Selecting a property management company is crucial for effectively running a property and maximizing revenue. A good property management company can actually bring down the cost of maintaining a building by leveraging their vendor contacts to create economies of scale. They can make the ownership process run smoothly and can help to avoid many problems that can arise. Below is a list of important criteria to use when searching for a property management company. Property management functions are evolving and should be addressed with the property management company to ensure that the Covid-19 protocol is followed.
- Research local companies to compare what services they provide and the costs involved. Check out internet companies like YELP, GOOGLE and the BETTER BUSINESS BUREAU that offer reviews and complaints of property management businesses. It is a good idea to compare a few companies before making a decision.
- Agreement: It is important to have a written agreement. Having everything laid out in black and white from what services are provided by the property management company to how to terminate the agreement.
- Below is a List of Services Property Management Companies Provide:
- Repairs & Maintenance: Some Property Managers sub-contract work
- Landscaping Maintenance: Does the company provide landscaping services?
- Invoicing: Does the company send out monthly income/expense statements?
- Rent: What time of the month does the company mail collected rent to you?
- Vacancies: Does the company fill vacancies or do you? Is there a charge for this service?
- Advertising: Does the company advertise with signs, on the internet, printed materials, etc.
This is a good start to finding a property manager. If you do the research beforehand, you will be better informed to select a property management company that best fits your needs.