Real estate investors entrust property managers with many important responsibilities. They should consider several key factors when choosing a professional management company.
Proximity and Presence
It is always preferable to work with a management company that has extensive experience serving clients in the area where your property is located. A locally based company will have familiarity with leasing trends in your local rental market. Local companies also tend to have established relationships with service providers in your area. If you are looking for property management companies Palm Bay FL, limit your search to companies that have clients with properties based near yours.
Credentials
Depending on where you live, it may be necessary to hire a company that has a specific type of professional license to provide management services. Furthermore, the individuals who manage certain types of property must have professional licenses. Condominium associations, for example, may need to be Licensed Community Association Managers. You can also seek out companies whose management staff includes individuals with accreditation as a Certified Property Manager.
Scope of Services Offered
Ideally, you should look for a company that offers a scope of services that closely meets your property’s specific needs. A management contract needs to offer limited or expansive services depending on what you need a company to handle for you. Identify key responsibilities such as leasing, rent collection, and property maintenance procedures. When discussing your contract, assess the approximate value that a company assigns to each activity in determining management fees.
Professional and Personable Managers
A management company may have sales executives working on client engagement, but it is important to meet with frontline staff in order to gauge the caliber of interpersonal skills that a company offers. Request to meet with managers and try to get a sense of their communication style. Managers who will be interacting with rental applicants and tenants need to be able to build positive relationships.
