Top 8 Property Management Companies

 

Property management companies may assist with the day-to-day activities of your residential or business properties.

Table of Contents 

1. What Does a Property Management Company Do?
2. Do You Need to Work With a Property Management Company?
3. How to Select a Reliable Property Management Company
4. Best Property Management Companies
5. Conclusion

Property management companies can guarantee that your properties function smoothly while boosting your earnings and the value of your assets. They are often responsible for a number of things, from collecting rent and resolving maintenance concerns to marketing and keeping tenants.

We evaluated over 15 organizations and chose the top eight based on their services, reporting options, and contact with owners and renters. Continue reading to learn about our picks and which property management firm is best for you.

What Does a Property Management Company Do?

A property management company works directly with prospects and renters. It helps save you time and stress about promoting your rentals, collecting rent, reacting to tenant complaints, dealing with maintenance and repair problems, and even enforcing evictions.

Reputable property management companies bring their know-how and expertise to your property, providing you with the peace of mind that comes from knowing your investment is in excellent hands. Furthermore, because a management business is an independent contractor, you escape the headaches that come with being an employer.

Do You Need to Work With a Property Management Company?

Many investors strongly favor the usage of a property management business. Nevertheless, there is no regulation dictating that everyone needs the services of a property manager. Although property management firms offer several advantages, they can be pretty expensive. As a result, consider hiring a property manager if:

1. You intend to buy several rental houses. Rental property management companies become increasingly important as one’s portfolio of rental properties grows.
2. You are not close to your asset’s area. If the rental home is far from where you reside, hiring a manager who can keep better track of it is a smart idea.
3. You don’t want to be in charge of the property. If you plan to use the property as a source of passive income, you’ll need to hire a property manager to handle basic maintenance and day-to-day activities.
4. You can afford the extra expense. Property managers will charge a portion of the rental price, which is quite reasonable. The same charge may relieve landlords of many difficulties and free up much of their time to invest elsewhere.
5. You only have so much time. Even if you don’t like managing your properties, you may not be able to work on it every day. Hiring a rent manager or rental management company may be the best option if you want to focus more on operating your business.
6. You own a property that is part of the affordable housing program. Typically, owners can receive tax credits, grants, or low-interest loans in exchange for leasing to low-income renters under such programs. The advantages come with more strict regulations that you must follow. Employing a property management firm that understands the standards may be quite beneficial in the long term.

How to Select a Reliable Property Management Company

To choose a good property management business, find one with a strong market reputation. Such companies should provide fully disclosed management fees and contract specifics. Only look for management companies with strong expertise in your area and with the necessary licenses and insurance to operate in your state. If you face any difficulties, the firm you hire should follow a straightforward process to solve such issues.

Now that we’ve covered such firms’ important aspects and topics, let’s see our top eight property management companies.

Best Property Management Companies

We evaluated over 15 organizations based on their industry expertise, reliability, type of properties handled, specialty services, and other factors. Here are our top recommendations:

1. Lincoln Property Company (Best for Customer Service)

• Founded: 1965
• Headquarters: Dallas, Texas
• Key services: Property management, marketing, accounting, purchasing, revenue management, and market analysis reports
• Worldwide service: Yes

The Lincoln Property Company is committed to providing excellent customer service that it developed its own awards system with 15 categories. Building owners interested in learning more about their award-winning facilities may do so directly from their website, earning the top option for exceptional customer service.

Through customer service and recognition, the company looks at its investors, occupants, vendors, and staff.

Founded in 1965, Lincoln Property Company’s purchased more than $6 billion in multifamily developments and created 220,000 units valued at more than $14 billion. Because each employee is thoroughly screened, yearly employee turnover is less than 25%.

In addition to regular residential property management operations, Lincoln distinguishes itself through Service Organization Control compliance, ensuring that the properties they manage fulfill third-party management, accounting, and IT requirements.

2. Cushman & Wakefield (Best for Integrated Management)

• Founded: 1917
• Headquarters: Chicago, Illinois
• Key services: Property management, tenant representation, capital markets, agency leasing, integrated facilities management
• Worldwide service: Yes

Cushman & Wakefield, established in 1917, is one of the world’s leading real estate service companies, with 400 facilities in 60 countries. The company bought Pinnacle, the third-largest multifamily property management firm in the United States, in March 2020.

Cushman & Wakefield takes a comprehensive approach to property management, assembling integrated teams of property managers, developers, and accountants to save operating expenses and strengthen tenant relationships. The firm’s commercial management experience encompasses real estate, as illustrated by its 700 million-square-foot portfolio of managing commercial assets across the Americas.

This property management company maintains more than 170,000 units over 840 properties acquired initially through the purchase of Pinnacle. The firm is in charge of day-to-day property activities, such as finances and costs, property renovations and maintenance, renting, reporting, and so on.

The company also uses its extensive market knowledge to assist in the marketing of residential properties. It also provides a unique property management tool that offers convenience for residents and timely and accurate property information for owners.

3. CBRE (Best for Commercial Properties)

• Founded: 1906
• Headquarters: Dallas, Texas
• Key services: Web-based management, consulting, security planning, tenant relations, retention management
• Worldwide service: Yes

Founded in 1920, Coldwell Banker Richard Ellis (CBRE) is among the world’s biggest commercial property management companies, with over 500 offices handling over 2.7 billion square feet of commercial space globally.

CBRE provides industry-proven practices and tailored technology solutions to assist owners in streamlining operations and lowering costs while offering exceptional service to tenants.

