When it comes to selecting a property management company to operate your facilities, here are a few tips to keep in mind during the selection process:
- Customer Service. Select a property management company that is prompt, courteous, and eager to help prospective tenants through the leasing process. Remember, you never notice customer service until it is badly done.
- Quick Turnaround. When your building is dormant, you may as well be flushing money down the drain. One great tip is to select a property management company which also has commercial real estate capabilities. The property management team and the brokerage team can work together to help you develop a pipeline of tenants, so, when one leaves, a new tenant is quickly turned around. A good property management company will also be able to identify cost savings measures to keep your asset stable and cash flowing during dormant times.
- Key Holding, Legal and Licensing Details. The busy work of your facility is what your property management company should be handling. A good PM will keep the property operating legally including key holding, insurance, property tax, levies, building permits or licensing and bank account management. But best of all, they will keep you informed of the details in a timely and accurate manner.
- Repairs and maintenance. Ideally, your property management company will either have their own repair and maintenance staff or have a subcontractor agreement with a repair and maintenance company. If something goes wrong in your property, and it always does, you need to have a team who can respond quickly and get the job done immediately.
- Understanding who is the boss. A great property management company will never lose sight of the fact that, at the end of the day, they are servicing the property owner.
- Don’t expect a superhero. Don’t get an over-inflated sense of entitlement and expect too much from your property management company. Have open lines of communications with your property manager, define your expectations, and ask a lot of questions. When you are communicating with your property manager and setting and managing the expectations, you can then possibly expect a superhero.