- By Daniel smith
- Published 03/9/2012
When you have to take care of an investment property, getting the services of a property management company becomes necessary. It is possible to handle the diverse tasks associated with the management of a residential or commercial property with the help of the right management companies. Moreover, appointing such a company also ensures that time and effort is not wasted on this.
Before you start looking for such companies, it is essential to identify your objectives. Consider the tasks you want the company to handle – do you want to avail every service the company offers or just some of them, do you want the approach to be general or a more customised one, do you want the property manager to remain onsite throughout the span of the project, and such other details need to be worked out.
Finding the right management company is essential to ensure quality services at reasonable charges. It is a good idea to select a few companies at the initial stage, compare services and costs, and then settle on one that suits your purpose. How do you determine which property management company would be the right one for you? Here are a few points to consider when you are trying to take a decision in this regard.
Enquire about the years the company has been working in this field and what other property owners who have worked with them say about them. This would give you an idea about the types of management projects they have handled as well as the way they have handled them. Requesting for references or asking for client testimonials may be able to provide you with the details you seek.
Another thing to consider is the niche market which the service specialises in. If your property management requires a company specialising in retail facilities management, choosing one specialising in residential properties may not be the right decision. Check out the company portfolio to get an idea about their area of specialisation and choose them only if this corresponds to your requirement.
Apart from enquiring about the reputation of the company in the real estate market, you also need to check out the qualification and experience of the manager who would be handling your project. Enquire about the company’s as well as the manager’s accreditation. Also, try accumulating details of the procedures and policies of the company. This would ensure proper understanding of the way the company works.
Make sure you get the details of the services you avail and the respective charges for these in the management contract. Review every term and condition that you, or the management company, puts in this contract. If necessary, get advice from a solicitor before entering into such an agreement. Writing down everything makes it possible to avoid hassles later, especially the ones involving costs.
Choosing the right property management company can reduce the hassles faced by the owner considerably. However, keeping in mind the right criteria is important when you are making this choice.
Daniel Smith has worked as property consultant in Ireland and specialises in offering real estate advice. He provides tips and suggestions for choosing management companies for residential and commercial properties. Whether you were looking for an estate agent for selling house or for managing office to let, he suggests you to visit http://www.lisney.com/ for more details.