When it comes to property management, there are plenty of firms to choose from. But your rental property – and the important financial decisions that come with it – are a serious matter. You’ll want to make sure that you’re choosing an experienced, reliable property management firm that can efficiently take care of all of your needs, and any surprises that might pop up along the way.
How to Find the Best Property Management in Westchester?
Many owners are interested in knowing bottom-line financial results and expected outcomes when considering which property management firmto hire. While these are important pieces of information, there are even more telling qualities to look for. Below are the top five qualities of the best property managers in Westchester County, New York.
1. Low Employee Turnover
Employee engagement and a positive working culture are vital traits of any thriving business, and property management is no exception.
Studies have shown that businesses with higher levels of employee engagement operate more efficiently and achieve better quality results than businesses where employees feel disengaged or underappreciated.
Perhaps the most telling indicator of employee engagement within a business is the rate of employee turnover. A low employee turnover rate tells you that employees are happy with the way their company operates, and who better understands the inner workings of a business than its employees?
Property management firms like Sterling Property Solutions, with low employee turnover, have employees who are experienced and have been with the firm longer. That means they know what they’re doing and they know how to do it well.
2. Training and Mentorship
Equally important as the employee turnover rate is whether or not the property management firm invests in training and mentorship for its employees. This isn’t something that most property owners consider when looking for a firm to work with, but it is a big picture quality that one would be wise not to overlook.
Training and mentorship programs go a long way toward improving employee aptitude, engagement, empowerment and, ultimately, productivity. Employees also learn to be better problem-solvers which, in the world of property management, is a huge asset, as there are many moving parts and potential for creative solutions.
The Sterling staff is made up of bookkeepers, accountants, property managers and assistants who are also licensed real estate agents. Our team encourages mentorship within the company and in the community.
We support and encourage licensing and continued education for our employees. We make a conscious effort to use the latest software for both sides of their business, and provide constant training on how best to use the technology. Our team also uses the latest digital marketing resources for our clients’ properties, which requires team training and coordination.
3. Utilizing Big Data
Making good use of data is an important quality for an efficient and competitive businesses. There is a huge amount of data to be gathered when running a property management firm. Keeping a handle on this data and analyzing it for important trends is one way that firms stay strong.
Many firms do not properly utilize the information at their disposal. This can cause key trends to be missed, which can result in loss of revenue for clients. When a property management firm does pay attention to big data, they can identify areas of potential growth and help maximize profits for property owners.
One way Sterling Property Solutions uses data is to create market analyses and marketing plans for your property. We are able to lower tenant turnover by utilizing big data and recognizing trends in successful–and less successful–rental properties.
4. Vendor and Supplier Relationships
Property management firms must build relationships with various vendors and suppliers, such as cleaning services, landscapers, and general home maintenance contractors. A hallmark of a good property management firm is that they have built long lasting and positive relationships with these outside services.
As a property owner, you are paying for your property management firm’s expertise when it comes to dealing with vendors and suppliers. Firms with established relationships with outside businesses can leverage their connections to ensure the greatest benefit for property owners.
It is always better to work with a property management firm that maintains strong ties to trusted service providers than to rely on a firm whose relationships may be tenuous. Often times the stronger a relationship is with a vendor or supplier, the better the pricing will be.
Sterling has excellent longstanding relationships with both service providers and suppliers. Because we’ve worked with many of them for so long, we have earned substantial loyalty and volume discounts. These savings are passed on to our clients.
5. Integrated Resources
In all businesses, not just property management, having staff who are knowledgeable about the entire system, rather than just their area of expertise, creates a business that is exponentially stronger and more capable.
Each employee of a property management firm is a valuable resource, and when those employees are able to apply their knowledge to all aspects of property management, the firm is able to fully integrate their human resources to produce the best results.
Property management is a complicated business, and it often requires many different types of expertise. Sterling Property Solutions is well versed in the intricacies and all of the financial implications for owners.
We are able to offer expert services in a wide range of property management areas, such as rent collection, tenant support, inspections, contracts, and even 24/7 emergency contact.
Our team has specific roles, yet at the same time are all knowledgable–and, more importantly, licensed–in other aspects of the business, so you are in good hands no matter who you’re working with.
At Sterling Property Solutions, we operate as a team with the shared dual goal of helping clients increase their revenue streams, and taking the stress away from owning a rental property.
We strive to have the best-run buildings in Westchester. Contact Sterling any time to set up an appointment and find out how our expertise can work for you.