PM Companies: 5 Things You've Loved & 5 Things To Do Better

4 Replies

Hello BP Nation,

I am establishing a PM company to manage my future portfolio. As a renter for years in the military, I've worked with some good and lots of terrible PM companies (the barrier to entry is very very low.) When I do something, I have high expectations of quality, efficient use of my resources and providing an excellent experience for my stakeholders. I've created my SOP (Standard Operating Procedures) for the organization and have lots of perspective from the stakeholder experience of a renter and lessons learned from the PM company owners. I'd like to increase the value of my policies and processes to the Investor who hires a PM to manage their assets. As the title alluded to;

What Are 5 Things You've Appreciated That a PM Company Has Done (Policies/Best Practices/Warm Fuzzy Feelings etc...)?

What Are 5 Things That Have Turned You Off to a PM Company?

Here are a few for you:

Pros

- Online account access

- Online payments

- Prompt responses to e-mails and voicemails

- Good criminal background and credit checks

- Actually calling past landlords, employers, etc.

Cons

- Charging a credit card processing fee

- Lack of advertising (e.g. only posting the rental on the company website)

- Lack of communication during vacancies (e.g. not providing me with updates on repairs, tenants applications, etc.)

- Only using in-house maintenance (e.g. if your one guy can't get to something for a couple weeks then hire a contractor)

@Justin Siddall I can’t format this right since the BP app will not do spaces. That aside I would just say be communicative and responsive in repairs with owners and tenants. Have a low eviction rate which will show your screening processes are good .
Great poInts @Allan Bishop Jr. Thank you! I am a big believer in getting a quality renter in a unit and not just a renter. It might mean a little bit longer vacancy timeframe but being able to communicate the benefits of someone in the long run that will cost less over their lease is worth it.

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