If you’re thinking about working with a new property management company, you’ll need to put out a request for proposals to decide which company you’ll want to partner with next. This process can be intimidating if you’ve never done it before, so here are some tips on how to go about it.
The first thing to consider is that the process takes time. Most buildings can’t switch property managers overnight—there is the search, the selection process, voting on the new company, and the handoff itself, which can be quite complex depending on the size and operating budget of your building.
If you’re a single owner or a small association, you may not have experience with the RFP process. Essentially, you’ll be putting together a document that outlines what information you want the new property management companies to present before you choose the one you want to work with.
Thankfully, there’s a lot of information available online on how to go about the process, including templates for what kinds of questions to ask. Here’s one good example of an RFP (a more detailed one), and here is another (which is shorter). Note that the questions always tend to cover the same basic categories:
- Administrative Management
- Maintenance Services
- Financial Services
- Experience Level and Testimonials
- Associated Costs
If you have any questions on how to go about the RFP process, Hales Property Management is here to help. Get in touch with us and we’ll be happy to go over your building’s requirements and how to go about selecting the best property management company for your needs. Of course, if your building is within the Chicagoland area, we’ll also be honored if you’ll consider us as one of the companies you request proposals from!