Before you hire a property manager, it is important to do some research. Understanding what you are getting into is essential for a positive working relationship with your property management company. It makes sense that not every member of a community’s Board will know about property management. You will need to rely on the experts to answer your questions.
In this post, you will find a list of the top five property management questions answered by industry leaders.
Top 5 Property Management Questions Answered by Industry Leaders
Want to know more about property management? Real Capital Group are sharing the top five property management questions and their answers.
1) What is property management?
First, and more importantly, it is crucial to define property management. Property management is the daily oversight of your community by third-party managers. These managers run many of the day-to-day operations of the community. These tasks can include overseeing vendors, and arranging community meetings. Some property managers also provide financial and collection services.
2) What services can I expect from property management?
The services you can expect from your property management company depends on the company. In general, all property managers are responsible for customer services, dealing with daily community issues, and managing a web portal. However, other services, like budgeting and tax help, may be optional.
Some property management companies also offer multiple services packages. Your Board can determine the types and level of service that will work best for your community. At Community Property Management (CPM), we offer Accounting Plus, Full Service Management, and a fully customizable plan.
3) What communities should consider property management services?
HOAs and condominium associations are the most common types of communities that use property management companies. However, some companies will also work with other types of residential communities. For example, townhome HOAs, life style communities, and lake communities can also hire property management. They will just need to find a company that caters to their needs.
Some property management companies even work with commercial buildings or in real estate. But again, these companies are less common than the ones focused on HOA and condo management.
4) How do property managers work with the Board?
Property managers are not meant to completely take over your community. They are partners that work closely with your Board. Essentially, the Board still has authority over the running of the community. They are the decision-makers. The property management company is there to implement the Board’s policies and provide guidance when needed.
5) How to find the best property manager?
The top property management companies will be local to your area. They will know the communities in your region and the managers will have a vested interest in seeing your community succeed.
When you find a company you are interested in interviewing, come prepared with a list of questions. These questions should determine how long the property management company has been in business, the types of communities they work with, and their success rate/client retention.