Renters Warehouse Saw Record Growth in 2011 Despite It Being a Down Real Estate Market. America’s fastest growing property management company continues to hire and implement technology to grab more market share.
Renters Warehouse announces some of their biggest accomplishments that made 2011 a banner year. These accomplishments are what has set the company apart from the competition and has provided the company the vision for their growth. The accomplishments that the company achieved in 2011 are a not only a reflection of their efforts to continue to grow their Minnesota based corporate office, but also to grow their brand nationwide.
The growth for Renters Warehouse in 2011 is one the company is extremely proud of. The company’s accomplishments include: being named fastest growing property management company in America, named #132 in Inc. 500’s fastest growing privately held companies, having 1,400+ rental properties under their management, and having 315+ active rental listings available to rent at any given time. In tough economic conditions the company is extremely proud to announce that they were able to grow the company over 100% from 2010. Renters Warehouse was also able to sell 4 new franchise offices in other states. The growth seen by Renters Warehouse in 2011 would not have been possible without new company hires/internal promotions, the implementation of new systems/processes, and relationships that Renters Warehouse was able to incorporate into their business throughout the year.
Some of the biggest accomplishments and changes in 2011 for Renters Warehouse took place in new hires and internal promotions for the company. Renters Warehouse announced a new company President, who took on the role of overseeing the Minnesota office which has allowed the CEO to focus on the growth of the company versus handling day to day activities. The company hired a new Director of Leasing who took on the role of managing its growing number of leasing agents, now currently at 20. The company hired a Director of Property Management who took charge of the monthly management of owners’ bill payments and rent distributions to owners. Renters Warehouse also hired an additional full time rent collector to ensure that property owners’ rent is collected each month. Renters Warehouse hired a Director of IT who designed the company’s new website, took charge of the company’s online marketing strategies, and brought excellent technological experience to the company, and hired a controller to assist the CFO in handling the company’s finances.A new position was created to streamline the move-in and move-out process which home owners and tenants would normally consider a headache. Lastly, the company hired 10 new leasing agents which doubled their leasing staff to allow for expanded territory, faster communication with property owners, and more convenient times for renters to view properties.
New systems were also a big part of Renters Warehouse’s accomplishments in 2011. They implemented a new customer management software which allowed for property owners to receive information and responses about the company’s services much faster. Renters Warehouse implemented a new rental property syndication tool which provided property owners the exposure needed to get a property rented. The company also partnered with a third party vendor to offer free credit repair and management tools to all past, present, and future clients as a value addition to their services. Renters Warehouse also expanded the uses of their management software and banned personal check, which now has the company collecting over 90% of all rent electronically. The company also implemented a customer relationship management system to allow past, present, and future customers to stay up to date on company happenings and new services via monthly newsletters.
New processes implemented in 2011 allowed the company to provide customers better service and as well as allow the company to be more efficient. Renters Warehouse was able to streamline their initial file processing which allowed property owners to receive their financial statement and rental funds much faster. Along with this an updated process for returning security deposits was created to provide owners and tenants their security deposit returns more timely. The company created a rent collection flow chart to educate owners on the steps the company takes to ensure rent is collected for their properties. Along with this, new rent collection letters were created and sent to tenants with past due accounts or in need of rental assistance. Lastly Renters Warehouse was able to streamline their maintenance department by hiring a new maintenance company, which allowed for maintenance requests to be filled faster, at better rates, and with better repairs.
Lastly, Renters Warehouse would like to acknowledge the new relationships they made in 2011, of which without they would not have been able to have as successful of a year as they did. Renters Warehouse found a new celebrity endorsement for the company in Josh Altman, star of Bravo TV’s Million Dollar Listing TV show. The company sponsored events in August which included bringing Josh to Minnesota for a speaking engagement which included providing local real estate agents tips on how to sell real estate from one of the best. Renters Warehouse was able to partner with the Pioneer Press, a large Minnesota media company to provide them real estate listing service improvements. Renters Warehouse also took on a large radio advertising campaign using special endorsements such as Glenn Beck, Dan Barreiro, Bob Davis, and Tom Emmer. The company also grew their relationships with city vendors and inspectors which allowed housing inspections to be performed quicker. Lastly, Renters Warehouse secured numerous bank clients, assisting them in handling their real estate foreclosures and defaults.
Renters Warehouse would like to say thank you to all who were part of the company’s success in 2011. There were many people and relationships involved that made 2011 such a great year for the company. They would like to thank their customers, vendors, and staff for their dedication to the company. As the accomplishments and changes from 2011 continue to become more prevalent in the business, look for continued strides for Renters Warehouse in 2012.