Executive Summary:
When people look for property management companies, the first thing that comes to mind is "maximizing ROI." But there's more to it. Of course, ROI is the overwhelming goal, but other factors affect the relationship between a property management company and the property owner or owners. We think the hassle factor is a big one, but also trust, experience, professionalism, and communication!
Here are a few categories and what sets companies apart.
CATEGORY | Rating GREAT | Rating NEEDS FIXING |
Knowing the Law | Keeps up with current Federal, state, and local housing laws and lets owners know. | More time or staff is needed to research and communicate applicable laws to landlords. |
Keeping it Clean | Spotless. Inside and out. Hallways. Lawns. Everywhere. | Curb appeal isn’t appealing. Public areas, lobby/foyer uninviting. |
Responding to Calls | Maximum call-back time is 24 hours. Usually 1-2 hours. Available 24/7/365. | A week. Unless there’s a fire, then it’s a couple of days. |
Collecting Money | Multiple ways to collect rents. Online, bank transfer, credit card, debit card, Venmo, PayPal, carrier pigeon. Efficient, effective “reminder” system. | Many tenants are in arrears. There’s no “teeth” in the system. The system is slow to warn those behind in rent and glacially slow to evict. |
Repairing Breaks | Repair crews are dispatched quickly, Especially for safety issues! Workers do quality work, are respectful, and clean up after themselves. | It's hard to convince the property manager that the work must be done right away. “We’re short-handed” doesn’t cut it. |
Finding Good Tenants | Strict application protocols are followed along with background and credit checks for individuals and companies. | If a person looks “decent” or a company looks “big,” they get passed, especially if the landlord is in a hurry to fill a vacancy. |
Insisting on Excellent Service Providers | Interviews, hires, and retains the best service providers in a competitive price range without insisting on the lowest price. | The lowest bid wins. |
Analyzing the Property and the Marketplace | Keeps stats on properties’ cash flows, value increases, and declines, and looks for other investment opportunities in the marketplace. | Is too busy, understaffed, or technically unequipped to analyze owner’s holdings. |
Seeking to Remain Competitive | Knows what other property management companies charge for similar services and looks for ways to provide the best customer service to enhance both owner and tenant satisfaction. | Charges too little. They often cannot provide good service at the lowest prices, or they charge too much for the services they offer. |
Knowing Their “Lane” | Sees their company for what they’re best at and stays in that lane or a few lanes where they can provide 5-Star service. | Tries to be all things to all types of real estate from apartments to zoo supply warehouses. |
Conclusion
While some examples above were exaggerated a little, analyzing the pros and cons of many real estate property management companies yielded a consensus on what makes some property management companies great and very worth the management fee. In contrast, others are not worth the owners’ extra money to avoid Do It Yourself—DIY.
CREM Management has been in business since 2009. They have the experience and professionalism to offer quality property management at competitive prices for both residential and commercial properties.
Property management includes overseeing the basic operations of clients’ real estate assets and it involves proactively seeking strategies that maximize investment returns and property values.
Contact CREM Management if you seek ways to reduce expenditures, expand revenue streams, reduce vacancies, and evict problem tenants. It is important to know that CREM Management is attorney-owned, streamlining the eviction process—a major source of headaches for some property owners.
Here are some client comments.
