Signs of an Effective Property Management Company
Would you classify your property management company as successful? Your property management strategy could have a profound effect on the community you manage. It takes a lot to run an efficient condo community, but the key to a thriving condominium community is the result of the cohesive teamwork of their condo association and Tampa condo property management company.
The following are signs of a highly effective property management company.
They Perform Routine Inspections
Your property management company should be performing routine inspections and maintenance within the community to prevent major repair issues. They should also provide residents with some form of notice at least 24 hours in advance and respond promptly (within reasonable timeframes) to resident maintenance requests.
They Are Fiscally Responsible
Effective property management entails managing the finances of the community well. This includes monitoring monthly expenses, accurate record-keeping and maintenance of filing system, drafting and implementing a budget, and ensuring taxes are complete. This also includes reporting delinquent accounts for collection, paying bills on time, and producing monthly financial statements.
They Have Glowing Reviews
What are people saying about your Tampa condominium property management company online? Disgruntled residents can tarnish the reputation of a property management company with a few simple keystrokes. It’s one thing to find a less than glowing review here and there—after all, you can’t please everyone. However, it’s another thing to find a bunch of reviews airing similar grievances. Make sure you’re keeping residents happy by being prompt and professional.
They Abide By Tenant Laws
Effective property management companies manage rentals well. They pay attention to and comply with fair housing laws and understand tenant rights with regard to applicant screening, collections, violations, and evictions. Laws are forever changing, but a proactive company stays abreast of association laws that affect community operations to ensure they’re in compliance.