No matter what real estate services you’re looking for (HOA, Commercial, Maintenance, etc.) there are some key responsibilities/characteristics you should come to expect from your property management provider. This of course doesn’t mean they all do, but the list below should be a good starting place for you to review.
- Understanding Fiduciary Responsibilities – This means they hold a legal or ethical relationship of trust with you in regards to your assets, funds, investments etc. This relationship should be built on confidence and reliance over a period of time. When it comes to property management association responsibilities they should play the role of agent, meaning they are acting in the best interested of the association. This is different from a contractor role where there is no fiduciary responsibility and different expectations.
- Advisory Expectations – Advisers should be well versed in local and state laws that affect real estate, communities, boards etc. thus helping you make informed decisions. When acting as a managing agent, they should provide advice on how to handle board issues and alert board members when situations arise that could be troublesome.
- Conducting Business with Professionalism – This should go without saying, but your provider should be credentialed and in good standing with the Department of Commerce Division of Real Estate for the state in which you live. Your professional adviser should also be conduct themselves in a professional manner in appearance, demeanor, and attitude.