CRM Properties – Indiana

November 26, 2024

CRM Properties

Indianapolis’ Premier Property Managers

Pioneering Excellence in Property Management and Investment Services

Inventory remains tight across the country as we continue to face a housing shortage. In this current housing climate investment property has become a hot commodity, and like any key investment must be managed properly. Leading the property management sector, CRM has gained a reputation for providing the right mix of investment direction and leasing opportunities for its client-base.

The company has been a dominant industry player for over a decade, with a mission and vision to be the best service provider & top performing property management company in Indiana.

CRM leaders have developed a keen understanding of local and regional market dynamics, while continually innovating to stay ahead of competitors.

Whether leveraging advanced property management software, exploring sustainable building practices, or adopting “smart” technologies, CRM invests in systems that foster efficiency and enhance customer experiences.

The company’s success is tied to the fundamentals of rapport, as it has established strong, personal relationships with property owners, tenants, and contractors through reliable communication, timely maintenance, and excellent customer service.

CRM understands the importance of maintaining a team that is not only skilled but also aligned with the company’s mission of delivering excellence.

By fostering a company culture focused on growth, ownership, organization, teamwork, and proactiveness, CRM empowers its employees to contribute to the company’s progress.

CRM Properties is a company that achieves operational excellence while adapting to market demands.

As it continues to establish itself as a trusted name, its top goal will always be to create the best sustainable value for both property owners and tenants.

This value is not just seen in financial growth but in the lasting relationships built and the reputation of reliability and innovation CRM upholds.

Adapting to the Marketplace for an Advantage

In today’s highly competitive real estate market, effective property management plays a critical role in ensuring sustained profitability for property owners and delivering quality housing for tenants.

At the forefront stands CRM Properties, a firm rooted in Indianapolis that provides top-tier property management services.

Specializing in rental property management, renovations, and investment optimization, CRM Properties has cultivated a robust reputation for excellence and innovation.

The company combines cutting-edge technology with a customer-centric approach, positioning itself as an indispensable partner for property investors.

President and Chief Executive Officer Chris Mullinax

“Many of our clients are buyers and sellers. Many started with one property and some have as many as 35 properties 10 years later, and we’ve helped them with that growth,” says President and Chief Executive Officer Chris Mullinax.

Currently, the rental property market is a double-edged sword. While demand for rental units remains strong, the broader real estate landscape presents challenges, such as rising interest rates and limited housing inventory.

For CRM Properties, the ability to navigate these challenges has proven critical to maintaining its success.

There’s been a noticeable shift in the investment market, with fewer property owners willing to remain engaged due to market volatility. Despite these shifts, CRM Properties thrives in this evolving landscape by focusing on operational excellence.

“I like where we are in our market, so I want to have as much fun as I can,” Mullinax says, highlighting the company’s soon-to-be-appointed Director of Growth as the key to achieving its short and long-term targets.

Even in the face of a shrinking investment market, CRM Properties continues to see growth. Despite seeing a 5% reduction in its managed units, it has also generated 10% more revenue than last year.

This growth stems not only from the high demand for rental properties but also from CRM’s ability to adapt to market trends while providing outstanding service to both property owners and tenants.

Their focus on quality management, efficient service delivery, and maintaining relationships with both clients and tenants has kept the company growing, even amid challenges.

Embracing Technology for Efficient Operations

Technology has become an integral part of property management, particularly following the onset of COVID-19.

For CRM Properties, leveraging modern technology has allowed the company to operate more efficiently, improving communication and service delivery.

Chief Operations Officer Julie Mullinax emphasizes the company’s adoption of industry-specific platforms, saying, “We have industry-specific property management software that handles all of our accounting and financials for the leases, the residents, and the owners.”

Platforms like RentVine handle various functions, such as lease accounting, maintenance requests, resident management, financial reporting for property owners, and team communications.

This software platform integrates CRM’s property management and maintenance functions, enabling seamless communication with residents and property owners through texting, an approach that caters to today’s communication preferences.

