As the owner of a rental property, you may already know that having some help with management is important to your success. What you may not know is that you have two different options when it comes to the size of your property management company. Property management companies exist in both small and huge corporation form. While large and small property management companies ultimately do the same thing – supervise your rental property – they may go about it quite differently. Keep reading to learn how big and small property management companies compare.
Bigger and Better
If you are the owner of multiple properties, you probably have far more management responsibility than you can handle alone. Obviously, you need management help, but this may be a case where a smaller management firm can't do everything you need, either.
With multiple properties comes multiple tenants, perhaps even dozens or hundreds of different tenants. In addition to that, multiple properties need supplies and maintenance on a regular schedule. Keeping up with a number of residents, vendors, and contractors on a specific schedule may be too much for a small property management company to handle. They may not have the manpower or the experience needed to run large properties. Further, they may not have established relationships with the vendors and contractors that are needed to help your property run smoothly.
You may not get that very personal feeling with a large property management company. For example, you may not be able to chat with the company CEO every time you have a question. Big property management companies may manage around 20,000 units at a time, but those big numbers can pack some true management power.
While not ultra personalized, you will usually be able to get highly efficient service from a dedicated account manager. Large property management companies tend to deal with everything from tenant screening to fire safety inspections on a set schedule. They can also deal with emergencies as they arise. This proactive approach can prevent issues and will help ensure your properties runs like clockwork.
Small But Significant
If you are the owner of a single rental property, or if you have a few small properties, you might want the more personal connection that you can get with a small property management company. A small property management company will usually have only a handful of employees, and they will probably actually know your name.
When you call a small property management company, they will typically be able to answer your questions quickly because you are one of a small number of clients. If you have problems, those issues will usually be resolved promptly because the small property management company really wants to go the extra mile to keep your business.
Small property management companies don't necessarily automate everything the way their bigger counterparts typically do. Relationships with tenants, vendors, and contractors may all be forged on an individual basis rather than on a huge scale. For example, a large management company may employ one large contracting firm to deal with all the repairs at the properties they manage while a small company may work with a number of local contractors for repair needs.
If you envision yourself as the next big property mogul, a large property management company may be ideal for your present and future needs. However, if you view property ownership as a nice little side income that you just need a bit of help with, a smaller company may be perfect. Consider contacting both a large and small property management company in your area to get more details on each.
For more information, contact East Valley Property Management or a similar company.