Royal York Property Management is opening its U.S. headquarters in Fort Lauderdale, Florida, to capitalize on the growing demand for property management services. The real estate market, which is expected to grow by 4.70% from 2023 to 2028, presents significant opportunities and challenges for landlords and tenants. While rising house prices and high demand characterize Florida as a seller’s market, concerns about potential market corrections could adversely affect buyers who purchased at the pandemic’s peak. Moreover, the surge in investment property purchases has exposed inexperienced landlords to tenant placement and property management complexities, including maintenance issues.
In this challenging environment, the expertise of Royal York Property Management becomes invaluable. The company’s defining strengths lie in its ability to handle these challenges proficiently – tenant placement and property management, especially maintenance – which are crucial for landlords seeking to secure qualified tenants and maintain financial stability. For tenants, amidst the ongoing housing affordability crisis, the services of a professional firm like Royal York Property Management are more vital than ever. They offer the assurance of a well-maintained, reasonably priced home, which is increasingly rare in today’s market.
Nathan Levinson, the founder and president of Royal York Property Management, emphasizes that, given the current challenges, tenant placement has evolved beyond just filling vacancies, just as property maintenance is more than just repairing regular wear and tear at a property. It’s about finding the right fit – Royal York Property Management matches the perfect tenant with their ideal property based on the specific requirements of all stakeholders. This proprietary matchmaking system has reduced the leasing process to as low as ten days, far below the industry average of 60 days. The process leverages the company’s database of pre-qualified tenants and integrates AI technology to revolutionize the long-term rental market. Similarly, property management extends beyond immediate and guaranteed maintenance tasks, incorporating data-driven preventative maintenance strategies. These proactive measures significantly reduce long-term costs for both landlords and tenants. Such efficiencies contribute to overall satisfaction for both parties by optimizing rental income, cutting costs, and minimizing tenant defaults.
The A.I.-powered match-making system is part of the company’s advanced Enterprise Resource Planning (ERP) system, which securely manages the extensive database. Nathan reveals that the database contains over twenty thousand properties and detailed contracts for almost half a million pre-qualified tenants, landlords, and maintenance technicians.
“Our approach allows us to match tenants with properties more efficiently. This system sorts through various criteria, such as property details and special demands made by tenants or landlords,” Nathan Levinson shares. “The AI component ensures a more precise and faster match, aligning tenant needs with the best-suited properties.”
The reason why Royal York Property Management’s database is as robust as it is is quite simple, yet nothing short of extraordinary: the system doesn’t match tenants with homes based on, say, the number of bedrooms or bathrooms. It considers the suitability and qualification perspective so that the tenants are not matched with properties they do not want or cannot afford. According to Nathan Levinson, “We’re not interested in just matching a person with a house or an apartment. We aim to find them their home, their perfect living space.”
Nathan also highlights another challenge facing landlords and investors across North America: the lack of tenant leads. “There has been a general decrease in leads for qualified tenants who can afford to absorb rent increases across most regions, which has presented landlords, real estate brokers, and property management firms with unique challenges.”
Nathan Levinson believes that innovation in tenant placement and property maintenance is a key tool for both increasing tenant leads and reducing defaults of existing tenants. When it comes to the former, he adopted strategies that companies of other industries used to transform their business model and adapt to modern-day challenges. Specifically, digital marketing, automation, and artificial intelligence are some of the tools he has used to make a difference for Royal York Property Management and the clients it’s dedicated to serving.
As a result of Nathan’s vision and an unbridled spirit for innovation and discovery, he and his team have achieved a tremendous milestone, leaving many of their competitors in the dust: a remarkable increase in tenant leads, courtesy of the team’s outstanding technological proficiency and one-of-a-kind tenant placement strategies.
While other competitors are struggling, Royal York Property Management has seen a 30% increase in tenant leads, reducing property vacancy rates and maximizing landlord returns. Together with the match-making system, landlords are able to be matched to their ideal tenant as specified by requirements within 7-10 days on average. The company also has a unique tenant screening service that provides further peace of mind to landlords.
“Our proprietary tenant screening service is rigorous and leaves nothing to chance. More importantly, it allows us to underwrite tenant rental guarantees confidently,” Nathan says. “The software performs detailed background checks, thus making sure only the most reliable tenants are selected for our clients’ properties.”
As a result, the chance of tenant defaults is minimized, providing landlords with financial stability as the market oscillates. Yet, Royal York Property Management’s commitment to preserving landlords’ needs and interests doesn’t end here. The company asserts that a huge reason behind its ongoing – and disruptive – success is its reliable maintenance services.
Royal York Property Management has an in-house team of licensed technicians available 24/7 to respond to any needs, be they tenants’ or landlords’. “High-quality property maintenance is important for many reasons. For example, well-maintained properties retain and often increase in value, which is particularly important in times of economic uncertainty,” says Levinson.
Royal York Property Management’s maintenance services cover a wide range of needs, such as HVAC, electrical, cleaning, plumbing, animal and pest control, and every subset of handiwork. This approach means the team can address all aspects of upkeep and eliminate the need for multiple vendors. Royal York Property Management’s clients can trust the consistency of the company’s services and avoid the risks associated with unvetted third-party vendors.
“We also perform regular property assessments to check a property’s interior and exterior and ensure it’s in optimal condition at any time,” Nathan Levinson adds.
Looking ahead as Royal York Property Management is gearing up for a break into the U.S. market, starting with Fort Lauderdale, Florida, to replicate their model of success in the U.S. Though this new market is bound to present its own unique challenges – Royal York Property Management is ready to tackle them all and continue its pursuit of excellence, one satisfied client at a time.
Article published on The Palm Beach Post