There are approximately 326,000 property management companies in the U.S. and not all are created equal.
Finding a reputable company protects your investment and grows your portfolio. But with so many options online, it's daunting knowing where to start your search.
Sounds like your situation? Look no further, we have the answers you're searching for. Here's everything you need to know about finding property management services.
Outline Your Needs
Before comparing property management options, determine what you want from their services.
As a commercial property owner, you want a company that offers essential services like maintenance and managing tenant relations. They should also offer quality customer service and regular communication. This shows that the manager wants to keep both you and the tenant happy.
Note that if your commercial property needs a specific service, discuss this with each candidate to see which is the best fit.
Ask Around for Recommendations
Regardless of the types of property management, start by tapping into your network.
You may, for example, have a friend who owns an investment property and has a list of reliable options. A bonus is that they will share their honest opinion about local management services. This stops you from hiring the wrong company and putting your property at risk.
Understand the Local Market
Landlords should only work with property managers who understand the local market.
With this data, employees can recommend best practices. For instance, how to maximize your profit and attract quality tenants. It also means that the property manager has reliable contacts in the area, which you can benefit from.
Consider Their Experience
Property management services should have years of experience, especially with commercial properties.
Being an expert means the company has your best interests at heart and can offer sound advice. The company's establishment date should be on its website and social media pages. If not, contact the services directly to learn more.
Read Online Reviews
As you would with any purchase, read the company's online reviews.
Aside from their website, check out third parties like Yelp and Google for an unbiased view. Focus on comments about commercial properties as their needs differ from residential accommodation. But if there are reoccurring negative comments, that's a major red flag.
Landlords should also ask for references. You want to see how property owners feel about the services and whether it's worth the money. If the company won't share the references, continue your search. They're likely hiding something.
Conduct Interviews
Once you have a list of possible companies, schedule interviews with each one. Take note of their communication skills and professionalism because they're representing you. Come with questions, such as how they will keep you updated and if they have relevant experience.
Hire Property Management Services Today
Once you know the basics, finding commercial property management services will be easy.
At PMI West Suburban, we have 20 years of experience, so we know what landlords and tenants are looking for. If you're interested, contact us today to chat with a member of our team.
