WHY DO PROPERTY MANAGEMENT COMPANIES HAVE BAD REVIEWS?
A survey of almost 3000 reviews of property management companies nationwide showed that property managers were getting 30% lower ratings compared to all other industries.
A survey of almost 3000 reviews of property management companies nationwide showed that property managers were getting 30% lower ratings compared to all other industries. Property managers deal with two different types of customers, landlords and tenants. Property managers, however, have a fiduciary relationship with the landlords meaning they have a duty to protect the interests of the landlords. Ironically, the biggest reason property managers receive the bad reviews from tenants because they were trying to enforce and act in the interests of the landlords. As a landlord, you should be more concerned with comments from other property owners. Tenants will write negative reviews because they did not get the full security deposit back or when landlords could not respond to repairs immediately and applicants will post a one- star rating because their applications were denied. Property managers would not have any negative reviews if they always did what a tenant or prospective applicant requested; However, this would result in poorly managed properties. You want to select a property manager who is fair to tenants but also one who actually carries out his or her duties and looks after your interests and who is willing to enforce the rental agreements or deny a bad applicant as part of a thorough and diligent screening process. Take the time to read the reviews and find out who wrote it and what was said. Put yourself in the position of the property managers.
Be wary of property management companies who claim that they have been in business for a long time when all of their reviews are positive. Look at the dates of the reviews. If a company claims that they have been in business for 30 years but their oldest review was posted only a couple of years ago, you will want to examine why these figures do not add up. Visit this link at http://www2.dre.ca.gov/PublicA
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