At Nickel City Property Management, we call ourselves “the home of the triple win.” But what does that really mean?
In property management, the owner, the resident, and the management company are affected by every decision. If we’re able to find solutions to everyday situations that benefit all three parties simultaneously, it’s a win-win-win — a triple win.
The triple win isn’t just a motto — it’s one of the main reasons why I chose to start Nickel City Property Management in 2020. I found that my other management company experiences were only worried about their own “win.” Management companies can make a profit by marking up contractor costs, but those costs certainly don’t constitute a “win” for the owner. Our company aims to do things differently — for starters, by not marking up those contractor costs. While a triple win is not always achievable, it remains a core value and a guiding principle in all of our interactions.
The “triple win” methodology at work
1. Using self-showing software in the leasing process
Our company has used self-showing software, which allows prospective renters to look at apartments on their schedule, since we started in 2020. The software is easy to use and available 24 hours per day.
The owner’s win: Compared to other methods of showing, self-showings drive more traffic to the owner’s property. With more exposure to that unit, there’s a better opportunity for us to find a strong tenant.
The resident’s win: A prospective renter is able to see the property at a time that is convenient to them, without waiting for a staff member to be able to meet them.
The management company’s win: Self-showings are efficient, and there are no keys to keep track of. Additionally, the software provides great data about how the vacant unit is performing in the marketplace, which allows us to react to the market more quickly.
2. Offering a flexible rent payment option
Recently, we have started offering a new option for flexible rent payment. Flex allows tenants to pay their monthly rent payment in smaller installments. For example, a tenant with a $1,200 rent payment due on the first of the month can pay $600 on that date. Flex will pay rent in full, and the tenant will make up the unpaid $600 (plus a small interest fee) by the end of the month.
The owner’s win: Owners receive rent payment on time, which helps keep their cash flow consistent.
The resident’s win: Tenants build credit based on their on-time payments. Using Flex may also reduce financial stress, since the fee charged by Flex is less than the normal late fee.
The management company’s win: Using this provider reduces delinquency and maintains cash flow, which reduces points of friction with the owner and the tenant.
At Nickel City Property Management, we believe property management works best when everyone wins. Keeping the triple win methodology as the key to our daily operations and decisions means that we continue to find solutions that benefit owners, residents, and our team.
