5 qualities to look for when hiring a property management company

As a landlord, one of the biggest decisions you’ll make is whether or not to hire a property management company. Some landlords want to manage their properties on their own, while others rely on a property management firm to help in a variety of ways.

Property maintenance is a big benefit, but property management companies can also help with the marketing of properties, lease renewals, collecting rent, and budget projections, among other things. So, if you are thinking about hiring a property management company, make sure that you hire one with a solid reputation, an impeccable track record, and one you can trust.

Here are 5 qualities to look for when hiring a property management company:

• Experience – This goes without saying. You want a property management company that has either been around for a while, or if it’s relatively new, is run by people who have been in the industry for several years and understand the ins and outs of commercial property management. Be sure to ask for references and talk to some of the employees to really get a feel for the company.

• Tenant relations – Obviously, for a property to survive, a landlord needs tenants. One of the many critical tasks of any property management firm is how they go about getting and retaining tenants. Do they have a plan to maintain relations with the tenants throughout the life of their lease, and what efforts do they make to keep the tenants upon the expiration of the lease? These are important questions to ask.

• Tenant procedures – Just as important as tenant relations is the processes and procedures the property management company has established in dealing with tenants on a day-to-day basis. Do they have a move-in/move-out procedure as well as a process for after-hours maintenance? These policies are critical for running a tight ship in a professional manner.

• Maintenance – Speaking of maintenance, you want your property management company to have maintenance resources available for the tenants as soon as they may need one. The maintenance workers should be clean-cut and professional, as they oftentimes are the face of the property, and they should all follow the same procedure – including record-keeping – when responding to a maintenance call.

• Financial reporting – Understanding the financials of your property or properties is critical. Will the property management company provide you with monthly reports, and if so, what will those reports cover? Can the reports be set up in different systems for accounting purposes? Will the property management company help with budget projections and payment of operating expenses?

This is why hiring a property management company is crucial for your commercial property. They have the expertise and knowledge to handle all of these tasks efficiently and effectively, allowing you to focus on other aspects of your business. A good property management company will also ensure that your property is compliant with all local laws and regulations, avoiding any potential legal issues.

Additionally, hiring a property management company can help increase the value of your commercial property by ensuring that it is well-maintained and attractive to potential tenants. This includes regular inspections, preventative maintenance plans, and handling any necessary repairs promptly.

They can also assist with tenant relations, such as handling lease agreements, collecting rent payments, addressing complaints or concerns, and enforcing rules and regulations. This relieves you from having to deal directly with tenants and allows for a more professional and efficient management of your property.

Property management companies also have a network of trusted contractors, vendors, and service providers that they work with regularly. This can save you time and hassle when finding reliable individuals for maintenance or repair work on your property.

In addition to these benefits, a property management company can also provide financial services, such as bookkeeping, budgeting, and tax preparation. They will keep track of all income and expenses related to your property, providing you with detailed reports and ensuring that everything is accounted for accurately.

Overall, hiring a reputable property management company can alleviate many of the stresses and responsibilities associated with owning a commercial property. They will handle the day-to-day operations while keeping your best interests in mind. This allows you to focus on your business.

Clarity Commercial is an experienced and professional property management company based in the Twin Cities. We manage a wide-range of commercial properties, including multi-story office buildings, warehouse facilities, retail spaces, and industrial properties, and we offer a variety of services to our clients. Please hiring a property management company!

From marketing and maintenance to lease negotiations and renewals, budget projections, site inspections, financial reporting, security system management, and so much more, we work hard on behalf of our clients.

Contact us today to schedule some time to talk. We’d love to learn more about you and your properties, and discuss ways we can help!

For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.

Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.