Strong property management is a backbone of any commercial property. What most business owners don’t know is that having the right management for the business saves a lot of money than paying for management fees. The following tips can help in choosing the most cost-effective property management company:

1. Experience

It is always important to consider how long a management property firm has been working in property management. This will make one be sure that an unreliable management won’t be provided for the business. The best this to always do is to ask for the management’s history, background and resume before deciding to go for them.

2. Qualifications

Most management firms have hiring requirements that are more specific in nature. They also have specific standards for their property managers. They ensure background, education and training are all met before being hired.

If a manager that is inexperienced is hired, the property being managed by them will begin to fall. Always ask to meet individual managers in person to be sure that the right manager is being hired.

3. Maintenance

It is important that service requests should never wait. As a business owner, ask to be shown how the handling of work orders in done and preventive maintenance is managed and documented. Have a meeting with one of the maintenance personnel regularly.

4. Procedures for Tenant Relations

Most experienced management firms usually have tenant relations procedures put in place. Procedures such as tenant move-in and out policies, emergency procedures and after-hours contact systems are always in place in most firms.

Find out what the management firm provides to each tenant. Find out if each receives any emergency procedure manual or a building procedures handbook.

5. Tenant Retention

The determining factor of a building’s survival is a tenant retention plan. Ask the management firm to show what plan they have in place for the building with the business of interest. The management firm should be able to have an establishment of a plan to maintain the time duration of the tenancy relations.

6. Report on Finance

Budget and monthly reports should be provided to the business owner by the management of the building. The reports should contain user-friendly information. For accounting purposes, they should be able to be set up in different formats.

7. Software for Management

Use of the correct management software systems integrates almost all information on accounting, tenant, and tracking of the maintenance request. The mentioned systems should be in place by the management firm. Financial report sample should always be readily available in cases where the need might be.

8. References

It is of importance to see how commercial property owners feel about the services offered by management firms. Keep searching in cases where the management company isn’t willing to provide references.

9. Have Multiple Properties Under one Management

Management firm managing multiple properties have enough strength in reducing costs. Such companies have a capability of saving a lot of money.

10. Affiliations

Most firms have affiliated with real estate management and property management organizations. Always ask for the company’s credentials and if the company is licensed and insured.

Are you looking for the most affordable property management team to manage your properties? Contact us for more information.

Published: 2018-07-23 21:57:03