Property managers understand that owners want to safeguard their investment and drive a better ROI. So, what specific things are they looking for when evaluating a property management company to handle their portfolio?
Here are the key capabilities property owners expect when working with a property management company.
1. Smoother Daily Operations
Owners turn to property management companies to relieve the headache of running the day-to-day operations. They no longer want that burden and want a company that can manage everything efficiently. No matter whether it’s a large multifamily property or a portfolio of single-family homes, an owner expects the property manager to:
· Handle tenant requests and complaints efficiently and professionally;
· Have a proven plan in place for any unforeseen emergencies;
· Manage all maintenance and repairs;
· Ensure rent is collected on the due date;
· Make sure the provisions of all leases are followed.
In today’s highly competitive marketplace, it’s mission-critical for property management companies to use industry-specific software to optimize, automate and streamline all daily operations.
2. Ongoing Improvement of Tenant Quality and Retention
Hands-down one of the key things that owners look for in a property management company is the ability to reduce turnover and keep their units rented with a quality tenant.
Leading property management firms will be able to demonstrate that they have a clear marketing strategy aimed at targeting the ideal tenant, as well as a framework for making sure no lead is lost. To ensure quality tenants, the property owner will be looking for a systematic, unbiased system for tenant screening, like our integrated screening tool powered by Equifax iDecision that automatically checks credit scores, debt, criminal and eviction history, income, and rental history, providing all the necessary information to make informed decisions about applicants.
3. Strong Marketing Capabilities
It’s very simple: owners and investors want to keep their properties rented. When looking for a property management firm, owners will want to see that the company knows how to successfully attract potential renters and convert them into signed leases. Property management companies that can clearly demonstrate that they know how to drive successful marketing campaigns to reduce turnover time as well as keep costs down by using only the most profitable sources.
4. A Partner, Not a Vendor
Owners are looking to property managers to act like a true partner to help their investment grow. From safeguarding and maximizing their investment to reducing costs (but not tenant happiness) to proactively bringing opportunities to their attention, investors want someone who thinks the way they do – like an owner.
Crucial factors that owners want to see are that the property management company understands both short and long-term business goals, can set KPIs to monitor those goals, and has the ability to tap into data to ensure profitability. For example, with Property Vista’s dashboards, property managers can monitor real-time occupancy rates, rent collection, maintenance requests, and other crucial metrics at a glance. And, complex data sets can be simplified through intuitive charts, graphs, and interactive visualizations.
5. On-Demand Reporting
From balance sheets to profit-and-loss statements, building owners need to know how their investment is doing at any given time. Owners want a property management company that can provide on-demand reporting. Our Accounting and Payments module enables property professionals to easily create budgets, calculate the owner distributions and deduct management fees, and create custom reports for owners that they can securely access through an owners portal.
Give Them What They Want
Owners need a solid overview of their investments in your properties – the health of finances and operations, repairs and maintenance, access to legal documents and accounting reports – ensuring their investment is running smoothly and earning them a profit. If you’re interested in seeing how our owners’ portal and reporting tools work, be sure to check out pricing and book a demo.