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 longterm 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, “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 doubleedged sword. While demand for rental units remains strong, the broader real estate landscape presents challenges, such as rising interest rates and limited housing inventory. 114 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 11
RkJQdWJsaXNoZXIy MTI5MjAx