Trusting a property management company to handle all your properties guarantees your life will be easier since you’ll have more time on your hands. However, you can’t just pick any company in the market since not everyone will provide you with quality services and ensure a consistent profit or financial reports. In this case, how do you distinguish a first-rate property management company among others?
Here are the 8 signs you’re working with a great property management firm as seen below.
1. Little to no vacancies
One of the most obvious signs that a property management company is great is that their buildings, units, or houses they manage have little to no vacancies on average. This means their marketing strategies are working to consistently find quality tenants as well as ensure these tenants are happy within these properties.
On the other hand, if you have a fairly new building that hasn’t been lived in yet, don’t worry if there are a lot of vacancies at the start. A first-rate property management company like IPS Cambodia can help fill that gap until vacancies are rare.
2. Many long-term tenants
When you have a first-rate property management firm working with you, you don’t have to worry about too much turnover for tenants. After all, great firms know how to distinguish quality lessors that are guaranteed to stay long-term in the properties they manage. Besides that, they have already polished their policies regarding maintenance, repairs, and building associations to ensure the tenants are generally happy with how everything is managed.
3. Referrals from existing or previous tenants
When your property management company has tenants who are overall happy with their stay, then they are more likely to receive referrals for other people who are looking to rent. This is a good sign that the firm you’re working with is great since referrals would not occur if previous or existing tenants did not like their living situation.
4. Addresses problems quickly
Property management firms handle a lot to ensure that the buildings or properties they manage are running smoothly. In this case, sometimes maintenance, repairs, or a whole slew of other problems appear all at the same time so it’s improbable that they’re all fixed in a snap.
However, while it’s not probable, a first-rate property management firm can ensure that all the problems these properties have are addressed quickly, whether it’s up for repairs or not. Additionally, these companies will take it one step further by analyzing potential problems within the property and addressing it already, thereby limiting huge repairs in the future.
5. Communicates clearly and regularly
There is nothing better than a property manager you’re working with who regularly communicates with you rather than one that refuses or fails to talk to you. This is because if they do not respond to your questions, concerns or it takes them days to reach out to you, it would not alleviate your concerns. In turn, rather than having the peace of mind that you left your property in good hands, you’d wonder how it’s actually being managed.
6. Extensive experience
There are a number of property management companies out in the market, but not all of them are the right firm for you. After all, some of them don’t have enough experience under their belt and therefore, would not have the keen eye to properly manage everything in your properties. This is why if you hire a company like our property management team who have been in the industry for years with a lot of successful clients, you can only expect first-rate work.
7. Potential clients approach even without vacancies
One sign that a company is a first-rate property management firm is that potential clients reach out to them to inquire if there are vacancies. This usually happens because word of mouth, through other satisfied previous and current tenants, have spread regarding how great the living situation is within the properties that the firm has.
So if your property management company is not worried about looking for potential tenants since they come to them, then that is a definite sign they’re a first-rate firm.
8. Good connections with rental agents and other companies
Successful companies are not made overnight and alone. This is because, they can maintain a good standing within the industry by ensuring over the years that they have improved their services as well as have good connections with similar companies in their field. If they have a good network of connections, then there are more chances for them to set themselves apart as a first-rate firm.
This means if your property management company has a good network of rental agents, property management firms, and more, then it’s a great sign they’re a great company. Additionally, if they have a good network, it can only mean they’re resourceful and will be able to properly manage everything your properties need. This includes finding great tenants, high-quality repair work, and more.
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