1) Your day-to-day contact person was replaced … again.

Stability in the property management industry is extremely important. It takes a great deal of time for a professional team to understand you and your business, how you like things done and the special nuances that makes every relationship different. Before selecting a partner, take the time to research the longevity of each primary contact at the potential firm to gain insight on the work environment. Look for warning signs that might point to financial instability such as rapid employee turnover. People take new positions for upward development all the time, but do your homework to uncover patterns that present warning signs. When it comes to achieving long-term property management success, continuity is everything.

2) Still no sign of the long-term value-add plan that was promised.

Your property management partner – upon winning your business – promised a detailed plan to specifically outline ways to positively impact your bottom line with a focus on managing expenses and increasing value of your asset. You keep asking for it and they keep promising its imminent arrival. You are sure it will be showing up shortly.

3) Maybe they could be a bit more technologically-savvy.

Every aspect of your business is state-of-the-art and cutting-edge. Your previous property management company utilized a customized portal that functioned as a single-source on-line place to access all information about the property.It also housed all work orders, building plans, leases, emergency procedures, HVAC PM schedules and more. You yearn to have that system in place again.

4) Non-responsive customer service issues are creating tenant relations issues.

Customer service is everything.If tenants are unhappy, they will not renew and tenant retention will be low which, in turn, becomes costly.Turnover means additional costs in tenant improvements and leasing commissions.Your property management partner should be consistently visiting with each tenant in-person on a regular basis to understand and respond to their exact needs.Property management employees should also understand customer engagement. Employees that are not engaging, understanding and compassionate about their job is reflected in their motivation.

5) Lack of market entrenchment.

Where is your property management firm headquartered? Most importantly, without a critical mass of properties locally, they cannot achieve the proper scale for purchasing power and, most likely, fall short in their understanding of local market conditions. This will negatively impact you and your bottom line.

6) On-site inspections are spotty at best.

Regularly scheduled inspections of the entire property is essential.If maintenance is being deferred or preventative maintenance is not being performed, the asset becomes at risk. Examples include system failure or shorter life cycle of equipment, reduced efficiency, downtime or emergency repairs needed at a high cost.

7) Always looking for the low-price alternative.

You get what you pay for. Every time. So, hiring inexpensive contractors who are unable to perform quality work is probably not the best practice. Either is overpaying for services. A quality property management company understands the going rates for products and services.

Christina Martin leads the EDGE Commercial Real Estate property management division. She was formerly President of Investment Properties, a local company involved with asset and construction management as well as development services, where she was associated since 2003. Martin is a Certified Commercial Investment Manager (CCIM) and Certified Property Manager (CPM) and past-President and current Board Member of the Institute of Real Estate Management (IREM). She earned a Bachelor of Science degree from Shepherd University.

EDGE Commercial Real Estate is a commercial real estate firm providing a full complement of advisory, leasing, investment sales and management services to clients with real estate holdings throughout the Washington, D.C., Maryland and Northern Virginia marketplace. Founded in 2007, the company currently leases and manages more than 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. EDGE operates offices in Maryland, Virginia, Washington, D.C. and Pittsburgh, PA. Visit www.edgecre.com