Whether you’re in the process of vetting property management companies right now, or you already have a property manager, you know the importance of...
We’ve shared how you can vet a property management company, but it can be difficult to know what to look out for before you’ve experienced what working with a property manager is like. Below we share the top three things to look out for when you are vetting and reviewing your property management company options.
Apathy is the first on our list, because it can impact many aspects of your relationship with your property manager. A company that is apathetic will likely not be proactive in their communication with you, and are likely not actively updating and improving their processes or listening to feedback.
You want the company managing your home to treat the property as if it were their own. A company that is apathetic towards their clients or towards the properties they manage are not as likely to treat the home with the same level of respect that you would.
A great property management company will not be apathetic when it comes to any aspect of your home. This includes helping you get the property ready to rent, vetting tenants, ensuring the tenants are caring for the property, taking the correct precautions and photos ahead of time in case there are any damages, inspecting the property thoroughly after move-out, and fixing any reported maintenance issues as quickly as possible, before they can grow into larger issues.
Communication is one of the most essential, yet most overlooked, characteristics of a great property management company. Poor communication can be frustrating when you want to be in the loop about your home, when tenants are moving in or out, and if there are any damages you should be aware of.
While you are vetting companies, pay attention to how responsive they are to you. We also recommend reading reviews and seeing if responsiveness is a common theme in negative reviews, by either tenants or property owners. If they are difficult for you as a potential client to get ahold of, it’s likely that the tenants living in your home are also having a difficult time reporting maintenance issues or getting them fixed.
Lack of transparency
Although most property owners aren't interested in the day-to-day of what is going on at their property, most property owners do want to know about any larger repairs or damages to the home, or whether or not a tenant is moving in or out of the home. If there are unexpected charges, it is understandable that a property owner would want to know why the charges were added.
If a company is not transparent with you about their processes from the beginning, are withholding information about the property, or they won’t give direct answers to your questions, it is a definite red flag.
When it comes to your home, you deserve to be in the loop and know what is going on, especially if you are directly asking for any specific information.
Overall, it’s essential that you know which elements are the most important to you in a property management company, and ensure the company you choose meets your criteria. Different companies will likely have different processes, standards, or core values. That’s why it is so essential that you find the company that is the best fit for you.