Moreover, the Building Owners and Managers Association honored five CBRE-managed facilities in 2019 for excellence in commercial building management and operations (BOMA).

CBRE provides 20 different commercial property solutions to owners and residents in addition to project management. A web-based management and leasing system, accounting and financial reporting tools, consultancy, security planning, tenant relations and retention management, and other services are available.

CBRE may also help clients who possess a mix of commercial and residential properties. Companion programs, customer support, staff training, marketing and advertising, property management software, online and iPad leasing, resident screenings, and other services are available through the company’s residential project management solutions.

4. Equity Residential (Best for Large Market Properties)

• Founded: 1969
• Headquarters: Chicago, Illinois
• Key services: Customized property management, educational programs, apartment investing, multifamily real estate, and sales and leasing
• Worldwide service: No

Equity Residential, established in 1969 to handle student apartment complexes, is now the 14th-largest residential property management firm in the United States. It manages high-density suburban and urban rental homes in major US cities.

As one of the best large market property management companies, Equity Residential manages nearly 78,000 residential units in major cities like Boston, New York, Seattle, San Francisco, Denver, and Washington, DC.

Equity Residential integrates the resources of a multinational corporation with local management skills to provide owners with customized property management solutions. According to Glassdoor, the firm spent extensively on project management training for its staff and was named one of the top 100 US companies to work for in 2019.

The company offers many leadership development and educational programs as part of its efforts to provide clients with top-tier property management. It also provides a 14-week maintenance apprenticeship program that educates employees on the company’s ideas and procedures through on-the-job training and classroom education.

5. Atlas Lane (Best for Leveraging Data)

• Founded: 2016
• Headquarters: Washington DC Metro Area
• Key services: finding tenants and securing leases, getting properties in compliance, collecting rent, providing maintenance and repair services
• Worldwide service: No

Atlas Lane is a residential property management firm that’s been serving property owners and renters in the Washington, DC region since 2016. To attain client satisfaction, the organization believes in using real estate data and technology.

Property owners may get property management, renting, and resident management services. On the other hand, renters receive value-added services, including preventative maintenance and a residential membership program that reduces yearly repair costs and helps with tenant loyalty.

In addition, Atlas Lane, as one of many Washington DC property management companies, employs an in-house The HomePros crew. Accessible 24 hours a day, the crew is ready to handle any issue as soon as possible.

Before it escalates to legal action, the firm works with your renter to create a collaborative environment. In case of disputes, the company tries to reach an equitable resolution that keeps everyone out of trouble and court.

6. Bay Property Management Group (Best for Standard Services)

• Founded: 2010
• Headquarters: Baltimore, MD
• Key services: Property management, leasing services, residential homes, single-family homes, investment properties, property managers
• Worldwide service: No

Bay Property Management Philadelphia covers the Philadelphia metro region by managing different types of residential properties, ranging from individual homes to apartment complexes for investors. The company’s standard services include a variety of continuous procedures, such as rent collecting, inspection services, upkeep, and repairs.

Depending on your needs, if you’re looking for some property management companies  Philadelphia, you may look up Bay Property Management Philadelphia. In addition to common property management services, it also communicates with renters, acting as a bridge between tenants and landlords, which can help both sides relax.

The most interesting part about Bay Property Management Group Delaware County is that it also writes and enforces agreements.

7. PMI Golden State (Best for Leasing Services)

• Founded: 2015
• Headquarters: Los Angeles, California
• Key services: Property management, investments, property advertising, LA real estate, Los Angeles Rentals, tenant screening, tenant placement
• Worldwide service: No

As one of the best property management companies Los Angeles, PMI Golden State is an award-winning real estate management firm and an Inc 5000 company.

After the home is rented to a new tenant, the company charges leasing fees, which include free 3D virtual tours, property advertising, tenant screenings, showings, a 360-degree picture move-in inspection, and tenant placement.

The company’s standard management costs cover services such as move out, rent gathering, maintenance, complaints, emergencies, and a web portal. On the other hand, premium services include eviction, pet damage, and quality tenant guarantees.

Moreover, PMI Golden State is a part of the Greater Los Angeles Apartment Association. It is also a member of the National and Greater Los Angeles Realtor Association and the National Association of Residential Property Managers.

The best part here is that PMI does not impose any early termination fees for management services. If you are dissatisfied with the company, you may cancel the agreement with 30 days’ notice at any time.

8. Excalibur Homes (Best for Tenant Search)

• Founded: 1985
• Headquarters: Alpharetta, Georgia
• Key services: Property management, real estate sales, property services
• Worldwide service: No

Excalibur Homes is an Atlanta-based real estate and property management firm that helps customers buy, sell, rent, and manage residential properties in Atlanta. It is the market leader in renting, property management, and sales of over 1,500 single-family houses in Metro Atlanta.

As one of the most popular property management companies Atlanta, Excalibur Homes helps owners offer their houses for sale. It also provides leasing and property management solutions such as tenant search and background checks, rent collecting, and property upkeep. In addition, the company helps renters find their ideal rental homes.

Excalibur Homes is one of the few recipients of the Certified Residential Management Company® designation from the National Association of Residential Property Managers (NARPM).

Conclusion

From what we could see, the top property management companies maintain and improve your building’s performance. They also help limit investment risk and maintain your brand’s reputation. Whether you employ a worldwide organization or a small, local one, be sure they adhere to established protocols.

Property management businesses, particularly skilled ones, are priceless. A genuinely effective management firm can save/make investors more income than their initial costs. So, if you’re worried about the price, property management is more of an investment than an expense.

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