As a small, service based property management company, I have a biased view of the situation. Each day we strive to make our presence known to consumers, depending largely on word-of-mouth referrals. Our larger competitors outspend us 100 fold to attract vast quantities of new clients to fill their coffers. Fortunately, we measure our success on a different scale, keeping our clients satisfied and being willing to sacrifice some profit margin in exchange for the satisfaction of a job done well. After 16 years in the industry, I've had the chance to make a few observations along the way, so here are a few points in favor of choosing a smaller company:
1. It does not take a whole company to effectively manage your rental. It takes a knowledgeable individual with the time and skill to represent your interests on a day-to-day basis. The big company will transfer you from department to department, from maintenance to management, often without either department knowing what the other is doing and having little to no interest in finding out, as it does not concern their "department".
2. Small companies have more at stake. It is simple economics. If you own one rental unit in a company of 1000 or more, and that company signs up about 50 new clients per month, exactly how much influence do you presume to have with that company? Do the math, as your business accounts for less than 1/1000th or .0001% of that company's revenue. As a business owner with 100 well maintained rentals, I can personally attest to the care and concern that goes into every property we manage. The big company will tell you this also, but first they would need to compile a report from the accounting department. It's about personal involvement.
3. If you call with a problem, are you talking to the owner of the company, or is that person always "unavailable"? Smaller companies develop more lasting relationships with their clients, and can actually remember their clients' names rather than keeping them on hold while looking them up in a database. Are you on a first name basis with your property management broker and, if not, why not?
4. Small companies are more focused on client retention. As a former participant in big management, the driving force was plainly apparent- growth was the overriding directive from the top, to the detriment of all other aspects of business. It was always considered a success to "rope in" more clients than were going out, and many were going out. Some were due to sales, many were not. It is an unfortunate truth that some companies increase profit margins by sacrificing service. With a small company, the overriding directive is "existing clients come first". If that means having to turn away a new client because our existing clients' needs are taking most of our time, so be it. It's about knowing what is important and focusing on your base.
If you or someone you know is ready to stop being "lost in the shuffle" and start being managed effectively, call or write Investors Choice Property Management today. We proudly manage 100 properties with the care, skill and diligence our clients have come to expect, in a manner that has them referring their friends and family members back to us for superior service. Find out what it means to:
"Experience Property Management the Way it Should Be."
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