If you’ve made it to this page: welcome to the future and modernization of property management. A little something we call Co-Management.
But what exactly is co-management? What’s unique about it? Who are co-managers? And, how is it different than traditional property management?
Do you mind that we call it ‘traditional’ property management? We don’t. Traditional is old. Traditional is a system hasn’t changed. Traditional is an industry that desperately needs modernizing.
What is Co-Management
Co-Management is property management. Plain and simple.
However, it’s a format that allows both a landlord and another individual (manager) to work together to manage the rental property. Some landlords even decide to have multiple co-managers for properties.
Regardless of who manages a property, there are the same tasks that needs to be performed. Whether it’s a DIY landlord, traditional property management firm, or co-managed. On a high level, these basic tasks are leasing and screening, rent collection and property maintenance.
With co-management, the landlord has full uncontrol to assign responsibilities to themselves or hired co-managers. For example, a landlord can hire a co-manager to handle leasing and rent collection while the landlord wants to handle maintenance.
How Is Co-Management Different Than Traditional Property Management
Although the same scope and services are offered, the biggest differences: control, and cost.
When you hire a property management firm, you essentially hand over full control of your rental property. They select tenants, vendors, rent rates and even hold onto your money. For most landlords, they want some say in those decisions but the traditional way doesn’t allow that. Whereas with co-management, landlords have full access to all the same data their co-managers have. Actually, it’s the opposite. Co-manager’s have access to whatever the landlord allows them to! This allows a landlord to be informed of maintenance tickets immediately and have the ability to decide vendors or even defer the work if necessary.
Management cost is more of a variable. If we’re being completely honest, one of our core values is transparency, we would tell you that sometimes property management fees could be cheaper. That’s because Burbz doesn’t control manager rates. Whereas traditional property management is an all-or-none approach to hiring them, co-manager’s can be hired to perform specific tasks which can result in lower management fees. Majority of the time, co-management fees are more affordable though. But we like to be honest.
The biggest difference in cost are the fee structure and contract. Traditional property management has the same old fee structure and contract that heavily, and we mean HEAVILY, favor the management company. In a weird way, property manager’s make more money when a landlord loses money. Take for example leasing with no impact from vacancy, earning more money from late rent or the termination clause that requires a landlord to pay 100% of the remaining fees owed.
Compared to co-management, which is incentive-based. Why? Because that’s what landlords want.
Landlords have a financial interest in the success of their rentals, as should their manager with incentives. Perfect product placement for our slogan: aligning incentives with interests. Co-management incentives are based on minimizing vacancy, not leasing, and on-time rent, not late rent.
While the scope remains the same, cost and control are what truly separates co-management from traditional property management.
Benefits of Co-Management
We’ve already covered control and cost, but wait, there’s more.
Through Burbz platform, landlords get all of the online tools they need to DIY manage or co-manage. With that comes the unique advantage of rent being paid directly to the landlords bank account instead of the manager collecting rent in theirs. Simultaneously, as rent is processed any management fees are calculated and allocated to the proper parties. This benefits all parties. Landlords get paid much faster. Co-managers avoid landlords calling about rent. Landlord’s don’t have to make a separate bill payment to their co-manager. Co-manager’s get their fees instantly as well. Anytime somebody handles another individual’s money, there are more regulations and risk involved for both parties. Our platform solves that issue.
Co-manager’s are individuals and not businesses. Each party knows exactly who they are working with. With our ratings systems, co-managers can even justify higher rates. And those ratings, they’re only from fellow Burbz landlords to avoid unfair tenant reviews or false-positive reviews to boost their own scores.
Lastly, co-management is hyper local and an opportunity to earn money while taking care of ones neighborhood. Co-management works because it focuses on quality over quantity. It’s well known that traditional property managers have to manage hundreds of units; therefore not having time to respond quickly or view maintenance items. For quality to be addressed, a co-manager needs to be local enough that they can easily stroll over to the property for a quick maintenance exam or inspection. When a property is merely 5 minutes away, it’s not an inconvenience to examine the property.
How To Get Started As A Co-Manager
Are you interested in becoming a co-manager? Great. We’re always looking for amazing individuals.
The best way to start is registering with Burbz as a co-manager. Whenever there is a proposal request in your area, we will inform you.
Before you begin, you should determine what services you want to offer. If you’re handy with tools but hate review rental applications, consider offering your services for landlords only seeking maintenance management. Every proposal will be different.
It’s important to note that co-manager’s do not have to be licensed, but being unlicensed may limit the services you can offer. Your state license laws will dictate that. Some states require a property management license only to negotiate leases and collect rent, but not for maintenance coordination, open houses or inspections. Every state is different and it is your responsibility to determine what you can or cannot do unlicensed. If you’re licensed, you should have full capabilities but, again, check with your local laws and regulations.
There’s also no limit to how many units you need to manage. Simply start off with one and grow your portfolio. This can be a side gig, managing multiple rentals in your neighborhood. Or, you can grow your portfolio and become a full-time co-manager.
How to Hire A Co-Manager
Co-management is the future. Actually, it’s the present! We’re excited for your interest.
You have two options. First, you can register with Burbz as a landlord. This gives you access to the management tools. Eventually, you’ll need an account to assign a Manager to your specific properties.
Second option, you can fill out our Request For Proposal form. This doesn’t require registering yet. Upon completion, your RFP will be sent out to co-managers in your rental’s vicinity. Because Burbz is an open marketplace, any interested co-managers will respond and submit their proposal back. At that point, we encourage direct communication with any co-managers you wish to call, text or email.
Remember that landlords set the scope. But co-manager’s submit their own proposed fees based on your scope.