Management Contracts - What do owners want?

[Michael Tempel]

I am a property management company based in Minnesota and simply wanted to learn what owners really want in a management company.   We are simply trying to be the best that we can be and to do so try to take a step back and listen to suggestions.   This isn't meant to be a solicitation, but rather an open discussion of what owners expect, like or don't like in a management company.

We basically manage at a set percentage of gross income, but do have to run payroll and other property expenses through the property.  This is always hard to explain to owners, but obviously we would be working at a negative return if we covered all of this in our percentage.   Normally we manage properties that are 20 plus units if that helps.   As an owner how would you like this illustrated in a contract or simple conversation?

To start a discussion, what do you love about your management company?  what do you hate?  AND what do you wish or think they should do?