Violetta Varenkova, President
Cleveland, Ohio is a popular market for real estate investments. With low entry price-points and high cash flow potential, it attracts many buyers from out of the state or country, especially first-time investors. However, many such investors are inexperienced in evaluating a property’s value and in estimating revenue or expenses. Post purchase, investors realize that the cash flow is much lower than what was projected. Many face difficulties in maintaining their properties and in placing qualified tenants. A way to overcome these shortcomings is to seek the assistance of property management firms. At first glance, some firms may seem affordable, but would often charge hidden fees. On the other hand, firms that charge low fees may be using subpar technology, processes, and an inadequate workforce to maintain properties and maximize the value of their services.
Investors need a strong “on the ground” support system while looking for good property investments; a partner who can not only help them purchase and manage properties but do the right amount of research ahead of time. This is where Northeast Ohio-based IIP Management—a property management firm that offers a one-stop solution for first-time or seasoned real-estate investors—takes center stage. “We provide property management services and assist our clients throughout the renovation, relocation, and leasing process.
We provide an education to them as well, about the market and the properties,” says Anna Sagatelova, VP of Business Development at IIP Management. As a fully licensed and insured brokerage, the company understands and complies with all federal and state regulations, including landlord-tenant law and Fair Housing regulations.
The company’s property management services include marketing and advertising of properties, maintenance, and repairs, tenant screening, and placement, handling emergencies, full-service leasing, timely rent collection, inspections, strict and compliant evictions, and comprehensive accounting. Depending on the investors’ requirements, the company is flexible in delivering the solutions. For instance, when a client can manage their property, IIP Management aptly facilitates just their leasing process. The brokerage also assists clients with the purchase and sale of real estate, pairing each client with a licensed Investment Specialist.
Understanding that each property is valued differently in the real estate market, IIP Management adopts a tiered pricing model while partnering with their clients. “Our clients sometimes invest in higher-end real estate that commands high rents. Other times, these high-end rentals come to us by way of a homeowner who is relocating but does not want to sell their property. In either case, we offer discounted management and leasing fees for qualifying properties to better reflect the value we provide – our clients’ cashflow is a top priority,” assures Anna.
The company works with investors and owners all over the world. On partnering with IIP Management, investors would be issued a password-protected online owner portal through which they can access and be notified about distributions, new shared documents, and other important updates.
IIP Management’s President, Violetta Varenkova, shares one success instance of a client whose rental portfolio consisted of 12 properties, of which only 40 percent was occupied. When the client came onboard with IIP Management, they wanted to sell their whole portfolio as they were incurring heavy losses. IIP Management took a closer look and recommended a more custom approach. They took over the renovation and leasing process while also helping the client dispose of some assets from the portfolio. Within nearly three months, the client was able to gain 100 percent occupancy in their Cleveland portfolio. Violetta ascertains that they were able to achieve this result quickly because of the dedicated team IIP Management, who dealt with all the processes from rehab to marketing and leasing under one roof.
Some members of the IIP Management team are also real estate investors, so the organization understands the nuances of the market and associated processes. The company is a NARPM (National Association of Residential Property Managers) member, with several agents within the brokerage holding an elevated PRO membership. This showcases the company’s commitment to delivering second-to-none customer service. IIP Management has established themselves as a recognized entity in the Northeast Ohio market since their humble beginnings in 2014, recently being named one of the Top Three property management companies in Cleveland. Looking ahead, IIP Management plans to build their presence organically in other Ohio markets, such as Cincinnati, Dayton, and Columbus. In the long term, IIP Management will consider M&A opportunities.