In January of 2009 the company owner J. Andrew Woodruff found himself upside-down on his primary residence. He called 10 different property management firms to determine if leasing was an option. Only four call him back. Two actually showed up for their appointments. Both told him that it was impossible to get more than $3,000 per month for a rental in Denver.
Andrew saw an opportunity.
He spent the next four months researching property management firms. He discovered that, on average nationally, PM firms only returned 60% of their phone calls.
He found that the #1 complaint from property owners was being "Nickle and Dimed" by constant, over-priced, repairs and maintenance.
He found that almost every PM firm was still using paper, not computers, to communicate with their tenants and owners.
He thought he could be better.
With a VOIP phone system all the brokers at WPM can be reached 24/7 by forwarding calls to their home and mobile phones. All voice-mails are emailed to the brokers for timely response.
With online Tenant and Owner Portals all of WPM's clients have 24/7 access to their account and all documents, service orders, and financials. All work orders are emailed to the property owners for approval before work is done. Better communication means fewer surprises.
ACH direct deposit allows WPM to pay our owners faster (we run statements and pay owners on the 6th of every month - before the mortgage is due. Most of our competitors pay on the 20th - after the mortgage is due). It also means our tenants rarely pay late.
Evictions - Out of 270 leases written to date WPM has had 1 eviction. Evictions are expensive. Lost rent, legal fees, damage and repairs, all add up. WPM over-qualifies their tenants. We require that our tenants make three times the rental rate to lease our residences.
Maintenance - WPM does not charge and additional fee on 95% of our work orders. Our contractors are trained to determine if the work being done was caused by the tenant, so we can bill them appropriately. Our contractors generally give WPM a 10-25% discount from street-rate.
WPM has been designed to be the best PM firm in the country. No one else compares.