PROPERTY MANAGEMENT FAQS
PROPERTY MANAGEMENT FAQS
The most basic definition of property management is: the operation, control and oversight of a piece of real estate, including condos, commercial office buildings, mixed use properties and more.
Successful property management is when a person, board, community or third-party company, is held accountable for, and closely monitors and cares for the real estate to ensure it remains in good condition physically, financially and operationally.
A full-service property management company will help their clients achieve success in many ways, a few of which are planning for their financial future, proactively assessing their maintenance needs, meticulously reviewing their insurance policies, addressing any and all legal matters, and enforcing community rules and regulations and much more.
Traditionally, a property management company handles some – or all – of a property’s financial, administrative, maintenance and operational tasks. Including preparing inspection reports identifying capital project needs, bidding out construction projects, creating financial analysis packages and funding plans, enforcing bylaws, shopping for quality insurance policies, and answering all of your property related questions. The services of a property management company are extensive.
If you are in search of a better property management solution for your condo association or commercial property, it is critical that you find a company that has the skills, know-how, and modern technology necessary to not only help you maximize your property’s full potential, but also allows you to optimize the time, energy and investment you personally spend on it.
Finding a property management partner who is as serious about your investment as you are can be a challenge, but we are confident that these four extra steps will help you better determine which company is right for you and your property.
• Ask for references – one of the best ways to determine if a property management company is right for you is to speak to their current clients. Most, if not all, reputable property management companies should be able to produce a reference list for you to review. With a series of questions in hand, contact one, two or all of their references and ask them to speak candidly about their management company. Their answers will help you to better determine if they are right for you and your needs.
• Visit their website – take a look at their company website, as well as their Google page and social media accounts. Are you impressed with their services, reviews and features? Are their sites up to date and easy to navigate? Are you able to access online resources and management tools quickly and efficiently?
• Place value on your first impression – when starting a new relationship with a new vendor, it is critical to schedule a consultation, whether in person or over the phone. A consultation is a great way to ask detailed questions about things that are not addressed online, speak to a representative of the company, and, most important, form a first impression. After this meeting, ask yourself the following questions: Do they sound knowledgeable? Are they believable and trustworthy? Do they seem professional and sincere?
• Ask detailed questions – as we mentioned above, the consultative process is a great opportunity to ask your possible new management partner a few questions. This interview style approach will give you a better sense of who a company is, what they stand for, and the services they provide.
As with so many things, the honest answer to this question is, “it depends”. All property management companies are not created equal, so the costs, of course, vary. However, most property management companies will customize a program to meet your unique property and budgetary needs.
We may be a bit biased, but we certainly think so. Managing a successful piece of real estate is involved and often times complex.
As an elected member of your association’s board, a real estate investor, or a mixed-use property owner, you are expected to make smart and deliberate decisions on behalf of your property, communicate clearly and regularly to all stakeholders, remain impartial to your shared investment, and have enough knowledge and experience to handle all the financial planning and maintenance required.
Instead of going at it alone, and becoming overwhelmed with the day to day, you can partner with an experienced full-service property management company, like Peacock Properties, who will not only make sure your investment is properly looked after, but also save you time, money and frustration.
These questions are some of the most common inquiries we receive and we’ve given you detailed, but pretty general answers to help you get started. However, since every property and community is different, we encourage you to contact us to get more personalized advice and support.