We would be honored to discuss how we can assist you with your property management needs.
Our company specializes in managing multifamily properties and providing top-tier service to our clients. At Pioneer Realty Group, we take pride in our ability to help property owners fill their properties with quality tenants.
We have created a unique database of over 20,000 rental units in Chicago. Our database combines units on the MLS (Multiple Listing Service), our in-house management units, and rental units offered exclusively to select brokerages by some of Chicago's largest landlords. This allows us to provide our clients with the most up-to-date rental comps and help them get top-of-market rent for their properties.
In addition, we are committed to providing stress-free and 100% transparent property management services to our clients. We have a vast network of connections in the maintenance and property management field, which we use to provide our clients with a one-stop-shop for their property management needs. Our services include monthly financial reporting, tenant correspondence, rent collection, surplus disbursement, maintenance calls, 24-hour emergencies, and advice.
Our pricing model is clear and straightforward. Our transparency is second to none, as we provide our clients with the contractor's invoice and our markup to ensure that there are no hidden fees. Additionally, we offer a 30-day mutual cancellation policy to ensure that our clients are satisfied with our services and can make changes if needed.
Given our extensive experience and expertise, we are confident that our services can provide tremendous value to you as a real estate owner. If you have any questions or are interested in learning more about our services, please do not hesitate to reach out. We would be honored to discuss how we can assist you with your property management needs.
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The Balance Sheet
(The Balancing Act; Balancing the Sheet)
For most multifamily property investors, it’s all about the balance sheet: rental income and expenses. Rental income less expenses is equal to net operating income which directly translates to asset value. Typically, the first concern is how a property’s (or portfolio’s) rents compare to the market.
Are rents competitive with properties on the block and in the neighborhood?
Is any money being left on the table?
Immediately behind rental income, investors seek to understand if property expenses—and service providers —are in order. Are services being performed by qualified professionals? Are prices consistent with market rates?
M.REAP
Multifamily Rent and Expense Analysis Program
By way of example, consider two virtually identical 20-unit multifamily properties located on the same street. The average rent for units in Property A is $1,000 per month and the property owner has rarely, if ever, increased rents. Property B, however, is in line with the market, where the average rent is $1,100 per month. Further, in keeping with the industry norm, annual rent growth of approximately 5% is part of the business plan. Under this scenario, Property A produces $20,000 of income each month or $240,000—each year. Contrast that with Property B which in its first year— at market competitive rates, produces $22,000 per month in monthly income and $264,000 annually. The value of property A is $4m and property B is closer to $4.4m. When extended out further, at year five, Property A is still producing $240,000 in annual income. Property B, however, is producing $26,700 monthly and $320,400 annually. That represents a 33.5% difference in income. Assuming similar expenses, the value of Property A is approximately $4m. Property B on the other hand would be valued much higher, at closer to $5,340,000.
Rent Income Analysis
The Power of Market-Adjusted Rents
By way of example, consider two virtually identical 20-unit multifamily properties located on the same street. The average rent for units in Property A is $1,000 per month and the property owner has rarely, if ever, increased rents. Property B, however, is in line with the market, where the average rent is $1,100 per month. Further, in keeping with the industry norm, annual rent growth of approximately 5% is part of the business plan. Under this scenario, Property A produces $20,000 of income each month or $240,000—each year. Contrast that with Property B which in its first year— at market competitive rates, produces $22,000 per month in monthly income and $264,000 annually. The value of property A is $4m and property B is closer to $4.4m. When extended out further, at year five, Property A is still producing $240,000 in annual income. Property B, however, is producing $26,700 monthly and $320,400 annually. That represents a 33.5% difference in income. Assuming similar expenses, the value of Property A is approximately $4m. Property B on the other hand would be valued much higher, at closer to $5,340,000.
Expense Analysis
Optimizing Expenses for Maximum Investment Returns
On the expense side of the equation, investors (especially those with small property portfolios) are concerned with the prospect that cost and service provided by vendors—plumbers, contractors, heating and cooling companies, etc. Often, investors with smaller portfolios may not have the resource contacts, geographic concentration or day—to-day experience to have a roster of service providers that can perform as efficiently and cost effectively as possible.
With a management and leasing portfolio that exceeds 20 buildings and 300 units, Pioneer Realty Group has the experience and critical mass to have assembled an extensive list of service providers.
Further, with access to financials and/or invoices, the firm can compare a variety of expense items, such as general maintenance, turnover costs, administrative cost, utility expenses and more! When owning a multifamily asset, investors generally strive to make an appropriate return on investment by generating income and value appreciation.
Some investors also seek to create generational wealth that can be passed along within a family. Regardless, it all comes down to maximizing income potential and limiting expense liabilities. And M.REAP from Pioneer Realty Group can assist you in accessing the information, assessing the facts, and executing a plan of action.
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