Finding a good property management company the most important decision when it comes to your commercial real estate. The right management company will make your operations run smoothly--and a bad one will make your life miserable at the very least, and potentially cause significent financial hardship! Property Management should not be a decision based on cost, but rather one based on customer service and experience. We have outlined a process below for finding the best property management company for you:
1) Outline your goals.
What is it that you want? Would you like a full service property management company, or one that just focuses on finding tenants?
The full service companies such as Kuester will advertise your property, help to place tenants, maintain the property, including major repairs, collect the rent, and send reports and a check each month.
A company that finds tenants will just advertise your property and place tenants. Depending on what your level of involvement is, you may choose one or the other options.
2) Set realistic goals.
Depending on what you bought your property for, and what your mortgage is AND what the average rental cost is AND how many tenants you are able to get, AND a near endless series of other factors - you may or may not make a profit on your property! Run through all the factors with your accountant and be conservative. Consider asking other property owners what surprise expenses they have had and make these part of your calculations.
3) Do your research.
Reputable property manangement companies will have a website outlining their services, philosophies and available properties. After narrowing it down, ask for referrals. Also, look for signs from the company posted around town and take notice of their advertising. Do you like what you see?
4) Always get references.
Ask for at least 2 references from current or recent clients. Most property management companies will give this information with zero hesitation, and if they refuse do you really want them managing your investments?
5) Never sign before you read.
Property Management contracts are legally binding contracts and can be negotiated. But sometimes they include details that were not previously discussed! Not only should you read before you sign, but you should also have your attorney review the contract as well. There may be language in the contract about additional costs that you will have to pay (i.e. major repairs), and reasons that either you or the property management company could cancel the agreement. So know before you make anything permanent.
Showing posts with label good property manager. Show all posts
Showing posts with label good property manager. Show all posts
Why You Hire A Property Manager
If you can afford one, you buy a dishwasher...saves time, gets those dishes spotless, and certainly makes most people’s lives happier.
Same with a snow blower, washer and dryer, or microwave. All labor saving devices.
People or services can be labor saving devices too. Cleaning people, delivery persons, gardeners, handy-men…All these people perform functions that we could do – but choose to outsource to save us time and frustration.
Some people we turn to provide services that we (theoretically) could do, but prefer to have in the hands of experts. Accountants handle our taxes, plumbers take care of our pipes, pastry chefs provide us with deserts, and thank heavens for those general contractors who help us with numerous projects around our property.
So whether you own one or two rental units, regardless if they are commercial lots or retail units, are you using a property manager? Why not? Unless you really enjoy all the time you are spending dealing with the tenants? Maybe endless landscaping and snow-shoveling is your cup of tea? Or perhaps chasing after rent or trying to even rent property is your idea of a relaxing weekend!
We might sound flip, but it is the truth. Property management is a rewarding and enjoyable job for many people. But for many other people, it is a time-consuming means to an end. If you don’t really love the day-to-day operations required in maintaining your investment property, then maybe you want to look into getting a property management agency.
Property management firms are affordable, reliable, and dependable resources for big and small property owners. If you want to free up some of your time to enjoy life, but still want to make sure that your tenants and property is managed – its an incredible solution.
Same with a snow blower, washer and dryer, or microwave. All labor saving devices.
People or services can be labor saving devices too. Cleaning people, delivery persons, gardeners, handy-men…All these people perform functions that we could do – but choose to outsource to save us time and frustration.
Some people we turn to provide services that we (theoretically) could do, but prefer to have in the hands of experts. Accountants handle our taxes, plumbers take care of our pipes, pastry chefs provide us with deserts, and thank heavens for those general contractors who help us with numerous projects around our property.
So whether you own one or two rental units, regardless if they are commercial lots or retail units, are you using a property manager? Why not? Unless you really enjoy all the time you are spending dealing with the tenants? Maybe endless landscaping and snow-shoveling is your cup of tea? Or perhaps chasing after rent or trying to even rent property is your idea of a relaxing weekend!
We might sound flip, but it is the truth. Property management is a rewarding and enjoyable job for many people. But for many other people, it is a time-consuming means to an end. If you don’t really love the day-to-day operations required in maintaining your investment property, then maybe you want to look into getting a property management agency.
Property management firms are affordable, reliable, and dependable resources for big and small property owners. If you want to free up some of your time to enjoy life, but still want to make sure that your tenants and property is managed – its an incredible solution.
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