If you’re looking for a property management company, you’ll likely want to choose a successful one. A strong company will help you get the most value out of your property, keep it well-maintained and make your life as a property owner much easier. But, how do you know that the property management company you’re considering is successful? Look for these signs:
1. Great Communication
If you have a question or concern about your property, you’ll want a quick response from your property management company. It will also benefit you if your property manager makes communication with tenants simple and can really listen to their concerns.
Look for a company that listens to your goals for the property and has a system to receive and handle tenant concerns and complaints. There are many software options that facilitate communication between property managers and tenants.
It’s also important that you have one main point of contact at the property management company. This individual will manage your property and tenants, so they should be a good listener, organized, and responsive when you or your tenants send an inquiry. It’s also helpful if they are transparent and easy to work with.
2. Standard Operating Procedures
An experienced property management company will have procedures in place for keeping all properties running smoothly. They’ll have preset schedules for maintaining your property, a regular schedule for reviewing budgets, and more. You should also notice how well their staff are trained to carry out these standard procedures.
That being said, every property has unique needs. Your property management company should be ready to adjust their standard procedures where it makes sense to better serve your building and tenants.
3. Knowledge of Your Property
Speaking of the uniqueness of every property, a successful property manager knows that those unique details are what makes or breaks their management plan. Therefore, they should be actively seeking out as much information about your property as they can, to find those unique aspects and ensure they have a plan for them.
This requires a lot of attention to detail and discussion with you. It’s a red flag if your property managers aren’t asking a lot of questions. If you’re concerned you should ask your property management company about how they plan to handle the unique aspects of your building or tenants.
4. Contacts with Professional Vendors
A property management company that has strong contacts with reliable vendors will be more successful. When they need plumbing, electrical, or other important work done to their buildings, they’ll have fast and reliable responses from professionals who can get it done right.
If you work with a property management company that has reliable vendors your building will have proper maintenance, when it needs it, which will protect its value over the long run, making you and the property management company more successful.
There are many more things that make a successful property management company. At Kolt Property Management, we’re very familiar with these factors and would love to discuss our property management philosophy with you. Reach out to us today for a property proposal.