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5 Things To Look Out For In A Good Property Management Company

 |  3 October 2018

Property management companies are always fighting for the owner’s business, and there are a number of qualities they need to possess to be successful.

Typically, owners searching for the right property management fit place weight on brand awareness and credibility, so if a property management company is not particularly well known it can hinder their chances of winning business.

But brand awareness is not the only thing that should matter.

Property management companies that dedicate their resources to providing a well-rounded service to owners put themselves in the best position possible to stand out from their competition.

Here are five things to look out for in a good property management company.

Supreme communication skills

Property management companies that operate with a high level of communication are in a good position to win the owner’s business.

Arguably the most important thing in business – clear to-the-point communication – costs property management companies nothing, but can make a world of difference in growing their rent roll.

Relationship building tendencies

Just like modern accountants who act as advisors to their clients, good property management companies should do the same to build close relationships with owners.

In the various phases of shopping around for the right property management fit, owners should be looking out for signs of how potential property managers service their existing customer base, as well as prospects, too.

Key things to look out for are case studies, testimonials and online reviews.

Transparency and honesty

A property management company that operates under full transparency – both with detailing their processes and pricing structure – will easily build trust with owners.

Ethics are very important, too, so by looking out for how a property management company handles complaints, challenges and all other daily roadblocks, you can get quite a good idea whether they’re the right fit to manage your portfolio.

Nimble responsiveness

When a property management company responds to tenant feedback in a swift manner, this is a very good sign. It shows a level of care for providing a great service, which can’t be overlooked.

On the other hand, if a property management company has a tendency to ignore feedback or take too long to respond to queries, this may spell trouble and ultimately a bad business fit.

High-level of organisation

How does the property management company handle arrears? Can they provide some evidence around their process, employee structure and unique selling proposition? And do they use property management software to manage their owner's properties? 

While organisation and structure may be something that seems like a given in any business, not all property management companies possess the skill of organisation or have all of the right systems in place to make sure owners get the most out of their properties, which is the ultimate goal.



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