Author: Andrew Daniels, BSU student
Small, family owned businesses are a key to this ongoing economy these days and is part of the “American dream.” JCI Holdings Management LLC is a prime example of what someone can do when they put their mind to it. JCI Holdings Management LLC is owned and run by Jeffery & Cheryl Iverson.
Their story starts off by getting married in 2012 and having both of their houses. Because of the situation with the housing market at the time they decided not to sell the extra property but to rent it out. After two years it was going well and they decided to invest into another property, this one being a three-floor apartment. Having this new property things were getting a little more complex, so they decided to officially create the business in 2014 to help organize/separate personal and business matters. Around the same time of creating the business they hired a contractor to help assess and fix things around the properties when needed.
Of course, being a business owner, they ran into some tough situations and some of the main reasons were due to trying to figure out legalities which at the top of the list was de-leading. Having de-leaded buildings helped open up to a wider range of tenants and help everyone be safer within the property. Other difficulties with legalities included getting inspections all situated for Brockton Board of Health, Section 8 inspections and the owner’s property insurance inspections. But nevertheless, they researched and pushed through all the uncertainties and came out on top.
Some reasons why someone would want to choose them is they have a good understanding of the types of buildings and what they need to maintain care and habitability. They also try to plan capital investments / expenditures to maintain a certain standard. Some of these can include new laminate flooring, fresh paint, new window blinds and many other high impact, low cost updates which make the unit look great when turning over.
One of the important questions in the interview was “is internet technology helpful for the business?” and his answer was “it is very helpful!” He started off by using excel and manually inputting an organizing everything where now he has switched to a software called Tenant Cloud which is a cloud-based management system that tracks management requests, and it can act as an interface between other owners, tenants, and contractors. This system is great for the business because it acts as an all in one system and also tracks accounting. It helps him know who has paid their rent, which contractor did work and needs to be paid, which units still need work done and many more things. Internet technology is also important to the business because in helps increase market visualization and helps retrieve possible tenants with the help of Zillow and other popular websites. In the end internet technology plays a big role in the business now as it helps to maintain and keep cash flows separate then their personal wealth in order to see the business’s growth to see if in the end its even worth it. Which in my view it looks like it is very much worth it. Their main goal for the business is to stabilize, have consistent cash flows, minimize turnover, and to maintain a certain status quo. “Use what you have, to get you where you want, and to grow”-Jeffery Iverson.