Choosing a building management company to trust with your valued investment can be a daunting task. Building management is no picnic, and a stable, reliable and responsive property management company can be hard to find. Here are five tips to make the search for your ideal property management company a little easier:
Always check references
Thanks to the online age, every company now has reviews on websites like Yelp! and Angie’s List. Property management companies are no different. Look for two things: the number of reviews (shows you how prominent the company is) and the relative number of good to bad reviews.
Understand their turf
Every property management company has an area where it is most active. There are multiple benefits to choosing a company that already has a presence in your area, so this detail should be near the top of your list.
Property management companies come in all sizes, and you should make sure that the one you choose is capable of handling your property type. Preferably, they should already manage multiple properties in the same category as yours.
Web platform and financial transparency
A web interface can make monitoring the status of your properties very convenient and can keep financials easily transparent. At this time, there is no good excuse for a property management company to lack this service.
Licensing and skill set
The ideal company will have property managers who have CAM (Community Association Management) licenses. In fact, it is now a requirement in the State of Illinois as of October, 2012. A background in construction would also help these managers considerably in the execution of repairs and maintenance projects.