We all want to find the solution to the challenge but not all property management firms have a foundation of integrity. Whether we, you and AIM, are a fit for each other remains to be explored but please consider reviewing these questions and answers so you are best prepared to mitigate any risk you may encounter when hiring a management company.
When choosing the right property management company for your investment or community, you will be considering a number of factors, some based on prior experience, some based on current challenges, no matter the history you have had within the property management space, we hope the following questions and answers shed some clarity on how to select the RIGHT firm for you & your family, your board, your residents, or your community.
While every community has its own unique needs, and every residential management company has a unique way of serving them, there are a handful of qualities that any great company should have - if they don’t, steer clear.
Here is an easy checklist of the top qualities to look for in a full-service property management company. Do make sure any firm you work with has the appropriate licenses to conduct business where your investment is located by checking with local governments and the state real estate commission. And always ask for a copy of any contracts that will be used with your real estate including but not limited to:
The best firms have nothing to hide and will openly provide copies, responsively address questions, base their market value statements on measurable comparisons and clearly disclose any additional service fees that may be applicable to your relationship.
1. Leadership - Who is ultimately responsible around here?:
The right property management company will help guide you and your community to a successful future. When interviewing potential property management companies, ask not only who your manager will be, but who will be supporting him or her. A skilled team of experts in various fields including HR, engineering, training, and accounting support each property manager with advice and best practices to deliver the best service for your property.
AIM is extremely careful with who joins our firm. Potential AIM stars are trained on our procedures and processes, that is easy to do as they are defined. What is not easy to do, is team someone to care, have heart, be of service. This person is who we want to grow with us. This is how we best add value for all.
2. Standard Operating Procedures – May I review your procedures?:
The best property management company should have proven operational procedures, which have been developed through years of experience. You will want to ensure the company has standard practices they put into place for every community or building they serve. These operating procedures should include preventive maintenance programs, a full audit of all contracts and vendors, a transparent financial system and budget, and solutions that enhance the value of your property, as well as the lifestyle of all the residents in it.
AIM is always making updates to streamline and improve, we will happily share our processes, our systems of check and balances, our methods. We believe if you want to keep it, give it to others and help them be there best!
3. Financial Stewardship – Do you help with financial planning, budgeting, and care?
Look for a residential management company with an internal financial management team led people who understand accounting principles. The best management companies will follow rigorous internal review and accounting protocols to promote financial health and stability of your association.
With collections ranging from $1.5 million to $2 million per month across 39 bank accounts, AIM has prioritized the importance of accurate accounting, triple-tied and reconciled down to the penny. All expenses are approved by a 3 step process that starts with a budget or written owner directive and ends with senior executive checking the entries, backup attached to bills with manager's approval, coding of expense, followed by the President signing off on the movement of funds.
4. Vendor Relationships – Do you have preferred vendors?
A property management company that has strong, long-held partnerships with quality service providers will be able to negotiate savings such as discounts on community purchases and lower rates on regular maintenance, while still maintaining a superior level of service.
While AIM has built many successful relationships, we never forget that our client is you and our job is to be a fiduciary for you, obtaining the best rate, creating value, and holding all vendors accountable to approved scope of work prior to issuing payment.
5. Communication - Will you provide updates without request for ongoing issues?
Weak communication is one of the most often complained about qualities in property management. Look for companies with a 24/7 call center and other forms of technology that allow you to communicate with a professional who can answer your questions or respond to your requests in a timely fashion. Do they provide updates and if so, how frequently? Are they tracking all issues they have on their radar in a transparent way?
AIM has a procedure that is crosschecked between departments so we always know the status of service requests and during each phase of the process, updates are sent to keep everyone tracking towards completion. Additionally, notes are added during interactions so we never lose time due to illness or PTO.
6. Attention to Detail – Please tell me how you and your team pay attention to the details, do you always make sure to check?:
From your property itself to the people who live in it, the right residential management company will provide you with a manager that pays great attention to detail. You probably know the unique features and eccentricities of your community -- a property manager who asks about them and seeks to understand what makes your property tick will be able to provide you with the best service.
