Finding the best property management company for your community can be a complex task as they will make critical decisions on your behalf. Especially in this competitive market, there are dozens of property management companies out there. So, how do you determine which property management company is the best fit for your property?
Before you really understand how the property management company operate, you should start off with the initial hurdle like what kind of properties they normally manage. Are they licensed and certified? It will add value if the property management company shows you their extra training program certification.
If a property manager is willing to spend money and time undertake courses, it shows that they are committed to their job. But of course, a property manager who went for courses and classes might not practice the way they were thought. Hence, you will need to look at the whole picture before selecting a property manager. Here are a few things you need to keep an eye on:
The most straightforward way to check if the property management company provides satisfying service is to check out the current projects they managing. Take a moment to stop some landlords or tenants and see how they feel about the property management companies that run their property. Discover how the management companies address their complaints? How long does it take to fix or repair maintenance issue? Is their building clean and well cared?
In order to make sure your money is worth the service, you should look into the procedure on what they are willing to do for you and what kind of duties that you are going to take part.
A software solution should be in place here. You want to find a property management company with a system that does not allow maintenance requests to fall through the cracks and require multiple tenant requests before the work is done. Ideally, landlords should be able to submit maintenance request online. You might think that, is this necessary?
According to The Malaysian Institute of Professional Property Managers (MIPPM) president Sarkunan Subramaniam, there is a real proliferation of technologist have jumped in entire property industry that the property management company cannot ignore. He also said that “Disruptive change is coming. We cannot avoid it. In fact, we must embrace it.”
The management agreement should clearly state the responsibilities of the building manager. Other than that, also pay close attention to extra fees charged, service provided, compliance with fair housing laws, hold harmless clause and keep an eye on the termination clause. The last but not least, are the terms discussed during the interview included in the contract?
However, having said that, building owners still have all the rights to manage their own properties. Joint Management Bodies (JMBs), Management Corporations (MCs) and shopping center owners can choose to manage their own buildings or hire a registered property manager of their choice.
Hence, do your research carefully on the property management companies, get a property management company that you feel convenient and reliable to help you run your property smoothly.