If you’ve been following the news this last week, you may have noticed that the property management industry has been getting some less than flattering coverage. Unfortunately, in a burgeoning industry, when one company behaves unethically it can tarnish the reputation and perception of the industry as a whole. Luckily, cases of bad business practices aren’t entirely common among property management companies.
As a consumer, it can be hard to decipher which companies are acting in your best interests, or strictly in their own. However, it is endlessly important to ensure that the property management company you choose to work with not only abides by legal standards, but high ethical and moral standards as well. It comes down to the idea that just because you can do something, doesn’t mean you should. There are several reasons why this rings true across industries and relationships, the risks of associating yourself with unethical or unreliable vendors or organizations are very real.
Guilt by Association
When you choose to do business with a company, especially when it comes to property management where the company represents you as the homeowner, it’s important to ensure that their organizational values align with your own. In business, as in real life, guilt by association is a real thing. Working with a property management company with questionable business practices is a lot like washing a brand new red shirt with your white socks. The red from the shirt bleeds all over the white socks, changing the way they appear to others. In this instance, low ethical standards are the red dye. You could potentially tarnish your reputation if you employ a management company that isn’t exactly on the up-and-up.
Financial Risks
Your home is one of the biggest investments you’ll make in your life. As with anything that you spend a considerable amount of emotional and financial resources on, you shouldn’t hand it over to a company you can’t trust. Even if they offer guarantees and assurances, chances are unless they abide by a strong ethical code, they’ll find a way to legally get around it in the interest of making more profit. Be sure to do your homework when choosing a property management company to work with, evaluate their claims and do some background research.
Additionally, hidden fees and up-front charges are often the hallmark of questionable business practices. When you’re working with a service-based company, it doesn’t make much sense to pay them up-front with the promise of continued dedication to your property. If all the money from the transaction is made up-front, where’s the incentive to truly care for your investment?
Safety, Protection, and Trust
When a business only holds themselves accountable to their interpretation of legal standards without showing much concern for the ethical implications of their actions, it’s ultimately the consumer who suffers. A huge part of doing business with another person or company is the element of trust. Companies that don’t have strict ethical standards simply aren’t trustworthy.
For the most part, laws are put into place for the protection of the consumer. However, laws are often up for interpretation. There are also some things that are technically legal but truly unethical. Working with a property management company that dedicates itself to the best interests of their clients is absolutely essential — there is a lot at stake on the part of the homeowner.
At Simply Residential Property Management, we dedicate our time to providing the best service we can to our clients, while representing them and their best interests. Integrity is a key pillar in the foundation of our organization and we take pride in the fact that we work well within legal and ethical standards. If you want to learn more about the way Simply operates, or you want to hear more about the services we provide, I’m here to help! Send me an email and let’s chat: amanda@simplyres.com.