A property management company has to deal with the many routine tasks demanded by a property on a daily basis. However, what really sets property management companies apart is the way they handle the management of large, building-wide renovation and maintenance projects.
Large projects tend to be costly, with all of the building’s residents holding a stake in the prompt and competent completion of these undertakings. For this reason, communication and execution problems are very palpably felt by everyone, leaving some homeowner’s associations to switch property management companies depending on such performance.
First, the very choice of contractor is crucial. Established property management companies should already have close working relationships with contractor firms. This minimizes the risk to owners from an unknown contractor working on their properties. A contractor that can finish the job early or under budget is proof that the property management company knows what it’s doing.
Another aspect that sets property management companies apart is the level of communication they provide to owners and tenants before, during, and after large construction projects. Owners, who have so much at stake, should never be kept in the dark and should receive frequent updates on how the projects is coming along, along with any changes to the original schedule, budget, or plans.
If you’re currently on the market for a property management company, or in negotiations with one, inquiring how the company’s last large-scale construction project was handled, what went right and what went wrong (and what was done to fix it), are a great series a questions that will help you peek behind the veil and learn more about the inner workings of the company to which you will be trusting your valuable property.
