It is not a simple decision when you hire the services of a property management company. Do it right, and you will have a management firm that would add to the value of your property and will enhance your budget. A proper company will ensure that you get maximum safety and a comfortable residential living style. The company makes sure that all of such parameters are in check, along with excellent services. However, if you hire the wrong company, you can face financial issues. Apart from financial losses, you can find yourself in conflicts within your committee and friction among your tenants. It is necessary to investigate thoroughly before making this arrangement.
So how would you get a property manager who would provide your strata with the most reliable assistance? We discuss ten critical elements that you should consult with the strata management companies so you can make a smart selection.
1. The Number of Properties Under the Management
Although the answer cannot fall in either the wrong or right category, it will give you some perspective. A strata manager who has fewer properties to manage can provide more time to you and attend to your requirements. At times resident prefers to go to small companies, feeling they would get more attention from such firms. The assumption is that a small business will have more time in hand than the big companies to manage resident affairs. However, often, that is not the case. A small company has one manager who ends up having the management of many properties. Overwhelmed with the responsibilities, the manager cannot give full time to all concerns and can even go on sick leave.
A more prominent company has more resources and industry knowledge. They also have connections with most vendors, enabling them to get better services for the community.
2. What eligibilities do your property managers hold?
The day-to-day operations in the community can bring many situations. You would want to make sure the manager who will be responsible for handling such cases has the qualification and training to handle all circumstances. Search for businesses that give professional and experienced management groups. Those companies that have the space and support for ongoing leadership and development training is a good pick. Because rules and statutes regularly change, assure that your strata manager is part of all current practices training and keeps professional memberships for development programs.
3. Will I have an effortless reach to the administration team?
You need to work with a firm that you can reach easily at the time of need. A professional management firm is approachable and will take less time to handle any problems. The company will have different ways that you can use to contact them. These firms, especially those that have property management software for direct interaction, are preferred over those who take ages to reply!
4. How often would the company correspond?
A good company will set a schedule to reach out to you for communications. You need a company that makes a proper schedule for all operations such as handling the directive lists, over viewing the monthly financial reports, and matters concerning the health checks of the property. The company should assure attendance in all council meetings as a means to serve the property interest fully. The property management company should also have someone ready to attend to the queries at all times. The right strata management company is the one that has a fully-functional customer service center, available 24/7 to respond to the owner’s questions. It also frees the manager from routine hassles so he can focus on the primary responsibility of administering the property.
5. How will a strata administrator be chosen for my society?
All strata companies are distinctive. To give the most excellent assistance, property management firms should have the best manager to meet the requirements of your neighborhood. For instance, if a majority of your community’s tenants speak an international language, you will want a property management company that can cater to the language barries. A right company will provide you a manager who would be fluent in the language that the majority speaks. This language proficiency enables the manager to help the residents with all queries. If you work with a reputable and large company, they will have the resources to find the fitting manager for your strata.
6. What services will you get?
You will come across many companies that can claim to be a full-service residential firm. However, this claim could mean many things within the business. You should understand the services you will get. Will the management help with the necessary preparation, organizing preventative keeping, and fee collecting? Get a listing of what assistance are in the service package before you contract a property management firm. You should make all matters about the payment clear before you move forward. You should know what you will pay upfront as well as the recurring expenses so that you can select the best services for your community. Lastly, ask for any other help the property management company will provide to the community manager. These include warranty services, human resource help, front desk access, and ongoing training.
7. What are the stipulations of the contractual agreement?
When you sign a service agreement, it is not a simple document. An agency agreement is a full document that has all the provisions of the arrangements that will determine the services of the strata management company. A firm contract will list down the duties of your management services and put your strata corporation as the principal client of the firm. To support strata committees analyze property management firms reasonably, many strata agencies in BC apply a patterned agreement arranged for members of SPABC. This agreement helps strata councils to understand better and analyze the assistance open to them.
8. Do you have testimonials?
The most reliable property management firms can give customer testimonials, reviews, and recommendations from the strata they control. Pay close consideration to the client reviews of those services, that you are specifically looking for your property.
9. How do you manage maintenance problems when they emerge?
A reputable property management firm will have systems in place that explicitly explain how they’ll react to maintenance and any other crisis problems that may occur. As we all know, these problems come up when they are the most troublesome. Look out for companies that have some emergency plans in place to deal with the after-hours crisis. Also, find out their working arrangement with the best vendors. You should make sure that the company will be willing to negotiate on your behalf with the vendors and get your best services at reasonable costs. Are they willing to pay the bills for you? If you work with the best property management firm, the services will make sure they provide you with cost-effective solutions that would save your community money. The firms will check for the best services for the maintenance of your community’s goods.
10. How long have you been handling properties?
Property management businesses may come and go, and this may have you and your council in a dilemma. Locating a property management company that has been in the industry for a long time is an invaluable approach to guarantee that your firm is here to serve
If you require a service that can help your community with legal, accounting, banking, and emergency and repair services, you should look for companies with years of experience under the belt.
The most significant advantage by far for your community is that a business with persistence has most probably confronted and resolved any concern or difficulty your neighborhood has. You can rest assured that there’s no issue big or small that the management services haven’t witnessed before.