We teach accuracy and accountability, can or could do not exist. Something is either done or not. Correct or not. And assumptions do not ever prove 100% correct. While to err is human, we believe if something is within our capacity to control, it is our responsibility to do so. And if we are unable to address a task timely, it is still our responsibility to communicate that fact. Our attention to small details gives us AIM. And AIM is what we are all about.
7. Responsiveness – How do you handle requests to remain responsive and consistent?
There are a variety of issues that may arise in a community association, and it is nice to have a management company with the know-how to steer you in the right direction. Great property managers take the time to truly understand daily life in the communities and buildings they serve. They are ready and well prepared to respond to issues that arise.
The majority of property management firms do not have many positive reviews. We are not like them. We respond. We respond because we believe in our service to our clients. For us to grow, succeed in business and life, we must always be champions for others, helping, assisting in their success and no matter what, be true to our foundation. This is why AIM exists. This is why we have been successful. This is our promise to you, which we will fulfill using every tool at our disposal.
8. Commitment to Training – How do you continue to train and motivate your team?:
Expert property management and exceptional customer service can only be provided by a knowledgeable, unified, and superbly trained team. Look for property management companies that are committed to providing continual educational and development programs for their managers, including hands-on training, classroom learning and online training systems. This way, your manager will be on the cutting edge of industry and product knowledge and equipped to deliver the highest levels of service to board members and residents.
AIM is dedicated to creating “win-win” situations and that is only possible by investing in our internal team, the AIM Stars, too. Each team member was selected based on their core values and their ability to help other people. Our executives understand that we are all in the boat, pulling together. We watch, we encourage, we make suggestions and we prioritize wellbeing of our team so they are as engaged as possible. We are of service to them, like they are to our clients and customers.
9. Transparency – You say you are transparent, what does that mean and what should I look for?:
It is also important that your residential property management company operates under full transparency. The company should be able to provide you with disclosure on any affiliated companies it does business with. You should also ask this company about their financial controls and the frequency with which they reconcile all bank accounts. Another asset, which your property management company should provide to its associates, is an internal ethics hotline to report and record unethical activities.
We take the extra step to inspect, log, analyze all systems of our managed assets, we meet and poll our communities with frequency, we then create action lists and log every service request reported or identified. Then, we share that information, providing thoughts, budgets and timelines. These are not our assets, so we provide our recommendations and allow for review. If a firm does not document any concern, they are saying 1 of 2 things to the world. Either they did not notice it, or they did notice it and they made the decision it was not important. Either of those options are not acceptable to us, they do not provide transparency, promote accountability or progress. AIM is how life changes, on purpose, with direction.
10. Accountability
- How are you better than others, how will I know you are not just selling me soup?:
Great residential management companies should not rest on their achievements. They should be open-minded, collaborative and continuously looking to improve their service offerings and customer service. Ask if your company will obtain candid board member feedback on a regular basis about how they are performing – and whether they will act because of that feedback to become even better at providing your community with the best service.
Feedback is the only true measure of success and AIM is the only property management firm with positive reviews, A+ ratings and a team of people who are excited to be of service. It may seem basic, listening is essential, setting reminders and closing loops, crucial, solving and evaluating how to be better tomorrow, growth. We are able to listen, solve, receive feedback, improve, because we want to grow. Some companies may assume that just because they have been in the business for years, they already know exactly what your community needs. A company with the ability to really listen and collaborate with the owners/board will be able to customize their full-service association management solutions and value-added services to meet your needs, achieve your goals and realize your community vision. If service means anything to the companies that you might interview, they must put you first, following your goals and offering their insight in how best to help accomplish them. AIM is here to build with you.
In Conclusion:
If you are currently searching for the best property management company for your investments or community or are unhappy with your current residential management company and want to explore your options, please feel free to reach out to us. We are happy to answer questions, give our opinion, and appreciate the opportunity to learn about you.
