Also Read: How Do I Start a Property Management Company
Successful Property Managers Network. The importance of professional network to a property management company can never be overemphasized. A seasoned, experienced property manager knows that he cannot do it all and that there is an ever increasing need of outsourced work to a great many companies and services. To effectively manage a client’s portfolio, a property management company will need several qualified vendors to service those properties when things break.
Managing vendors is how we get property repairs and improvements done faster, for far less than they would cost otherwise, and a much better quality of workmanship. This is how a property manager gets a vendor to take responsibility, if there is something wrong with the work. This is one of the ways a property management company actually makes their property owners money, that far exceeds their fees.
Some property managers might choose to do much of this work themselves, and many property management companies have in house repair maintenance staff that can do much. But, you know your limitations, and without question, that is why you need to find affordable and reliable contractors and service companies to help you handle property repairs. Challenges with Owning a Property Management Company
As a owner of a top Philadelphia property management company, I know we are only as good as those companies we select to repair or improve our client’s properties. Here is a list of vendors a successful property manager must have:
- General Contractor
- Pest Control
- Carpet Cleaning
It’s not uncommon for me to stop driving to grab a contractor's business card that looks conscientious. If I see him sweeping up after his work, he might be the vendor for my clients. If I’m at the local hardware store, I’m always watching contractors. The ones that take their time and sort the good lumber from the bad, also might be the right contactors for my clients.
Networking with vendors is something I am doing at all times. As a property manager i am always looking to upgrade the vendors my company recommends property owners.
Property Management Organizations. You should consider becoming a member of a property management organization, this can also provide you with networking opportunities, introduce you to other property managers, vendors & real estate agents, help you share knowledge and experience, keep you informed, expose you to all the latest technology and tools and help you access the necessary credentials and further education you need to stand out.