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Kevin Trainor
Founder and Principal, Bay State Property Management
Age: 43
Industry experience: 15 years
Kevin Trainor first got into property management to solve a personal problem. He had been living at a condominium complex whose management neglected the building. Trainor not only wanted to see improved conditions but believed that with his background in finance and construction, he could do a better job. He convinced the condominium’s board of trustees to let him take over management; what started to improve his living conditions turned into the first client of his new company: Bay State Property Management.
Fifteen years later, the Quincy-based company has added several condominium associations as clients and is also expanding its reach into the commercial side. Prior to founding Bay State Property Management, Trainor worked for 17 years at State Street Corp. as a senior financial reporting analyst. During his time as a student at Stone Hill College, Trainor got experience in the construction industry by working at his family’s construction company, Quincy-based Commonwealth Building.
Q: What’s the current state of the property management industry? What are the biggest challenges and opportunities right now?
A: Advancements in technology, construction improvements and government policies have had a direct impact on the industry. Firms must consistently evaluate these trends and adapt to them. One of the biggest challenges a small firm like ours faces is to keep in line with the trends while continuing to build the clientele. It’s a very competitive industry and building your reputation and establishing who you are as a company is at times a daunting task.
That said, the opportunities for growth are there for those seeking it. A booming construction industry has produced more housing and facilities in both urban and suburban areas and there seems to be an increasing demand for more housing. Those new communities are an opportunity for growing management companies to expand within the industry and the region.
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Q: Is there one type of property that is harder to manage than others?
A: Not one single type that I can think of. All properties, large and small, present their own unique challenges and difficulties. Even though the management of each property may vary, the foundation of how to do so is similar. The real key is simply preparation. When we contract with a property, we’ve already done a significant amount of research on the property. We adapt our management style to meet the needs of each property.
Q: How has technology disrupted the property management space?
A: These days, people live on their phones, which has created a sense of urgency when it comes to our industry. People expect instant access to everything 24/7 and management companies must adapt to meet these demands. Web-based software and other technological advancements have been key in providing management companies with the tools to meet these demands. Clients are able to pull financial reports, pay fees and do just about do anything they want whenever they want thanks to technology. Expect to see technology continue to play an increasingly important role as Millennials enter the market.
While consumers spend more and more of their time online, some traditional loan originators believe the human touch they bring to the mortgage process and the experience they have in certain loan products will help them compete against Zillow Home Loans.
Q: What is the real estate market like in Quincy and other communities in your area? How are things shaping up for the rest of the year?
A: The market is booming here, as it is with most areas south of and surrounding Boston. We see 2019 as being even stronger than 2018 was. Both the rental and housing sectors are flourishing right now, and the cost of renting and buying property reflects this booming market.
We see no indications whatsoever of a slowdown in the near future, which is great news for developers, property owners and property management companies. We see housing construction starts continuing to grow for at least five years.
Renters face the choice of whether to continue as renters or to purchase a home. Both options signify growth in the market. Because rental prices have soared in places like Boston (as well as New York and San Diego), it won’t be surprising to hear the cries for rent controls get louder and louder in 2019. Should that happen, it’s bad news for many investors.
Trainor’s Top Five Area Breweries:
- Treehouse Brewing Co.
- Night Shift Brewing
- The Alchemist
- Vitamin Sea Brewing
- Widowmaker Brewing
