Hey Deirdre! Great question! In my experience, property management should strike a balance between profitability and providing a customer-focused experience. While profit is undoubtedly important for any business, a property management company that prioritizes customer satisfaction—both for owners and tenants—often leads to long-term success.
For property owners, a good property manager is definitely worth it because they bring peace of mind, reduce risks, and often save money in the long run. A property manager’s expertise in handling maintenance issues, dealing with tenant concerns, ensuring legal compliance, and keeping vacancy rates low can make a huge difference in the financial performance and sustainability of a property. For many owners, the freedom to focus on other aspects of life or business while their investment is well-managed is invaluable.
That said, even if a property is financially thriving, the experience still matters. Happy tenants are more likely to renew leases, take better care of the property, and refer others. A property manager who fosters a positive relationship with tenants can create a more stable, low-maintenance rental experience for the owner.
Expectations can definitely vary by property type or asset class. For example, managing a luxury building requires a different level of service and communication than managing a multi-family unit. High-end properties might demand more customer-focused, concierge-like services, while investors in more affordable housing may prioritize cost-efficiency and risk management. In both cases, having a property manager who can adapt to the specific needs of each asset type is essential.
I believe that the best property managers understand that profitability and customer experience are not mutually exclusive—when both are done well, everyone benefits.
Thanks for bringing up this great discussion!
