Whether you are a developer, investor or resident, selecting the right building manager to manage your building is vitally important. Any residential tower or complex can flounder under the wrong management and it takes a special firm to turn a failing property into a successful one. If you are looking for ways to improve your existing situation and are looking for a new property manager, this article is for you. We have created a list of five key points that should make your task easier.
Tip #1. Look At Their Portfolio
If a property management company claims to have a dedicated team of experienced building managers, ask to see their portfolio. Their list of clients should include properties similar to yours in terms of size and amenities. You should begin your search for a new property manager by selecting several firms with experience of managing buildings similar to yours.
Tip #2. Can They Take Over At Short Notice?
Are you looking to end your relationship with your current property manager because you are dissatisfied with the level of service? If so, you need to find a firm of building managers that are able to take over at short notice to minimize disruption. When you contact firms, ask what experience their staff have in terms of taking over management of buildings at short notice. Firms that have experienced managers capable of handling the switchover period efficiently will stand you in good stead.
Tip #3. Negotiate The Fees
One reason that choosing a new property manager is so hard is that the level of fees charged can vary so substantially. Regardless of the stated fees, all fees are fully negotiable and there is no such thing as a ‘standard’ building management contract. All aspects of the agreement can be negotiated point by point. Once you have looked at a firm’s portfolio and checked the experience of their managers, you will have a clear idea of whether they can successfully reduce your workload and stress. Negotiate hard for a good deal.
Tip #4. How Do They Advertise Vacancies?
Not all commercial property management firms advertise vacancies in the same way. Vacant units in your residential tower will negatively affect the standards of the building as a whole. You need to establish that the firm you choose will aggressively advertise vacant units. To do this you could ask about their record of accomplishment in keeping occupancy rates high in the buildings they currently manage. Try to establish their success in advertising units in the properties currently under their management.
Tip #5. How Do They Screen Tenants?
The tenant screening process is one of the most important factors. Poor screening could well be one reason you are looking to ditch your existing property firm. When you contact new property managers, ensure that their screening process sounds tough. Make sure you ask potential management firms how they screen tenants and ask for examples of their strategies.
Conclusion
As one property management company based in Perth points out, it pays to shop around and compare the fine print on contracts before you make a final decision. Finding the correct level of care and attention to detail is the best way to ensure that your residential property is successful in the long term.
Leslie Kramer, the author of this post, is a freelance blogger. Leslie is a big-time movie buff and likes to play lawn tennis in her free time.
