Posted by IKO Community Management on November 10, 2016 at 9:00 AM
Finding the best property management company can be a complex task, especially if you live in an area where the local economy and residential properties are booming. When assessing multiple project management companies at once, the qualities may start to muddle together, but it is important to separate the good from the great. The good will manage your property while the great will go above and beyond to make your space profitable.
To find the best property management company for your residential or commercial space, take a look at IKO Community Management’s few key questions to ask during the hiring search:
How many units are they used to managing? A trained property manager has the right tools and proven processes to manage the appropriate number of units, based on their comfortability level and experience. He or she will determine if they can pay proper attention to your units in conjunction with their existing properties. It is wise to avoid an overwhelmed property manager, as they won’t be able to deliver top-notch service every time.
What services are included? If a property management company specializes in services that match your needs, you should look into investing in their business. You can even check out IKO’s blog, Which New Community Living Services Are Best?, to see exactly which you should be on the lookout for. This can include tenant screenings, property marketing, and tenant relations.
Do they communicate effectively? Whether he or she is a hands-on or long-distance property manager, effective communication is critical. Knowing who is occupying your space, how your property is being maintained, and other common inquiries should be answered in a timely manner and with enough detail.
Do they provide monthly reports? Within the vein of good communication, the best property management companies will provide reports to the property owners each month. This should include details on spending for maintenance fees and common areas, tenant contact information, business goals, and more.
What do the referrals say? Referrals, testimonials, and online reviews should all account for something when looking for the best property management company in your area. Speak to real estate agents, investors, former and current tenants, and other relevant sources to build a solid list of worthy PM companies. You can also visit the Better Business Bureau to see if a company has any outstanding complaints filed against them. If you hear only good anecdotes, then give the company a call.
How often do they conduct formal property inspections? Some property management companies charge a little extra for routine check-ups on properties. However, those that include the service in their basic contract terms are the best bet. On that note…
What is included in their contact? Closely look at the terms and conditions in the property management company’s contract. This could be the deciding factor between two or three businesses. What is the cancellation policy? How do they handle tenant and owner fees? Is there a “work exceeding normal management duties” clause, and what does it entail? What's the insurance policy, and what does it cover?
These seven questions should not represent the end-all, be-all for deciding between a handful of respectable property management companies, but they are a good starting point. When determining which business will work best for your residential or commercial property, think about what you want for the future of your space. If these goals align with the PM company’s services, then you have found a match.
To help make the process a little easier, download IKO Community Management’s simple checklist, When To Hire A Property Management Company, by clicking below: