8 Traits of a Top-Notch Property Management Company
Hi, friends.
Managing a community is no small feat. But how do you know when your property management company is doing a good job? Or, if you’re in the market for one, which qualities should you look for? Today, we’re sharing several characteristics that, together, set a property management company—and the community as a whole—up for success.
They have experience.
Nothing prepares a property management company for the job better than real-life experience and a proven track record—the more units and properties they’ve managed, the wider variety of scenarios they’ve already encountered and tackled. Translation: When it comes to managing your property, they’ll be prepared for whatever comes their way.
They’re good communicators.
Property management companies are the glue that binds together a community’s entire ecosystem (tenants, owners, board members, staff and outside vendors). Whether a noisy renovation project is on the horizon or a new online payment portal is rolling out, clear and regular communication, be it by email, public postings or memos, sets expectations and minimizes unwelcome surprises—for everyone.
But they’re also good listeners.
Communication is a two-way street. Sure, it’s important for a property management company to keep everyone informed about important happenings, and about what’s expected of community members, but it’s equally important for them to know—and genuinely care about—what residents, owners and everyone else needs, too.
They’re responsive.
Whether it’s an owner/tenant who has a gripe with a noisy neighbor or a vendor who needs a pile of paperwork before getting started on a job, property management companies should be prompt in their response. A swift response shows community members that the management company cares, it helps establish authority and it keeps things running smoothly.
They’re proactive.
Properties require constant attention and upkeep. An ace property management company is always looking to the future and planning ahead for things like seasonal maintenance, technology upgrades and more. A property that’s in tip-top shape inside and out is a pleasant place to work and live, and a proactive approach helps retain, even increase, its value.
They’re the three Ps: professional, patient and pleasant.
There’s no denying it: Property management can be a complex and stressful profession. Still, the ability to approach every situation—from mundane to complicated—with an air of professionalism, patience and pleasantness goes a really long way in maintaining a community’s morale and pride and making everyone feel cared for. Plus, who doesn’t like working with nice people? (That’s what we thought.)
They’re tech-savvy.
These days, speed, convenience and efficiency are everything. Top-shelf hardware and software systems can make it easy for owners and tenants to make payments and submit repair requests, and can help property management companies keep board members and trustees in the know about things like finances and maintenance via regularly pulled reports. Technology is also a surefire way to stay competitive in a constantly evolving landscape.
They know the law.
Staying on top of local laws and regulations keeps residents, staff and vendors safe inside the structure. Plus, making sure that all maintenance, remodels and new construction projects are done in accordance with those rules means not having to worry about penalties, fines, violations or other major problems.
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Until next time,
The BRIGS team