BanCal Success Story: Michael Ng and Victor Lau
PREVIEW
Partnering with BanCal transformed Michael Ng and Victor Lau’s Pacific Heights property operations – streamlining management, improving tenant satisfaction, and restoring their peace of mind. With clear communication, proactive oversight, and strategic upgrades, their property is now managed efficiently and effectively, with enhanced results.
IMPACT IN RESULTS
- 100% tenant retention and vacancy rate
- Average vacancy period reduced to 3–7 days
- Same-day maintenance requests response
- Maintenance requests closed within 7 days
- Stress-free ownership
- Enhanced tenant relationships
- In-unit upgrades increased long-term value and command top-dollar rents
OVERVIEW
Michael Ng and Victor Lau’s family had been self-managing their multi-family property of nine units in Pacific Heights for over 50 years, overseeing everything from leasing and maintenance to regulatory compliance and tenant communications. While this hands-on approach worked initially, it demanded significant time and attention, leaving little room for strategic priorities.
Michael and Victor took over management before the onset of the COVID-19 pandemic. However, the times soon introduced new layers of complexity, with evolving regulations and heightened tenant needs further straining their capacity. Recognizing the need for professional expertise and operational support, Michael and Victor transitioned management to BanCal Properties in 2024.
Since partnering with BanCal, they have experienced a smoother, more structured management process, marked by proactive issue resolution, measurable improvements in tenant retention, and renewed personal peace of mind across their properties.
CHALLENGES
- Time & Bandwidth Constraints: Self-managing consumed nearly all of Michael and Victor’s time, leaving little room to focus on personal priorities or strategic growth.
- Regulatory Complexity: COVID introduced new compliance rules and tenant protections, creating a steep learning curve and additional stress.
- Tenant Communication: As issues multiplied, it became increasingly difficult to stay proactive and responsive to tenant needs.
- Maintenance Oversight: Coordinating repairs and upgrades while managing daily operations proved unsustainable over time.
SOLUTION
In 2024, Michael and Victor transitioned management of their properties to BanCal Properties, leveraging the team’s full-service management expertise. From the outset, the onboarding process was smooth and transparent, ensuring a seamless handoff without disrupting tenants.
Key elements of BanCal’s approach that Michael appreciated included:
- Clear & Consistent Communication: Regular updates and accessible points of contact helped Michael stay informed without being overwhelmed.
- Proactive Management: BanCal anticipated potential issues before they escalated, handling maintenance, tenant relations, and compliance efficiently.
- Strategic Upgrades: The team coordinated and executed property improvements, enhancing the building’s appeal and operational efficiency.
- Professional Oversight: Experienced property managers ensured the property operated smoothly, freeing Michael from daily operational stress.
RESULTS
Since partnering with BanCal, Michael and Victor have experienced improvements in property performance and personal peace of mind.
- Tenant Retention: Improved from 77.8% when BanCal took over (May 2024) to ~89% by September, reaching 100% by December 2024.
- Vacancy Rate: Reduced average vacancy period to 3–7 days, ensuring stable occupancy.
- Maintenance Efficiency: BanCal’s goal of responding to maintenance requests within the same day and closing them out within seven days has led to faster resolutions and increased tenant satisfaction.
- Operational Upgrades: Newly installed laundry machines and additional unit improvements have enhanced resident comfort and reduced maintenance requests. In-unit upgrades have also increased long-term value and helped command top-dollar rents.
The clients also highlighted how they enjoy stress-free ownership, knowing that their property-related needs are well-taken care of by the BanCal team. This partnership has also led to stronger tenant relationships as improved communication and responsiveness have led to better tenant satisfaction and retention.
GET IN TOUCH
Looking to see how BanCal can offer similar comprehensive solutions across leasing, property management, and project management for you?
