Over the last few years, rental property ownership has gotten more complex—and that’s motivated more rental owners to hire a property manager.
But what are rental owners looking for as they choose a property management company?
In Buildium’s recent survey of hundreds of rental property owners, one clear answer rose to the top: customer service.
1. Outstanding Customer Service
Two-thirds of rental owners told us it’s paramount that their property management company delivers a best-in-class experience for its customers.
That means engaging in clear, consistent communication about their properties.
It also means personalizing your communications with them rather than taking a one-size-fits-all approach.
2. Local Market Expertise
What else do rental owners look for in a property management company? Second on the list is local market expertise.
55% of rental owners don’t live in the same city where their property is located.
So, they want their property management company to know the local market like the back of their hand.
For example, average rents for comparable rentals, or trends that could make it a good time to invest in more properties.
3. Reporting & Transparency
Next on the list: Rental owners want their property management company to share financial reports, profit-and-loss statements, and other property insights regularly.
Though owners vary in how often they want to hear about their properties, most agree that they should receive this type of information from you once a month.
And it’s also important that it’s shared in a format that’s easy to parse.
4. Regulatory Expertise
Rental owners also care about your regulatory expertise.
With how much more complex it’s become to operate rental properties, they want to be able to rest easy, knowing their property is being run in compliance with local laws.
5. Digital Rental Processes
What else do rental owners care about? 95% of rental owners want to be able to do business with you online.
They want access to an owner portal where they can send and receive payments, messages, and reports.
And they want you to offer these kinds of tools to their properties’ residents as well.
6. Online & Word-of-Mouth Reputation
Lastly: In 2024, your online reputation is as important as your word-of-mouth reputation.
More than 1 in 4 rental owners say that your website and online reviews are a primary consideration when choosing a management company.
The same number say they strongly consider endorsements from rental owners in their network.
So, this all highlights the importance of providing customer service that your clients will rave about, online and offline.
You can learn more about what today’s rental owners look for in a property manager in Buildium’s 2024 Property Management Industry Report. Download your free copy to stay on top of this and other trends in the rental market.
And be sure to follow us on YouTube for more research on the property management industry.
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