The Three Biggest Problems with
Property Management Companies...
and How to Avoid Them
Let’s face it, there are plenty of property management firms to choose from... and every one of them will give you their absolute assurance that, if you hire them for your community, they will provide a level of service far beyond what you’re getting from your current management company... and even beyond your wildest expectations.
It’s true, isn’t it?
Why is it, then, that we hear the same complaints over and over again about property managers? And how can you tell before you hire your next management company whether they will be any better or different than the last one?
These are critically important questions. I’ll answer them for you in this article.
My name is Tony Nardone and I’m the founder and Managing Partner of Corner Property Management. I believe there is a better approach to property management than the industry is providing to clients, and I’m out to set a new standard of service for our client communities - one that eliminates the frustrations and hassles that seem to define many property managers.
You can read more about our company in the About Us section.
So what are the most common problems? Based on surveys we have conducted, these are:
...the three biggest problems
with property management companies.
Or lack of communication, really. This is, by far, the biggest complaint we hear about other property management companies.
“We can’t seem to get a return phone call from our property manager!”
Or, “Our call gets bounced from person to person, but no one seems to be able to answer even the simplest questions.”
We have adopted a Team Approach here at Corner Property Management that is designed to keep these problems from happening. First off, you will speak to a live person when you call during business hours. If you call or email after hours, we will return your call by 10:30am the next business day.
And, since your team members will all be familiar with your property and the nuances that are part of every client relationship, you will get meaningful answers to your questions in a timely manner.
Self-dealing can occur when your property management company provides maintenance or contracting services to your community using their own personnel, or personnel from an allied company.
Now, this practice is not in itself unethical. In fact, it can create savings for your community when done with integrity.
But, when service providers deliver low quality services, or charge noncompetitive rates, and the property manager is profiting by using these vendors, that’s a problem and it could be costing you a LOT of money.
Think about it, there can be a strong incentive for a property management company to provide additional services using their own resources, even if another company’s services might be more price competitive. There can also be the temptation to “let things slide” if the services provided aren’t quite up to snuff.
At Corner Property Management, we have established performance standards for all service and maintenance companies, vendors and suppliers. The companies that we recommend and use are subject to the same competitive bidding process as all others. This process assures you that you are getting quality service at competitive prices... in other words... good value!
3. Indecipherable Financial Reports
Financial reports can be confusing enough for people who are not accountants, and many board members have complained that they feel hopelessly lost when they are handed a stack of papers with columns of numbers, accounts payable reports, accounts receivable reports, cash flow statements, income statements, etc., etc., etc.
To make matters worse, most property management firms have their system set up to generate the same information for every client, no matter what the client’s specific needs are.
We respect your board members’ time and the commitment they have made to serve your community, and we have developed easy-to-read financial reports. This means more meaningful information, less time in board meetings, and less frustration for your board members.
It’s Your Choice
Like most, our industry is competitive and we thank you for taking a few minutes to read a little bit about our company and how we seek to improve the standard of service for our client communities. We have devoted time and energy to discover the things that create frustration and aggravation for our clients and prospective clients, and have implemented processes to eliminate them. We believe that sets up apart from our competitors.
Let us present our full platform of services to you.