News

By Eddie Montes

Punta Pacifica Realty’s property management department is going through an exciting period, as we build our rental base and increase our levels of tenant retention.

Our rentals were up 25 percent in July compared to a year earlier, in large part due to our established relationships with the multi-national corporations with headquarters in Panama City. In total, we posted 32 rentals in the month, a record for the firm.                                                                                      

The effort was led by the outstanding performance of two associates. Raul Hassan broke his own previous record by scoring 15 rentals in July, earning his third Montblanc Club (MBC) award, PPR’s recognition of outstanding achievement in sales, rentals, and service. He was joined by Oliver Robin, who joined PPR last October 2017 and becomes the youngest member of the MBC.

Both Raul and Oliver exemplify what we’re trying to do at Punta Pacifica Realty. They are committed to building customer relationships, looking to get better and both are very focused on taking care of their clients every need. Both are willing to take the extra steps to make sure everyone is happy. And, I might add, they’re also nice guys. 

I’m proud of our customer service and its always gratifying to see clients respond. Our vacancy rates are falling, in large part due to our ability to retain happy tenants. Tenants in well-maintained apartments are content with their situation and feel no need to shop for a better deal.

PPR operates differently than many property management firms, employing our own cleaning and maintenance crews to ensure consistent and secure service. We also employ a state-of-the-art Morse Watchman security key maintenance system and user-friendly software to make it easy for owners to track their investment.

Looking at the numbers in July, we did some great work. The team handled 10 move-ins; 371 maintenance calls, including preventative work; and 157 apartment cleanings. We implemented a wide range of organizational and procedural improvements in the last year and I can see they are working.

To me, the most compelling data was that we did 10 rental renewals and only three move-outs. That means we are retaining occupants—they are happy with our service and our owner clients are keeping their good, consistent tenants.

In the last few months, we’ve started to see changes in the Panama City rental market. Rental rates have stabilized around the city, and are even going up in some areas, making for a more competitive market. Tenants are shopping for more than the lowest rate. They are looking for clean, well-serviced apartments and managers that respond to their every need. They want a hassle-free situation and they’re willing to pay a little extra to get it (or, in many cases, keep it).

We’re ready to meet the challenge. We expanded our number of agents in July and we’re always looking for new ways to improve service.

Eddie Montes is partner and director of property management for Punta Pacifica Realty.