Last month, McGraw REALTORS® announced a new partnership with Winfield Property Management, a Tulsa based property management company with over 2,500 units under their care. We recently sat down with Amy Bors, who started Winfield fourteen years ago, for a chat about the merger, multi-family investment and management, and the future of Winfield with McGraw.
Q: Could you give us a bit of Winfield’s history?
Amy Bors: I’ve been in the industry for 22 years, starting with a national firm, Aspen Square Management. About eight years after working with Aspen, I started Winfield Property Management. We have been in business for 14 years prior to partnering with McGraw. As a company, we started out with 200 units and today have over 2,500 units under our management.
Q: That’s great success. So what is the benefit of Winfield merging with McGraw? How does that help Winfield and investors looking to invest in multi-family property?
A: It’s a really natural fit, one we probably should have pursued a lot sooner. As investors are coming into Tulsa and are looking at new properties, they now have access to quality management under the same roof as their broker. One of the most important things about buying a multi-family residential property is having good management.
They really just fit hand in hand, meaning that the brokerage team at McGraw Commercial Properties are able to not only sell the property, but sell the fact that the asset can be well cared for after the sale. That makes a huge difference on future sales. Our partnership allows our clients to have continued customer service after the deal is done.
Q: Which seems that it would help. Being able to say, “Hey, we also have a division that helps take care of your property. So if you are happy with our service, we know you’ll love this property management company.”
A: Yes. That first year or two of investments is always really challenging because you have that investor handing over a multi-million dollar property to someone they don’t know, and trusting that they can manage it well. This really helps us build a relationship more quickly, because the commercial division has already started that process, and we don’t have to start from scratch.
Q: Is this one of those parts of the industry where an investor will buy multiple properties, so you aren’t just serving them at one property, but are able to serve them as their portfolio grows?
A: Exactly, that’s how Winfield really became what it is today. I was able to build a relationship with investors who weren’t familiar with the Tulsa market, they took a risk, had success and then a few years down the road came to me and said, “Hey, help me find another property here.”
I actually have investors today that I have been working with for fourteen years now, some of whom have actually shifted their whole portfolio from other parts of the country to Tulsa because we have been able to help them have success here.
Q: So, what does the process of investing into multi-family property, and then having Winfield manage that property actually look like from start to finish?
A: From my standpoint, I want to be involved in the process from the moment an investor puts a letter of intent on a property. That allows me to look at the property from the investor’s perspective and goals for the property at the onset. That’s where this partnership is so great, because a lot of times investors will wait a little too long and bring me in after a decision has already been made.
If Winfield is able to be there early in the decision making, we can offer a perspective from someone who is involved in multi-family life and business everyday. We can see things that folks who aren’t steeped in that space regularly might overlook or not even know to look for. We know what we are hearing from residents and people in the community that are looking for a place to live. That helps us see the potential positives and negatives of a particular property.
We also like to partner with the brokers as they work to put together proformas and run numbers, so that once the property closes, we are really prepared to take the property over on day one. We then get in there and are able to work first hand with the investors, helping them see their goals and make sure we are attaining those.
It’s also a nice time for us to follow up with the brokers, letting them know how things are going at the property. That allows the broker to then go back to the investors with a clear picture of when they might be ready to purchase property number two and keep growing their portfolio.
Q: Then their second property becomes another opportunity for Winfield to step into that management role.
A: Right, which makes you stop and go, “Wait, why didn’t we do this sooner? This is good for everyone!” We all talked to one another before, but we weren’t connected in a way that allowed us to communicate effectively.
Q: Last question, what would you say you biggest goal for Winfield with McGraw is moving forward?
A: My biggest goal right now is to quadruple our business. I think it is a really feasible goal to move from where we are now – at 2,500 units – to 10,000 units now that we are working hand in hand.
Are you looking for Multi-Family Property Management with Excellence?
- Manage your property or properties
- Help you find and keep the right tenants
- Make your investment work for you
See all Winfield has to offer and call us for all of your property management needs!