Editor’s Note: Laura Khouri is president of Irvine-based Western National Property Management, where she oversees 750 employees who manage a multifamily portfolio of more than 170 apartment communities. Those communities are home to over 23,000 households, have a combined value of more than $8 billion in real estate and bring in annual revenue over $350 million. The Business Journal’s Special Report on Commercial Real Estate begins on page 15.
For a long time, a residential real estate property manager’s job was clearly defined around preset parameters: handling leasing, attending to resident needs and complying with governmental regulations.
In recent years, however, that role has expanded dramatically. With rising construction and labor costs, growing expectations from residents and investors, and plenty of competition, ownership of both commercial and apartment buildings has become increasingly challenging.
These days, building owners are relying on their property management teams to help them navigate the headwinds they face without compromising quality.
In the current environment, the most successful property management firms are functioning as owners’ partners. Since we are out on the front line of their business every day, our job is more important than ever—and it continues to evolve, to the owners’ benefit.
Value of Community Outreach
As the property management industry evolves, leading property managers are taking larger roles in their respective communities and forging cultural and communal bonds.
They are even forming groundbreaking partnerships with local organizations that benefit both parties and, by association, strengthen the relationship between landlords and the neighborhoods where their properties are located.
For example, our firm recently signed a multiyear agreement with the Anaheim Ducks hockey team to sponsor the team’s beloved hockey sweaters. The Western National Property Management logo appears on a patch on the Ducks’ black home and alternative jerseys beginning this season, which is the team’s 30th.
The move represents the first time a sponsor’s brand will appear on a Ducks jersey and the first time ever that a property management company’s logo will be featured on a professional hockey team’s jersey.
The historic agreement has a strong philanthropic element to it. For each black home and alternative authentic jersey sold with our patch on it, the partnership will donate $10 to a local community cause.
In addition, during the multiyear partnership, the partnership will donate $1,500 to a local nonprofit each time the Ducks win a game at Honda Center.
Our firm also supports the Ducks and their involvement in the community. The team has been a cornerstone in the city of Anaheim.
The Western/Ducks partnership created DucksLiving.com together and it is a prime example of a relationship that benefits both organizations, the local community, and several Orange County-based nonprofit organizations.
Agreements like this one represent the growing importance of property management firms to the business world and local communities. They also help generate positive recognition for the apartment communities they manage, which in turn benefits the owners of those properties and the residents who live there.
Building Strong Connections
Relationships between property management teams and the community do not happen overnight. They take years of reputation building, community service and outreach and most importantly, following through on commitments.
In the case of the Ducks partnership, for example, the organization reached out to us in part because it recognized Western National’s 65-year-old reputation as an integrous firm devoted to philanthropy.
Our executives have a long history of donating time, energy, and money to worthy causes, including Laura’s House, the Susan Samueli Integrative Health Institute of UCI Medical Center, Chapman University, Project Hope Alliance, and many others.
In addition, synergies between two parties’ values help to cement these relationships and create a sense of trust in doing business together.
When the Ducks organization was seeking a jersey sponsor, they were drawn to our company’s values—namely a commitment to giving back to the community, being a good citizen, and providing superior customer service—which are in alignment with their own values.
Being known for traits like integrity and philanthropy helps property management firms build strong, lasting connections with community organizations. These connections can then extend to the properties they manage and the people who own them.
Property management today is truly not what it used to be—it is more. As management teams take on a larger and more meaningful role with building owners, they are finding unique and innovative ways to connect with the local community. In doing so, property managers are building relationships that benefit their clients and the community at large.
