What makes a great property management company? While this can be hard to pin down, one thing is certain: effectively managing a building is harder than it sounds, and it includes more things than you might think of at first. Here are six things that set some property management companies apart from the competition.
1. A proven track record of success
It’s not particularly difficult to start a property management company. Now, running a successful one for several decades? That’s another matter. So, when looking for a property management company, select one that has a significant amount of experience in the industry. Go online to read reviews (steering away from non-constructive comments) and ensure a solid track record with the Better Business Bureau.
2. An emphasis on service
Property management is first and foremost a service industry. The property management company is hired by the HOA board, but also serves the condo owners directly. Great service includes many things, from providing convenient online payment for monthly assessments, to having a 24/7/365 quick response team for building emergencies residents may encounter. Property management companies that remember to keep their emphasis on great service even as they grow will usually do well in the industry.
3. Great references
In addition to being able to show the buildings currently under their management and their highlights from the past few years, a property management company should be able to provide several specific references from HOA boards of buildings currently under management. Ideally, these references will not only give a positive review but also any questions you may have about how the property management company handled operations.
4. A proactive approach on maintenance
As the saying goes, a stitch in time saves nine. Good property management is about knowing which maintenance tasks need to be done now, and which can wait until next year. Frequently, doing some preventative maintenance sooner can mean saving a lot of money later on.
5. Established vendor relationships
Part of the value brought in by the property management company is its relationships with contractors for things like maintenance, landscaping, and other building services. This relationship can ensure things like quality of work, reliability, and preferred pricing that saves the building money. Have it go both ways by asking your trusted vendors about which management companies they like to work with (i.e. do they process invoices timely and treat vendors with respect).
6. Legal expertise
Effective building management requires legal knowledge on the national, regional, and local level. This relates to IL Condo Law, delinquencies, building codes and the periodic building updates that need to be made. It’s also relevant to understanding the many kinds of legal liabilities a building can have, and how to avoid them.
With more than 200 buildings managed since 2003, we at Hales Property Management have the proven track record of success that can help your building thrive. Get in touch with us today to request a proposal!