How to Choose the Right Property Management Company

In the world of property ownership, the benefits of having a property manager are clear. Keeping up with regulations, navigating legal matters and property upkeep can be challenging – especially if you have numerous properties to keep track of. The expertise and resources of a property manager can help reduce your responsibilities, saving more of your time and reducing your stress. Handing your property management to another party can be intimidating, so as you search keep these factors in mind to help you find the most suitable property management company.

What services do you need?

Being certain about the services you require will help you determine the most suitable property management company for your needs. Do you need a company that can handle particularly difficult and challenging properties, do you need large or small scale services, do you need community management or residential management or both? You can use this knowledge to identify which companies are the most experienced or skilled in those areas. Additionally, you can disregard any companies that have little experience and would therefore not be able to meet your needs.

Seek references and recommendations

Ask for references or recommendations from previous or current clients to gain a better understanding of how each company treats its customers. It is beneficial to see testimonials so that you can find out more about the company from the customer’s perspective. These references can help you see what experiences you could expect to have with this company.  Additionally, look at reviews both negative and positive. While irate customers can leave scathing reviews that may not reflect the experience of every customer, it is valuable to see the full picture and compare reviews to each other.

Understand their costs

Getting your management fee estimate will help you understand the costs associated with a property management company and assist you in comparing each company. Make sure that the company fees are within your budget and if you believe the price is worth the services they can provide to you. However, you must also consider that if costs are particularly low, this may be reflected in the quality of services available to you within this company. It is also important to always check for any additional costs or potential future costs you may incur in the following years.

Transparency and communication

If a company can meet all of your property management needs, it is crucial to gain an understanding of what their communication skills are like. Poor communication can be troublesome, resulting in slow management and miscommunication. By speaking directly with the company via phone or email you can see how they respond to customers. You should also consider how transparent they are being, especially with their costs and what they are capable of doing for you. If they are not being upfront with you from the beginning, you can expect to receive more surprises during your time with this company.

Compare multiple companies

Research many property management companies so you can see your available options. By looking at a range of companies you can make comparisons between their strengths and weaknesses, which can help you make an informed decision on which company you choose. Even if you find the first company checks all of your boxes, it is wise to continue looking to avoid missing out on a more suitable company. You may find the first company is the company you choose, but you can feel even more confident in this decision knowing that you have the full scope of options available to you.

Listen to your gut feeling

At the end of the day, you should always listen to your instincts and choose a company that feels good to you. Consider how you would feel about choosing each of the companies you are looking into. If you are feeling uncertain about choosing a property management company, you should investigate why you are feeling this way and find the source. When you identify the cause of your anxieties you can ask the company further questions to relieve it or move onto another company.

In conclusion

When deciding on a property management company, you need to prioritise your property needs and centre yourself in the company you decide to choose. By considering the services you need, seeking references, understanding costs, seeing communication skills, comparing many companies and listening to your own instincts you can make an informed decision that reflects your requirements. Putting in the time to research a variety of companies and consider the factors above will be worth the effort when you can feel confident that you are in safe hands.