What you are looking for in a property management company

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I almost responded to this when you first posted but it was just too big for me to tackle at the time. I think you are going to find that owners are just as varied and crazy as tenants. @Chris Malo only wants to be called by exception, others will want to be called about everything, I am probably somewhere in between. Unless you can tailor your business to suit the needs and desires of each owner and each tenant, you will find that you get a lot of bad reviews yourself just by virtue of being in the property management business. In order to make money you are going to have to systematize and standardize things and that will not work for all people. Perhaps if you only take on clients that suit your business model. Vet your owners just as much as you vet your tenants. One of my best PMs did that to me. I had to sell him that I was a good owner and we have had a spectacular relationship. He is not the cheapest in terms of fees but overall he costs me significantly less money because he puts good tenants in my properties and takes care of maintenance problems quickly and up front before they become a huge issue or affect his ability to rent the property. If I don't maintain the properties, he won't manage them. Personally I like that, but I am sure others don't like being told how to maintain their properties.A very limited list of things that I like to see only because I have had issues with them in the past.1) Never forget that ultimately you work for me, not the tenant. I am the one who pays you. Part of your job is maintaining good relationships with the tenants but if push comes to shove, don't bite the hand that feeds you. A lot of PMs deal with tenants all the time and owners rarely and have a tendency to default to the tenant's side on any issues. Especially with rent, fees, maintenance, and repairs. Again, if you have an unreasonable owner you shouldn't be managing their property.2) Communication. Keep me informed and I will stay out of your business. Keep me in the dark and I will be all up in your business. This can be a fine line. I don't need to know everything, but I do like to know anything that could be a big deal or become a big deal. What is that? I can't necessarily tell you but I know it when I see it. And I hate, HATE, surprises. Bad news only gets worse over time.3) Make recommendations. You are supposed to be the expert and you are the one at ground zero. You should have all of the information to make a good decision. So give me all the information I need to make a decision (can it wait?, what will it impact?, how much will it cost?, etc, etc) and tell me what you recommend. It really irks me when the PM says something like "the tenant wants to extend for 3 months, what do you want to do?". Well I don't know, are you going to be able to rent it just as easily in 3 months? Are they willing to pay a short lease fee? Is it rented below market right now? Have they been good tenants? Throw me a bone here, I need the info. I also dislike getting a laundry list of items that need repair with no quotes. So you expect me to just write a blank check? Is any of it the tenants responsibility? What needs to be done now to protect the property and ensure low vacancy with good tenants and what can I budget for?I honestly could go on and on but those are three big ones that pop into my mind. Good luck and let us know how it goes. There is a really good post on here about the crazy things tenants say and do. There should probably be one about owners as well.Ed

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At the end of the day, investors all want the same thing. Increasing Positive cash flow and higher ROI. However, as Chris stated, there are a lot of other variables that go into this equation. -Minimizing maintenance costs/operational costs-Minimizing vacancy -Proper marketing and advertising -45% or less in turnover quarterly-Minimizing concessions/specials-Rent growth -Identify risks/ hazards and resolve before it becomes a bigger issue-Preventative maintenance to keep mechanicals serviced and running longer-Minimize delinquency (2.5% or under portfolio wide is ideal). -Adherence to qualifying procedures and procedures-Knowledge/Adherence to all federal, state and local fair housing laws to minimize claims and litigation-Competent, honest and customer service oriented staff to treat their tenants as they deserve to be treated. If you ever need any advice or a listening ear, feel free to reach out. I am also based out of Richmond, VA and happy to help! Best of luck to you!

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Thanks a lot for the responses! I plan to get started ASAP.

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Chris,Great insight into the needs of an owner! Thank you.

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@Ross Sumner I completely understand what you're feeling. I started working at a Property Management company for the same reason - I knew I wanted to become a buy and hold investor but a lot of the reviews I read on other companies weren't that great. I will say, from a management perspective, a lot of the questions we get asked are around experience (whether we have properties ourselves, how long we've been doing this, how many properties we have under management, etc.) and our policies/philosophies (how do we find tenants, handle late rents, handle maintenance, what is included in fees, what do we charge extra for, etc.)

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As a landlord I want the following out of my management companyTo rent my unit quickly Advertise my unit effectively show to as many people as possible Insure I get market rent Manage repairs (I do not want to ever have to deal with issues other than yes that quote is approved)Insure repairs are as low cost as possible Insure I get my rent when duedisburse rent quickly once receivedlower turnover Most of all I want you to manage the property, reach out to me as last resort but you should handle all issues.