When working with a luxury property management company, you can expect them to be better than the “typical” property management company. While certain traits are universal, luxury property managers have additional characteristics that allow them to deal with properties of a certain caliber. They are aware that premium properties need more care than ordinary residences. Luxury property management assistance from expert managers can exceed expectations because they demonstrate a distinct set of characteristics that are tailor-made for the type of properties they manage. In this blog, we demonstrate the 6 must-have qualities of a good luxury property management company.
Qualities of a Good Luxury Property Management Company
When it comes to choosing a property management company, you have plenty of options, making it more challenging to choose the “perfect” one. Work with the right company, and they can boost your business, but work with the wrong one, and they can break it. Below, we’ll be breaking down the critical characteristics that your property management company should possess:
#1 Knowledge and Expertise
Your property management agent should be more than familiar with their market. Some property managers manage single-family homes, while others manage shopping malls. Each property manager understands their market inside and out, but they may not be familiar with other markets. That’s why, when interviewing a potential property manager, you have to make sure they know your market.
Ask them what types of properties they’ve previously overseen. If you own a single-family home, it would be a good idea to work with a property manager who managed single-family homes specifically. That way, you can rest assured that they’re well-versed in all laws relevant to your type of property.
They’ll also be able to spot potential threats and opportunities in your market, and know how to attract your market. For instance, if your property is within walking distance of a well-known college, your property management agent should know how to attract student tenants.
#2 Continuing Education
The top property management companies know that nothing stays the same and that the knowledge they had when they first started in the industry can become obsolete. That is why premier property management firms ensure that their team always stays up to date. They continue to educate their property managers so that they can provide services that are “on trend” and that comply with the ever-evolving local laws.
When choosing a property management company, make sure they’re committed to continuing education. That way, you can make sure that your property will be taken care of properly, and that it doesn’t fall behind its competition. Continuing education courses vary, but in general, they are provided by groups such as the National Association of Residential Property Managers (NARPM), the National Association of Realtors (NAR), and more.
#3 Strong Communication Skills
Property managers are the main point of contact for tenants and landlords. They need to be able to deal with day-to-day concerns swiftly and straightforwardly. They should be able to clearly communicate their ideas, concerns, etc. to their clients, and continue to be professional, no matter the circumstances.
It’s crucial to hiring a professional property management company that can communicate well. Remember that how swiftly your tenants’ concerns are dealt with can influence their satisfaction. If your property managers always leave your tenants in the dark, you’ll have dissatisfied tenants who’ll most likely want to move out.
Besides, no property owner wants to work with a property management company that doesn’t communicate well. What if you have concerns and your property management company never replies to you? Your property manager’s role is to provide you with peace of mind – they can’t do that if they don’t at least acknowledge your concerns.
Can you count on your property management company? A good property management agent should be reliable – if there’s an issue in the middle of the night, they should be able to deal with it ASAP, and not tell you that they’ll deal with it in the morning.
Luxury property management companies know that you expect them to provide round-the-clock services. In case there’s an emergency on one of your properties (e.g. a broken HVAC), they’ll ask someone to check it out right away. They know how important it is to deal with certain concerns swiftly, as some issues need to be dealt with as soon as possible, otherwise, tenants can sue.
If it seems sketchy, it probably is. A reputable property management firm shouldn’t be secretive and should be open to disclosing everything. You shouldn’t have to wonder what services are included as they should explain the scope of their work from the very start. Likewise, they should be clear when breaking down their fees – if there are fees that they can’t explain in detail, consider that as a glaring red flag.
When you partner with a professional property management company, they will walk you through their fees, and explain in detail the tasks that they’re expected to do. That way, you’ll know whether or not you’ll get your money’s worth.
Property management agents have to evolve. Technologies are changing the way property managers do things, ranging from software programs that allow landlords to show their properties over the internet, to tenant portals that provide for the convenient collection of rent. It’s crucial for property managers to embrace these tools since, sooner or later, you will want to get on the bandwagon to compete with other property owners. With these tools, you will also be able to scale your business.
As an example, a property management software will allow you to streamline your operations, as everything related to your rental will be stored in the software. This includes work orders, rental applications, eviction notices, and so on. When you partner with a property management company that uses a tool such as this, you can access all rental-related documents remotely.
Looking For a Luxury Property Management Company That Has It All?
As a property owner, you understandably expect excellence from your property management company. You can find that excellence at Luxury Property Care. Having served South Florida for ages, we’ve got what it takes to expertly manage your residential rental property. From tenant screenings to repairs and maintenance, we’ll be your reliable point of contact for all matters related to your rental. You can count on us to care for your property and provide it with the luxury treatment it deserves.