There are many competing property management companies in Sydney alone, which makes choosing the best one challenging. There are many factors to consider when looking for a company with good standing, and knowing these factors will help you trim down your options. If you’re on the search for a property management company you can work with for the long-term, here are the signs you should look out for:
1. They Maintain Low Vacancy Rates
When an agent seldom has vacant properties, that’s a good sign. It simply means that their property management approach is working. Their tenants feel satisfied with the property, which translates to a steady income stream for their clients.
2. New Clients and Tenants Are From Referrals
In any industry, word-of-mouth is a very powerful tool to grow clients. This is also true for property management. If current tenants bring in referrals to fill in vacancies in the property or existing clients refer the company to other potential clients, then that means the property manager is doing a great job. These tenants and clients are confident enough to recommend the company to their family and friends because they themselves are satisfied with the company’s service.
3. They Maintain a Good Tenancy Record
Loyalty means that tenants are satisfied with their service and don’t have to look for another. Their tenancy record will show how successful they are in the business because it’s far more challenging to keep existing tenants than to look for new ones.
4. Other Property Managers Reach Out to Them for Advice
It’s not common to solicit advice from someone who doesn’t have enough experience or skills. If other property managers ask the company for advice, that means that they see the company as someone who is good at doing the job. If the company has built this image and reputation through their business standing, then it is enough to say that they have become successful because someone else can see it.
5. They Are Invited to Speak at Events
When a property management company is invited to share their knowledge and expertise at events, it means people in the industry recognise their success and skills. The invitation itself is confirmation that they are genuinely doing good in the business.
6. Rental Agents Reach Out to the Company
Usually, it’s the rental agents that a property management company reaches out to. If it gets reversed, then the rental agent sees the potential of the company that they want to take part in and recommends it to their clients. It also means that the company has beaten the competition since rental agents precisely know who’s the best in the market.
7. They Don’t Have Ads, Yet Potential Tenants Reach Out to Them
It’s a typical situation for a property management company to go heavy on sales just to gain some tenants for their property. If they make no efforts to do this, and tenants are voluntarily reaching out to the company, potential clients see their good standing even with no advertising materials in place.
Whether you own a residential or commercial property, enlisting the services of a reliable property management company is key to its success. Take note of the signs we’ve mentioned above to ensure you’ll be working with a company that has the experience and expertise you’re looking for.
For a property management firm that puts a check on all those signs, look no further than Own Better! We can serve as your one-stop-shop strategic partner in the Sydney area to cater to all your property needs. Get in touch with us today!