If you are in search of a property management company for your first rental property investment, or you decide to change your manager, it can be difficult to find a reliable property manager. Good online reviews are some of the best indicators of how good a property manager is, but what precisely should you look at in a review? Here are three tips to help you use online reviews to select your property manager.
- Look for landlord reviews as opposed to tenant reviews
Property managers are in the difficult position of choosing to act in the interest of the tenant at the expense of the landlord, and vice-versa. You want to know that your property manager will act in your interest, so good landlord reviews are a good indicator that the company you are looking at acts in their clients’ interest.
- Over 3.5-star reviews
You may wonder why not 5-star reviews. A company that has primarily 5-star reviews has either not been in the business long enough to deal with problems that will make tenants or landlords complain, or probably has most reviews from friends and family. Property management is a complex business in which many third parties need to coordinate. Issues will inevitably appear over time, and the 5-star ideal is for practical purposes unattainable.
- Professional responses to reviews
Search for a company that responds to reviews in a professional and fair manner. A company that responds to complaints definitely cares about its reputation and is actively seeking to improve. You may also want to check whether responses focus on solving issues, as opposed to escalating them. More than aiming at perfection, your future property manager must be ready to acknowledge mistakes and be ready to solve them in a transparent and equitable manner.