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The 10 Important Qualities of an Effective Property Management Company

You should be discerning when selecting a property management company in San Diego. The property management company you choose will be mostly responsible for the success or failure of your property. You shouldn’t hire just any random property management company.

To guide you in your decision here is a list of 10 important qualities that every property management company should possess:

1. Leadership

Your property management company connects your residents and leads your community to a prosperous future. Effective property management in San Diego requires businesses to adapt to and enhance the quality of the community they manage.

A successful community is one that connects its residents together and the happier your residents, the more likely they will renew their leases. The property manager is the only entity that is capable of building that relationship and fostering friendships.

2. Standard Operating Procedures

It isn’t all fun and games in property management; there are easy mistakes that could leave you open to litigation. To mitigate those risks, the best property management companies adopt proven and reliable standard operational procedures. You may want to review the practices and ask the property management company to justify them.

Don’t forget to confirm that the policies include standard procedures for effecting repairs, managing the accounts, and auditing leases. The budget should be transparent and open for you to review at any time.

3. Communication

You shouldn’t have to chase your property management company around to get answers to your questions. Running a community is a 24/7 business; therefore, you should be allowed to contact your manager 24/7. That does not necessarily mean connecting with a live person at 3:00 a.m., but it does mean leaving messages that are returned in a reasonable amount of time.

Questions to ask a property management company

4. Responsiveness

The other half of communication is responsiveness. Your property management company should meld its operating procedures and communication skills into providing responsive services.

5. Transparency

The final aspect of effective communication, are transparent practices. Your company should provide you with a projected budget, a full accounting of expenses, and affiliated companies/vendors.

You may also want to ask about their financial controls and how do they prevent fraud. Are they subject to the terms of the Sarbanes-Oxley Act? A good property management company will answer all of your questions.

6. Vendor Relationships

No property management company can do everything by itself; it must rely on a network of vendors. The best property managers work with long-held partnerships that provide quality service at lower rates.

7. Attention to Detail

Attention to detail is what weeds out superior property management companies from mediocre ones. Before the company agrees to assume managerial responsibilities, the residential manager should ask you detailed questions about the nature and quirks in the community. This indicates that the property manager cares about the details and wants to understand what makes your properties unique.

8. Commitment to Training

You should also inquire about the management companies training regimen. Communities are only well run when there is a skilled and consistently trained team. Your property management company should incorporate educational programs such as hands-on training, online and physical classes.

Your management company needs to both impress you with their service and include a method to continue the quality of service. Continuing training and education is the best and only way to ensure that your property manager is adapting to the market.

9. Accountability

Your property management company is responsible to you. It should be willing to accept your suggestions and the suggestions of your residents. Inquire if their managing team accepts feedback from their clients and residents to improve their service and what steps they take to implement those critiques.

10. Ability to Listen

This may sound simple, but it is a critical point. Many property managers become complacent, and failure to listen is the first sign. Some companies begin to assume that since they have “X” number of years of experience, which they know what is best for your property – not you. This is entirely the wrong approach to take. Every community is unique, and it is up to your property manager to adapt and realize your vision.

Property Advantage is a property management company in San Diego that operates properties throughout Southern California. Their experience and broad range of clients evidence their commitment to customer satisfaction and excellence. The management teams at Property Advantage understand that the best way to maximize your communities’ value is through exemplary and responsive service.

Topics: property management

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