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By Dan Haefner Executive director of multifamily management Drucker & Falk
Working with Property Managers: 5 Benefits
Get to know how property-management companies can boost brokers’ business
are often viewed as a commodity that
is only necessary after the loan is
closed. There are some hidden benefits a property-management company
can provide to mortgage brokers in
advance of loan placement, however.
These values frequently go untapped.
Property managers can work with
brokers in the initial stages of an acquisition or when owners and developers are in the early stages of organizing
deals. During this process, owners and
mortgage brokers may use third-party
companies to acquire market data,
comparable surveys, opinions of value
and appraisals. These third-party companies provide a valuable service, but
it is common for this data to be in some
level of conflict with the property’s actual operations.
Brokers who know the true value of
property managers can bring an edge
to their business in terms of loan origi-
nation, underwriting and placement.
Property managers can help with the
following five factors:
Brokers can implement a referral program to leverage a property
manager’s site-level personnel, corporate personnel and vendors. Frequently, many of these people know
about acquisition and disposition
activity well in advance of an actual
This list is certainly not all-inclusive,
and there are other beneficial reasons
brokers should get to know the property-management community. Working
together, brokers and property managers can develop, manage and enhance
their businesses. •
Dan Haefner is the executive director of
multifamily management for Drucker & Falk,
which is a full-service real estate management company managing about 25,000 units
of multifamily and 2 million square feet of
commercial real estate located throughout
the Mid-Atlantic and Southeastern U.S.
Reach him at dhaefner@druckerandfalk.
com or (919) 846-7300.