5 Tips for Finding the Best Property Management Services
September 21, 16
Make sure you avoid the pitfalls of choosing the wrong property manager or management company by following these simple rules. Property management services culminate into a complex role that requires knowledge, experience, and a passion for providing quality customer service to the property owner and the tenant. At LandPark Commercial, we have a team of professionals with decades of combined experience in all aspects of commercial property management. If you own commercial property, and need help executing management duties, you can contact us today to speak about your specific situation.
If you're in the market for a Houston area property management team, here's our checklist of management services you will want to discuss with everyone you speak with:
1.) Experience matters. When choosing the right manager for your property, you will want to see a track record of success. Treat each conversation like a job interview - and you are the one doing the hiring. You can get a good sense of how dedicated people are by inquiring about their processes: how they screen tenants, how they attract the best tenants, what systems they have in place for payment, collection, and other relevant processes that property managers are responsible for.
2.) Do they have transparent accounting practices? Be sure to ask what to expect during tax season. This is the most hectic time of year for many folks in business. If you already have enough headaches during tax season, you will want to know how they will provide you with the appropriate materials you need to file. Make sure they have transparent processes that let you track all transactions and incidents related to your property.
3.) Fair and clear fee structure. Speaking of money. You will want to compare the fee structures of several property management companies. Make sure you have everyone you speak with spell out what charges they may apply, and what hidden fees you may not foresee unless you ask.
4.) Understand the scope of services. Sometimes, you really do get what you pay for. And property management services are no different. Just because a company takes a smaller percentage of your rent doesn't necessarily mean they are the best fit for your needs. After all, paying an extra percent or two might be worth it if you receive 50% fewer headaches than choosing the cheaper, lower quality option. This is why it is important to ask property managers how they handle maintenance, inspections, and other potentially sensitive areas that cause stress in property owner, manager, and tenant relations.
5.) Read the fine print. Before making any decision, you will want to review the contract line-by-line and be sure you understand everything it entails. Make sure you understand the terms of services and termination, in case the relationship doesn't work. And last, have it reviewed by your trusted attorney who is familiar with property management services contracts.
Find the right property management services doesn't have to be overwhelming. If you are the owner of commercial real estate in the Houston area, contact us to learn more about the scope of our property services.