Choosing the right property manager or property management company for your condo is a crucial task; after all, their role includes being responsible for the property’s daily operations.
How To Choose A Property Manager/Management Company
Date Published: Aug 13, 2018
Choosing the right property manager or property management company for your condo is a crucial task; after all, their role includes being responsible for the property’s daily operations. From enforcing rules and regulations to arranging for inspections, communicating with the board, and more. All of which will impact resident and owner satisfaction, expenses, and revenue. Choosing the ideal management company is a challenging job, but by following the right tips, the process will run a lot smoother, and you will be able to effectively choose the right property manager or management company that aligns with your goals. Here are the top tips to help you make the right decision.
Make a list of requirements
Making a list of what qualities and services you look for in a property manager or management company will help you better assess possible choices along the way to determine the ideal candidate for your building. Some boards may prefer small property management companies with a more personalized approach. Small companies may be more open to customizing special requests from the board, and may be more attentive in dealing with emergencies. Others may prefer to work with big property management companies. They have resources such as their own accounting department and strategic connections that provide discounts on repairs and upgrades. Big companies can also provide bulk discounts for managing multiple buildings.
A great property manager or management company, whether it is a big company or small, uses the right tools in order to efficiently perform their jobs. Before going through a list of possible options, take the time to determine what tools were used in the past and are considered indispensable. This can give you an idea on whether the management companies you are considering are familiar with cutting-edge property management software that gives them, residents, owners, and boards, access to the resources that can be used to facilitate their tasks. Such as service request tracking, the option to store documents, pay invoices, and more.
Taking the time to go through referrals will save you time and money in the long run. You can easily find reviews for management companies online. But taking the time to talk to referrals will allow you to ask the right questions and take a more in-depth look into how the company handled certain tasks, their communication skills with tenants, owners, and the board, their track record with problem-solving, and areas where they need improvement.
Communication is key to any business success, and maybe even more so when it comes to property management. A great property manager or management company will keep lines of communication open, keeping condo owners and boards informed about the progress of several tasks. Ideally, they utilize software that is capable of sending out to a variety of platforms, including email, text and voice. They will also have a plan in place for handling emergencies outside of regular business hours.
There is no doubt that managing a property… or several, involves a lot of work. Ask the property manager or management companies being considered, as well as their referrals, if the companies handled daily tasks in an organized manner, including tasks such as securing payments, performing inspections and repairs.Have the right tools in place to facilitate the transition process of a new property manager or management company. Request a quote today, to see how your property can benefit from Condo Control Central.