If you are new to the commercial real estate industry, there are certain aspects that can be confusing and overwhelming. For example, what can and should you expect from your property management company? There are some services you should get from capable management firms. You should be able to ask for guidance, reports, management and consistency.
The group you work with should have a technical knowledge of the industry. With that knowledge, the managers in the firm should be able to give you guidance if you need it. Are you looking at purchasing a new property in the city that the company is located in? If so, you should be able to ask them for advice on good areas to buy in. Maybe you need to increase your profits. The team should be able to give you tips about how to increase rent without losing tenants or share late fees.
You should also be able to ask that your property management company keeps you in the loop through reports. The corporation can send you accounting statements related to your properties. The team can deposit rent payments into your account or send you checks. You should be able to get reports about major problems that came up and what the company did to fix it. As the properties are yours, the firm should be willing to keep you in the know.
Obviously, you should be able to ask the business to manage your properties. This means you should be able to expect that someone visits tenants, fixes problems, collects rent, enforces rules and keeps up the property. This is what you are paying the group for, so this is exactly what you should get. It is not unreasonable for you to expect this kind of service from a property management company.
You should also get consistency from your managers. Written guidelines and common practices are the norm. Some companies always use contractors to fix issues while others have plumbers and electricians on the payroll. It is okay if you want certain issues to be handled the same way every time they come up because that is what should be done.
While there are certain characteristics you should be able to get from a property management team, you have to be sure you are straightforward about what you expect. You can do this by asking questions early on before you hire the firm. The questions you ask will ensure that the group you do hire is capable of doing what you need and want.