“People don’t want emails and phone calls anymore. They want quick, efficient communication via text messaging, and our software allows us to provide that,” Julie Mullinax explains.

This shift toward text-based communication has significantly improved response times, fostering better relationships between CRM and its clients.

Another key tool in CRM’s technology arsenal is the use of 360-degree cameras and the software Z-Inspector, for property inspections, move-ins, and move-outs.

While they have yet to adopt drone technology, the company is exploring the potential for integrating it into their operations.

Video tours of rental properties, facilitated by 360-degree cameras, have proven effective in providing prospective tenants with a detailed, virtual experience.

These tools are essential in showcasing properties, particularly for clients who may not be local, and contribute to a more efficient leasing process.

As it advances, marketing also plays an essential role in drawing rental interest, and CRM Properties continues to evolve its approach.

Recently, the company hired a social media specialist, signaling a commitment to expanding its digital presence.

Although Facebook remains the primary platform used by CRM Properties, they also maintain a presence on Instagram, YouTube, and TikTok.

One of the company’s most successful strategies involves showcasing “before and after” renovations, whether through videos or side-by-side images.

These visual transformations help generate excitement and engagement on social media platforms, particularly when it comes to promoting high-demand rental properties.

Beyond social media, Zillow remains the most effective platform for attracting prospective tenants.

CRM’s property management software automatically syndicates listings across more than 50 rental sites, but Zillow consistently produces the highest return in terms of applications and rental interest.

This combination of broad syndication and social media engagement ensures that CRM Properties reaches a wide audience, keeping their properties occupied and their clients satisfied.

Enhancing Properties While Navigating the Challenges Ahead

One of CRM Properties’ key offerings is its renovation services. This branch of the business ensures that investment properties remain competitive in the rental market while also catering to property owners’ varying needs and budgets.

“We get a wide range of options when renovating properties. And the type of properties we manage range from some low-end section eight type properties to some very high-end properties,” Mullinax explains.

CRM handles everything from minor repairs, such as cleaning and replacing smoke alarm batteries, to extensive overhauls, including landscaping, kitchen and bathroom renovations, electrical upgrades, and more.

The scale of these renovations is often dictated by the property owner’s goals, whether they are looking to make budget-conscious updates or high-end improvements to increase monthly cash flow.

To manage this process efficiently, CRM Properties has developed a detailed system that breaks down each renovation into a comprehensive line-item scope of work.

This document outlines required, recommended, and “items of note,” allowing property owners to understand exactly what needs to be done and make informed decisions.

Given that many of CRM’s clients are located across different states and continents, the company ensures that these clients stay informed throughout the renovation process by providing detailed videos, photographs, and updates.

The renovation arm of CRM Properties operates with a mix of in-house technicians and subcontractors.

However, like many in the construction and property management sectors, CRM faces challenges due to the ongoing shortage of skilled labor.

Despite these challenges, the company has built strong relationships with its vendors and subcontractors, particularly in its larger markets, to ensure timely and high-quality work.

While smaller markets can sometimes pose challenges in finding vendors who meet CRM’s high standards, its reputation as a key client often helps secure top-tier subcontractors.

“We’re at an advantage being as large as we are, that we can be a key client with many of our vendors, so we build relationships with our vendors just like we do with our clients and residents,” Mullinax notes, emphasizing the importance of collaboration and trust in ensuring the best outcomes for their projects.

As CRM Properties continues to grow, the company remains committed to leveraging technology, refining its marketing strategies, and providing high-quality renovation services.

This multi-faceted approach has not only allowed CRM to thrive in a competitive market but also positioned the company as a trusted partner for investors seeking to maximize the value of their properties.

In the years to come, the company anticipates much more regulation in the property management industry as a whole, as well as big shifts following more technological advancements.

CRM Properties will undoubtedly continue to lead the industry with its customer-first mindset, innovative use of technology, and dedication to operational excellence.

For investors seeking a reliable and forward-thinking partner, CRM Properties stands as a prime example of how property management can be done right, ensuring long-term profitability and tenant satisfaction.