Chapter 1: Introduction to BFPM
BFPM is a commercial and multifamily third-party property management company with a focus on multifamily property management, commercial (office / retail / industry space) property management, affordable housing management, construction management and repositioning, Ratio Utility Billing Systems (RUBS), and new construction lease-ups. Our target market includes long-term holders, property owners who value pride of ownership and want assets improved or repositioned, those who are unhappy with their current property management company, and experienced property owners who invest in affordable housing. We serve multifamily property owners, affordable housing developers, commercial real estate owners, commercial real estate developers, multifamily brokers, and apartment syndicators.
At BFPM, our core values are:
We believe that our people are our most significant asset, and our team consists of skilled professionals with diverse backgrounds and expertise in various aspects of property management. We encourage open communication, feedback, and sharing of ideas to foster innovation and enhance the quality of our services.
Our unique selling proposition (USP) is property management with ownership thinking, which means that we think and manage with an ownership mindset. We provide oversight and expertise in repositioning properties to increase value, offer affordable in-house maintenance, and have sophisticated accounting practices.
We have developed The Beach Front Proven Process, which consists of two parts. In the first part, we assess the property owner's needs, goals, and how we can help. We then onboard the client by collecting property documents, holding a kickoff meeting, and creating a management plan together. Finally, we identify cost savings, additional income streams, and repositioning strategies.
In the second part of our process, we use a wheel to inspect the property exterior, and unit interiors, and analyze financials. We then optimize vendor contracts, capital improvements, increase ROI, and reduce liabilities. We manage the property through property management, accounting, leasing, and customer service, and rent collection/eviction oversight. Finally, we report weekly updates, monthly financials, cash flow, and annual budget forecasting, before circling back to inspect the property again.
In the next chapter, we will provide an overview of the property management industry, including what it is, why it's important, and how it can benefit property owners.
