Posted by IKO Community Management on August 25, 2016 at 8:30 AM
There are a few things you should know about a community management company before hiring them, from their experience to the team. However, one of the most important aspects to the company is what they can offer your property. What are their most valuable services?
While it differs for every business, here are IKO Community Management’s basic community living and property management services you should be on the lookout for:
- Property Evaluation and Inspection. Many companies offer property evaluation and inspection as a service. It’s mainly offered for residential communities, but can be applied to commercial spaces as well.
For HOA communities, this service applies to common areas, like parks and playgrounds; the community center; and parking lots and sidewalks. They’ll take care of inspecting these spaces for damage. For commercial properties, the service consists of an expert who will evaluate the property’s current and future worth based on location, square feet, amenities, and more to determine a base rental rate.
- Property Maintenance. For homeowners association-regulated communities, this community living service will take care of the common areas previously listed. Property maintenance doesn't include home landscaping, pool maintenance (which is usually outsourced to the pool provider), or other personal property.
For rented spaces in HOA communities and occasionally office spaces, these companies will take care of a building’s HVAC, plumbing, landscaping, and more. This service will most likely include periodic check-ins while a tenant is present to take care of any repairs or check on any recent renovations.
- Property Marketing. No matter the property type, size, or location, if this service is offered, a company will do their best to market the space across all available platforms to the appropriate target audience. Their marketing efforts can include paid online advertisements, newspaper or magazine ads, social media, email marketing, word-of-mouth, and more.
- Tenant Relations. For HOA communities, this service simply involves a company adhering to and enforcing the HOA’s policies, communicating effectively with the board, and handling day-to-day neighborhood relations.
If community service is for leased spaces, the company will take care of everything from move-in day and forward. They’ll begin with a tenant screening to determine if they’re a good fit for the space. This consists of an interview, a basic credit check, verification of social security number and FICO credit score, and a criminal background check. Some companies dive deeper by asking for past information on evictions, lawsuits, and bankruptcies.
Once they chose a tenant, the company will handle signing the lease and collecting the security deposit. As a tenant settles in, most property management companies will collect monthly or annual rent. If a tenant decides to leave or gets evicted (another typical community living service), the management company will handle their move-out, including final rent collection, property inspection, and security deposit handling.
- Community Finances. If you belong to an HOA community, they’ll typically help with community budgeting, accounting, insurance and other legal documentation. If you’re a landlord to a residential or commercial space, a property management company will usually run monthly rental earnings to help you manage your community finances, specifically return-on-investment.
From community financing to building evaluation and inspection, we hope our list of necessary property management services helps you in your search for the best company possible. Once you’ve chosen the perfect fit, learn how to get the most out of your property management company with our popular blog post.
If you’d like more information about what IKO Community Management can do for your property, contact us by clicking below.
From all of us at IKO, happy hiring!