In an industry as large as property management, choosing from among numerous management companies can be a challenging task There are many things to consider when evaluating your current management company or contemplating a change
The goal of the property management business is simple: provide the highest amount of value with the least amount of expenses In other words, raise rents as high as possible (income), while reducing costs as much as possible (expenses) Many factors impact these two goals At Nexus Real Estate Services, we compare countless properties – and their management procedures – for our clients
Here are a few common issues we’ve observed Hopefully, they’ll be useful as you evaluate your property management performance in current properties or as you scout new acquisitions
Is your property management company affordable, but lacking professionalism?
We see this frequently, and by looking at the financials, usually, know what to expect before visiting the property A few signs that might indicate a lack of professionalism are:
- The management fee is low – not industry standard
- Vacancies are high or rents are very low for the market
- Marketing is basic, outdated, or nonexistent
- When you contact the property, the call goes to voicemail Even worse, the voicemail isn’t professional
Noting these signs before seeing the property often indicates that we can bring the value of the property up quickly by changing the management structure and increasing the level of professionalism
When visiting the site, we look for additional signs:
- The property lacks curb appeal, with
