12 Qualities of an Outstanding Property Manager and Management Company

Choosing a property manager for your community involves considering various factors. Their experience in similar settings and prompt handling of maintenance requests are crucial elements.

What defines a superb property manager?

An exceptional property manager plays a vital role in the success of any community association or residential property. These professionals oversee a range of duties including maintaining common areas, managing tenant relationships, and taking care of financial collections.

So, what defines an outstanding property manager? Here's a detailed checklist of key characteristics to look for in both property managers and full-service management companies.

1. Leadership

An effective property management company ensures a prosperous future for your community. When evaluating potential companies, inquire not only about the designated manager but also the support team behind them. A proficient team consisting of HR, engineering, training, and accounting experts is essential to guide the property manager in delivering top-notch service.

2. Standard Operating Procedures

Top-notch property management firms have established operational procedures grounded in extensive experience. It's essential they implement standard practices for each community they serve. These should include preventive maintenance programs, comprehensive audits of contracts and vendors, clear financial systems, and solutions that enhance property value and lifestyle for residents.

3. Financial Stewardship

Seek out property management companies with a dedicated financial management team led by certified accountants. Leading firms adhere to strict internal review processes and accounting protocols to sustain the financial health and stability of your association.

4. Vendor Relationships

A strong property management company maintains enduring partnerships with reputable service providers. This enables them to negotiate cost savings such as discounts and lower maintenance rates while upholding high service standards.

5. Communication

Frequent complaints in property management revolve around poor communication. Opt for companies that offer 24/7 call centers and various communication technologies, allowing you to reach professionals who can promptly address your inquiries and requests.

6. Attention to Detail

The ideal residential management company assigns managers who focus on details both within the property and among its residents. Understanding the unique traits of your community is key, and a manager who engages with these particulars will provide superior service.

7. Responsiveness

Managing a community association entails addressing various issues and a capable management company will expertly guide you. Great property managers take the time to fully comprehend the everyday workings of the communities they serve. They are always prepared to respond efficiently to emerging concerns.

8. Commitment to Training

Outstanding property management and customer service stem from a well-trained, knowledgeable team. Look for companies that prioritize ongoing education and development for their managers, including hands-on, classroom, and online training. This ensures your manager remains at the forefront of industry and product knowledge.

9. Transparency

Transparency is crucial in residential property management. Ensure the company provides openness about affiliated entities and financial controls. It should also offer an internal ethics hotline to report and document unethical actions.

10. Focus on Sustainability

A commitment to sustainability can help minimize your community’s environmental impact and operating costs, fostering a healthier living environment. LEED-accredited professionals on staff signify a focus on sustainable practices.

11. Accountability

The finest residential management firms are open-minded, cooperative, and consistently seek service improvement. Ensure they regularly obtain candid feedback from board members and take action to enhance their service offerings.

12. Ability to Listen

While it seems fundamental, the capability to listen is vital and often overlooked by experienced property management companies. Firms that actively listen and work with your board can tailor their services to meet your specific needs, goals, and community vision.