Property management for all real estate is something many owners struggle with. Hiring property management can help an owner take care of their real estate. But it can be tricky finding someone you trust to handle your investment. It is important to do research and take your time before hiring someone to handle your business. Check out this excerpt from a blog post by SVN | Percival Partners for a few tips on how to hire the right property management company. Click the button at the bottom of the page to view the full post.
Running the day-to-day property management operations of a single, or portfolio of, commercial real estate assets is not an option (or desire) for every owner. For those who prefer, and have the budget, to hire property management it’s important to ensure you take your time. Do extensive research before just letting anyone take care of your investments. After all, hiring property management is a very important and critical step to protecting the value of your commercial real estate investment.
Property Managers do more than just collect rent. A quality property management firm can keep your property at high occupancy, maintain its long-term and immediate value and keep operating costs low without sacrificing quality. In order to choose the right property management company, and avoid losing money by hiring the wrong one, we’ve outlined our top 5 best tips. Follow these and you will make the best decision for your property…and bottom-line.
Your first tip in finding property management is to ask around. See an asset that is maintained well and always full of tenants? Inquire who manages the property. Know other property owners in your area? Ask them who they use, and if they are happy with them. Have a commercial real estate broker, or know a few? Ask them what property management firms they’ve had a good experience with.
In property management you need proof of quality, beyond what you can read on a website or in an RFP. By asking for referrals you are getting firsthand, “it happened because I was there”, insight into how a property management firm actually functions and handles issues. Make sure to collect referrals from a few different sources, as you don’t want to get caught up in too much bias. Though, the old saying is true, where there is smoke there is fire. If you keep hearing the same thing about a property management firm, chances are ….