The Multifamily Real Estate Division of Renaud Consulting focuses on asset management of multifamily properties for third party clients, including property management and leasing. Our expertise is maximizing the value of multifamily property assets and increasing the owner's return on investment (ROI) by (i) increasing rental revenues and (2) reducing operating and capital expenditures.
Rental revenues are enhanced in a variety of ways, including efficient and effective leasing efforts that keep the occupancy rate high, keep rental rates (for both new leases and renewals) on par with demand and the competitive set, and keep downtime (due to apartment turnover) at a minimum.
Operating and capital expenditures are reduced through detailed budgeting, leveraging our vendor and contractor relationships to reduce cost of improvements and repairs, increasing efficiencies of on-site engineers and maintenance personnel, and being proactive with preventative maintenance that minimizes the need for unexpected major capital expenditures.
In short, we maximize the money coming in and minimize the money going out, so our clients realize the highest possible return on their investment while, at the same time, stabilizing their net cash flow for the long term.
Managing multifamily housing requires a variety of skill sets, some of which are financial and analytical in nature, and some of which are based on social skills and effective communication. At the end of the day, the Landlord wants happy tenants, as happy tenants are more prone to pay their rent on time and take good care of their apartments. So, our property managers develop good relationships with the tenants and help build a sense of community, where both landlord and tenant help each other make their apartment community be the best that it can be. For example, Landlord helps tenant by responding in a timely manner to maintenance and repair items and, in exchange, tenants pays rent on time and abides by the rules and regulations for the property.
Renaud Consulting uses Yardi accounting software to record rent collections and pay operating expenses and capital items, and to produce a monthly package for the landlord that contains institutional quality financial statements that can be custom-tailored to the client's needs and the needs of the landlord's tax advisors.
Renaud Consulting negotiates with, and closely monitors, third-party contractors who performs various services and repairs at the property. In addition, we supervise and direct on-site engineers and maintenance personnel for the property. In short, we keep the property looking good and in good condition, which helps our leasing staff in getting the best possible rental rates.
Lastly, we are ever-vigilant in the pursuit of any rental arrearages and are skilled in collecting any past due rents in a timely manner, perhaps pursuant to a custom-tailored payment solution that fits the tenant's needs, but still enables the tenant to pay their balance in full in a timely manner. While generally "firm" in the area of lease enforcement, our management team can also "think outside the box" and come up with creative solutions to deal with special circumstances, that allow a landlord to maintain a tenancy when it otherwise would fail.
Renaud Consulting keeps on-site leasing staff fully-equipped with all the tools of the trade necessary to increase leasing velocity and expedite leasing renewals at competitive rates. In particular, we use Apartments.com as a vehicle to present available units to the marketplace and procure prospective tenants.
Once we have a prospective tenant in hand, we perform a careful underwriting to verify their identity, financial wherewithal and credit worthiness, so as to minimize the possibility of default prospectively. We also use battle-tested legal documentation to craft the lease and other ancillary documents relating to the tenancy.