What Makes A Great Property Management Company

[Jason McGuire]

I am full-time Property Manager/Broker in Florida and manage approximately 350 SFR's. Would like to get your thoughts.

So I read a lot of posts that seem to indicate that the quality of Property Management companies is a large factor for many people choosing to self manage, or they have a Manager that they are unhappy with. I'm curious to know, for self-betterment, what the ideal Property Manager would be for some of you. We are always looking to improve our company, and I feel like you guys are a perfect group to ask.

If you have already hired, or would hire, a Property Manager, what would you expect from them? Assuming that the company charges "standard rates" for your area, what should be included in their services? What is important to you, as an investor, in regards to managing the investment for you? What would make it "worth it"?  

[Cal C.]

Here is what I'd like to see.

The ability to accurately judge rental rates.

Proactive on repairs.  Basically don't fix anything that doesn't need fixing but don't miss anything that needs fixing, especially something which would have been cheap to repair initially but expensive if missed/skipped.

The ability to rent appropriately priced houses quickly.

Continuous communication with both owner and tenant.    

A long list of quality contractors available for a good price with timely response rates. 

No upcharges.  

Honest evaluations of rental units.  

Treating my property and my money like your own.  I don't want to be pennywise and pound foolish yet I don't want to spend money needlessly.

Know the difference between adequate flooring, painting, etc.. and overkill.  

Acknowledgement that this is not a one time thing for a few months.  This is a long term relationship which involves trust on both ends.

Paying the owner ASAP.  

Knowing that the PM is in charge and the tenant is not.  Knowing when to compromise. 

A deep understanding of the local jurisdiction and the laws pertaining to PM/Landlording.