Seven Steps to Selecting the Perfect Property Management Company

Are you in the market to find assistance in the care and maintenance of your property? Hiring a trusted property management company can give you peace of mind that your community is well cared for. Whether you lead a condominium association, homeowners association, apartment community, single family home development, retail property, shopping center, public housing, office building or industrial park, take a moment to learn the seven steps to take to hire a trusted property management company.

Engage the services of  a property management company that is an ACCREDITED MANAGEMENT ORGANIZATION ® with the Institute of Real Estate Management.
The AMO accreditation is the only recognition of excellence given to real estate management firms. The requirements are now more relevant than ever to real estate managers, their clients, and the assets they manage. To earn the AMO accreditation, real estate management firms must now meet even more standards and abide by a new AMO Code of Professional Ethics.

Make sure the property management company can manage owner and tenant funds.
For apartment communities and commercial buildings,  it is important that the  property management company has the capacity and fiduciary acumen to manage rental income, reserve funds and security deposits.

Ask if the property management company is familiar with your market and area.
Check to see how long the company has been in business and ask for references. Do your due diligence by researching the company and making sure they are specialists in your particular area, understand your target market and know the neighborhood where your property is located.

Check to see if  the company offers a robust roster of services.
It is helpful if the property management company offers services such as administrative management services, management consulting and financial management services for condominium communities, homeowners associations, and commercial properties.

Ask about customer service policies.
Typically a professional property management company works 24/7/365. Be sure that the company has a clear coverage policy in place for contact after hours, weekends and holidays.

Inquire if the company has experience with your type of property.
If you are looking for a property management company for a condominium association, homeowners association, apartment community, single family home development, retail property, shopping center, public housing, office building or industrial park,  be sure to look for a property management company with specific experience working in that field. Ask the team to share examples of how they have dealt with challenging situations and how they will enhance your property.

Get references.
Ask the prospective company for a list of clients similar to your property.  You should speak to them directly. It is a wise investment of your time to check out the company before you engage their services.

Leave a Reply

Crowninshield