Top 8 quality check list can help you choose right property management firm for your commercial or residential property, so you can rest while your firm maintains and leases property on your behalf.
1. Leader that communicatesA skilled team of experts in various fields including HR, engineering, training, facility management and accounting support each property manager with advice and best practices in order to deliver the best service for your property. A leading firm will have a 24/7 forms of communication tools that allow you to communicate with a professional who can answer your questions or respond to your requests in a timely fashion.
2. HONEST AND ETHICALSince the property management company is collecting rent, security deposits, and other expenses, owners have to put a great deal of trust that the manager will always look out for their best interest. A little market analysis can be done by checking on property management company background and necessary certifications.
3. Standard Operating ProceduresThe best property management company should have proven operational procedures, which have been developed through years of experience. You will want to ensure the company has standard practices they put into place for every community or building they serve. These operating procedures should include preventive maintenance programs, a full audit of all contracts and vendors, a transparent financial system and budget, and solutions to enhance owner and property user lifestyle/ daily operation.
4. Tech. dashboardIn day and age that we live-in, it’s important that property owner has access of his property maintenance reports and leasing details readily available to do a self-audit of property. When we are empowered to track our food delivery which is hardly any money spent, why not collaborate with a property management firm that has tech-platform in place to offer its client prompt update of property status.
5. KNOWLEDGEABLE ON RULES AND REGULATIONSMany owners may not realize there are many local, state regulations you must adhere to when renting a property. If these are not compiled within the leasing agreement, an owner may be opening themselves up to future lawsuits. One of the perks of hiring a rental property management company is they have knowledge of these regulations. This is an important factor to consider when choosing your property management company. They should already know about these regulations, and how to adhere to them.
6. Professional Training Set-upExpert property management and exceptional customer service can only be provided by a knowledgeable, unified and superbly trained team. Look for property management companies that are committed to providing continual educational and development programs for their managers, including hands-on training, classroom learning and online training systems. This way, your manager will be on the cutting edge of industry and product knowledge, and equipped to deliver the highest levels of service to board members and residents.
7. EXCELLENT FOLLOW-UP SKILLSIn business, it’s extremely important to stay true to your word and do what you say you will. Unfortunately, this is not always the case. If a property manager says they will look into a maintenance issue and get back to you later that day, you expect them to follow-up. When you’re putting your property into the hands of someone else, you expect to be kept in the loop. It can be difficult to let go of control of your property, but sometimes it’s necessary when you have a busy schedule. So, always determine how efficient the company’s follow-up skills are before hiring them. This way, you’ll know what you’re getting into and can find the best property management company for your rental.
8. Realistically Environment ConsciousA company that is committed to going “green” will help reduce your facilities carbon footprint, energy usage and operating costs to create a healthier (and more cost-efficient) living environment. Oxygen enhancement, water restoration, reuse and right use of garbage is something that a mature property management firm understands.