Managing home services vendors: Chung’s team spends a lot of time negotiating contracts with home service providers and supervising property repairs and inspections. She interfaces with the property tenants (need timely service), the property owner (needs cheap service), and the providers (need flexible hours and revenue) to find the best quotes and most reliable service fast. She said this process is "full of drama" and turnover.
Converting prospective buyers. When people express interest in investing in property or a building, Chung works hard to provide personalized service to get the client exactly what they need. Her team is working on a listings aggregator for prospective clients in China to capture more potential interest and convert buyers.
Client services: Chung said that getting clients is more of an art than a science. Andersen, Jung, & Co responds to the needs and preferences of owners and potential owners; some clients regularly communicate with the firm and others don’t want any communication. She serves individuals, companies, and groups of investors and, unlike most property managers, she gets her clients primarily through referrals and doesn’t spend almost any money on advertising. Property management isn't “a cookie cutter business” and software needs to be flexible to meet the needs of different clients.
- Referrals: Chung gets software recommendations from other property managers.
- Professional groups: The industry is still regulated by real estate associations and title groups. Firms pay to join professional groups, which gives them access to tools and multiple listing services of properties for sale. Andersen, Jung, & Co uses software provided to them by the professional groups where they’re members, like the California Association of Realtors and North American Title Group.