Let’s face it, there are a lot of property management companies out there. How can you make sure you’re ending up with one of the great ones? Any company can present an impressive proposal and come up with a few good references, so how can you really know? Here are three qualities to look for:
- They plan ahead. Years ahead. — effective building management requires a multi-year view of the property. Proper budgeting for large-scale repairs, anticipation of ever-changing building codes and other necessary renovations—these are just some of the things a property manager has to actively think about on an ongoing basis.
- They save you money in places you didn’t consider. — avoid the temptation to go with the property management company that offers the lowest management fees. Instead, ask them what they’ve done to save their clients money in the past. Creative management of large one-time expenditures and frugality when it comes to ongoing operations can return more to the building than lower management fees. Also keep in mind that sometimes, laying out more funds now can save you serious money down the road, such as when preventative maintenance projects avoid comprehensive repairs later on.
- They have the right technology. — every property management company uses technology these days, but some stand apart from the competition with next-level features for building residents. Think: ticketing systems for reporting building issues, HOA minutes and financials readily available online, and even some building community communication features.