3 Common Property Management Mistakes Companies Should Avoid

21 June 2016 - 15:21, by , in Property Maintenance, No comments

Many property manage companies have come and gone in time, and an in-depth market analysis can tell you a lot about why some have thrived where others have failed. After nearly two decades as an established property management company in the GTA, Mareka Properties (2000) Ltd. has seen it all. With that in mind, we’d like to present 3 serious mistakes we’ve seen property management companies make. Whether you’re a condo owner or a property management company owner scouring the web for best practices, this guide is for you.

Tips for property management companiesFinding a safe living space is the foundation of Maslow’s hierarchy of needs, which means that property management companies are always in demand. Accordingly, there are more property management companies out there than you can imagine, though their quality differs wildly. And while that’s great for owners wanting to shop around for the best service package, it makes for a cutthroat business climate; if your business isn’t up to par, there are dozens of local property management companies waiting in the wings to pounce on your prospects.

Read on to learn three serious mistakes property management companies make.

 

  • Failing take advantage of new technology. Finding somewhere to live is an ancient human imperative, but that doesn’t mean property management practices should be stuck in the past. If you’re not leveraging the latest software in your favour, you’re missing out on valuable opportunities for communication, organization, and financial efficiency.

    At Mareka Properties (2000) Ltd., we take advantage of the resources available in the Internet age, offering online newsletters, financial information, account management, and status update reports to keep our owners informed.
  • Outsourcing cheap work. Internet connectivity has opened up enormous hiring pools and made outsourcing easier than ever. Outsourcing is a great way to save money, but you usually get what you pay for. Big savings on labour costs may translate to a team of unskilled security and maintenance workers.

    Skimping on security and maintenance skillsets puts your building and business at risk. Property values could decline, and you’ll end up having to pay more for legitimate repairs that undo the damage in the future.

    In contrast, Mareka Properties (2000) Ltd. offers in-house supervision of security personnel, and vets maintenance staff with high standards of quality assurance. All of our staff are WHMIS and CPR trained, and we retain an emergency contractor for short-notice maintenance calls.
  • Failing to communicate. Property management companies are always being pulled in a hundred different directions at once, which can make it tough to answer every owner’s query right away. It’s not hard to see why; they’re often in charge of the safety, happiness, and quality of living of hundreds of residents at once. As a result, many property management professionals neglect adequate communication, opting to tackle their ever-expanding to-do list instead. This is a mistake. Being present for your owners and board of directors is vital for the success of your company.

    Mareka Properties (2000) Ltd. takes communication seriously. We give all clients access to a corporate website that features: monthly newsletters, AGM packages, yearly audited financial statements, yearly budgets, reserve fund study summaries, FAQs, and more. We believe in total transparency and go above and beyond the keep our residents informed.

 

Want to learn more about the best practices that owners and residents should look for in their property management companies? Visit https://www.marekapm.com/services/ or call us now at (416)-255-7300.

About author:
After graduating with an honours degree in political science from Ryerson University, Colin spent two years teaching high school English for the Mie Prefecture Board of Education in Japan. These days, Colin is back in Toronto working for Mareka Property Management, learning web development, and riding his road bike.

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