3 Things To Look For When Selecting A Property Management Company

You’ve decided that it’s in your best interest use a property management company, but you’re not sure which one or what to look for when making your selection. You’re not alone.

Here are some helpful tips to guide you through the process:

  • Tip #1 – Do your homework. Make sure and research each company and read reviews online about their customer service, price, reliability etc. Every company wants your business, but it’s your job to weed out those that don’t deserve it. Look online and follow up with some phone calls to verify what you’ve read.
  • Tip #2 – Good fit? Low prices are good for your bottom line, but if that means “low quality” service you don’t want any part of it. In most cases you get what you pay for, so ensure your scope of service needs align with what the property management company is offering.

Now that you have a pretty good idea of a few companies in the area that match your needs, here are three things you should also consider:

  1. Longevity (Experience): How long has this company been in business? While not always true, normally a company that has been around for 10, 20, or even 30 years usually are successful because they are doing something right. Find out if they are experienced in handling issues that you know will arise. Schedule an appointment to meet with your top options and see how that conversation and site visit goes.
  2. Customer Service Support: When issues arise (and they will), does the company have a good reputation of handling problems in a timely manner? Call and ask them to share an example of how they handled a situation that you find troubling. This will give you peace of mind. Normally if a company is difficult to deal with they won’t be able to hide this very long.
  3. Clarity of Service Offerings & Pricing: It’s important when making your final decision that you have clarity on what you are agreeing to and for what amount. If they company has contracts that carry penalty charges for early termination or change fees, this is important to know. Also make sure the pricing is “mostly” in line with what you saw with other companies. If there is a big variation between companies you should ask why.

There are many additional things to also take into consideration, but hopefully these tips and suggestions will be a good starting place.