There’s nothing special about bad property management companies. They ought to be literally a dime a dozen, because they usually end up costing owners far more than they can bring in or help keep. Bad property management companies provide much opportunity for great property management companies. They can snatch business away from the bad ones easily, as well as gain big through referrals. But, how can you know if your company is good or bad? Here are a few things that make it good:
Care About the Residents
Caring about the residents should be the number one rule. They are the ultimate source of profit after all. Ironically, the trouble starts when you think of residents more as numbers than people. A cold-hearted push to reduce costs and maximize revenue at the expense of your residents’ happiness will only undermine your goal. Think of your residents as a community and communities as families; serve them well and the benefit will be great.
Care About the Property
Generally speaking, the better the condition of the property, the happier the residents, the lower the repair costs, and the greater the potential to attract great residents who are willing to pay decent rent rates. To be a great property management company, go the extra mile in upkeep and maintenance. Get creative. Do what you can to make the property you manage a wonderful place to be.
Care About the Owner
Besides taking good care of their property and its residents, how can property managers show they care about the owners? Through excellent organizational and communication skills. Be on time and detailed with reports. Be on top of all schedules, tasks, and routines. Make it easy for them to know at a moment’s notice where their property stands and what needs to be done.
The industry doesn’t need another bad property management company. It needs the bad ones to turn good and the good ones to hold tight to standards.