What Should You Expect from a Professional Property Management Company?

For first-time clients, it is difficult to know what you should expect as standard from a property management company. To rule out any companies that try to sell you short, it is critical that you know what you should be receiving as a minimum.

1. Expertise in Their Area

There are two main types of property management companies: commercial and residential. You need to choose a company that has the appropriate knowledge for your type of property. This will ensure that you never break any laws and that your property is run efficiently.

2. On-Call Service

Your residential or commercial property management company should be able to provide you with an on-call service 24 hours a day, every day of the year. If tenants suffer any problems, day or night, someone should arrive within a short time to take appropriate action. This is essential for dealing with emergencies, but it also shows tenants that they can rely on you even in less-urgent circumstances.

3. Personalized Marketing

Whenever you have a vacancy, your property management company should draw up a customized marketing strategy to help you reach the right tenants.

4. Tenant Checks

As soon as you start receiving interest in your property, the management company should know how to check that the potential tenant is a good fit. This involves interviewing and conducting background checks, like credit and employment checks.

All this is another reason why it’s important to hire the right type of property management company. For instance, condo property management companies know what to look for in residential tenants, whereas commercial property companies use a different process to assess businesses.

5. Knowledge of Current Laws

A reputable company will stay up to date with changes to applicable laws, such as the Landlord and Tenant Board Act. The company will also make appropriate changes to your contracts to protect you from liability.

6.  A Professional Approach

Whenever you or a tenant has contact with the property management company, it should be a professional exchange. All communication should feel like a business relationship, never a personal relationship.

All the above is the minimum you should expect from your property management company. The best companies will go above and beyond this to ensure that your tenants feel comfortable, safe, and welcomed, whether you are renting a business space or condos. This will have significant benefits for you, including reduced turnover, on-time payments, less damage to the building, no lawsuits, and referrals for new tenants.