5 Essential Qualities of a Good Property Management Company
While some owners may believe that all property management companies are created equally, any owner that has had a bad experience can attest that this is not the case. An owner may save money by employing the management company with the lowest rates, but they risk losing so much more in the long run.
So what qualities should you look for in a property manager? Below are the five key qualities you should look for before hiring a property manager:
- Good Communication Skills – a great property management company should be able to articulate what is going on with your property at any given time. Since the property manager interacts with many different people, including tenants, owners, and maintenance partners, he/she must be able to keep all parties on the same page. Many times these individuals might be frustrated or angry and it is imperative that the property manger remains calm and responds in a professional manner.
- Honest and Ethical – With the property management company collecting rent, security deposits, etc., owners have put a great deal of trust that the manager will always look out for his/her best interest. When the management company is hired, they are agreeing to uphold their fiduciary duty and perform the job with the greatest level of integrity. It is imperative that the property managemer you hire will always consider your needs when making a decision about your property.
- Excellent Follow-Up Skills – In business, if you tell a person that you are going to do something you should be true to your word. Unfortunately, more often than not, this is not the case. If a property management says that they will look into a maintenance issue and get back to you later that day, they should absolutely get back to you later that day (even if there is nothing to report yet). Always determine how the company’s follow up skills are before hiring a property management company.
- Valuable Maintenance Partner Relationships – Unfortunately, something will break and inevitably need to be fixed with every rental property. The owner should have the peace of mind to know that the property management company has the relationships in place to have these issues resolved correctly in a timely manner.
- Knowledgeable on Rules and Regulations – Many owners may not realize that there are many local, state, and federal regulations that must be adhere to when renting a property. If these are not complied with, an owner may be opening themselves up to future lawsuits. The property management company that you employ should be very knowledgeable in these regulations.