The 6 Factors to Consider When Hiring a Property Management Company: #4 Core Competency

By Progressive Property Management - Tuesday, November 10, 2015
The fourth quality to look for in a property management company is understand their Core Competency. Core Competency is defined as "the main strengths or strategic advantages of a business". Â No one property management company can do it all: manage all types of properties all over California. Â The property management business is still a very highly "local" business and very hands on. Â As far as I know, there isn't a company that manages homeowner associations in San Diego, retail centers in Riverside and single family homes in Pasadena. Â Most companies manage properties in a specific area close their branch, and only certain types of properties that they are comfortable handling. Â Here are the most common core competencies of property management companies:
  1. Location - the physical branch of the company should be within 30 minutes drive to your property. Â If a company is an hour from your rental, it is not economically feasible to provide an adequate level of customer service. Â Just visiting your property for an inspection or move out could take 1/2 the day of one of their property managers. Â At Progressive, we only manage properties that are within a 30-minute drive to one of our 6 branches.
  2. Property Types - the company you are considering should currently manage your type of property. Â You don't want to be the guinea pig for a company that has never managed an 8 unit building before. We manage all types of residential properties, small commercial buildings and small retail centers. Â We don't manage HOAs, vacation rentals or industrial properties. Â If we acquire the ability and necessary staff, we may manage these in the future, but not right now.
  3. Technology - any property management company should have the tools to manage your property well. Â Tenants want to pay online, owners want their proceeds sent via ACH and they also want to go online to see their statements, invoices and accounting. Â We use Appfolio and adopt any technology that will improve our customer service and lower our cost to do business.
  4. Licensed and Insured - it is imperative that your property management company is licensed, in compliance and has the necessary insurance to do business in this state. Â Progressive is licensed in the BRE, in good standing and we have all the insurance that is necessary to protect ourselves.
You should know the core competencies of the property management company.

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