Finding the right property management company is crucial. You straddle a fine line between finding one that’s going to hemorrhage money or one that will save you time and money. But where do you even start when there’s hundreds of choices to choose from and so many of them do the services you need. Narrowing down these choices could take weeks, and that doesn’t even include the interview process. Sounds difficult right? Well, it doesn’t have to be with these helpful tips:

 

1. Form a Search Committee

Because this is a decision that will ultimately impact every one in the community, find volunteers within the community who have different specialties – such as law, finance, construction. Include a few board members to ensure that the proper processes are followed.

 

2. Determine What Services You Require

Find out what services you need met and how much you are willing to pay for them. 

 

3. Draft a Proposal and Send it Out

Create a list of details and specifications, including your expectations. This will be sent to all property management companies. 

 

4. Reach Out to Other Communities for Referrals

Find similar communities and reach out. Word of mouth will give you an idea if the property management company will work for your community.

 

5. Evaluate Responses Based on Criteria

You’ll receive responses from the companies, so you’ll want to evaluate them based on fixed criteria that you have pre-determined.

 

6. Narrow Down Your Options

The evaluation process will allow you to narrow down your list to a select few.

 

7. Conduct Interviews

There should always be an interview. Have a set of interview questions designed that best suit your needs. 

 

8. Review the Contract

Have your lawyer review the contract as well. Make all the necessary changes before you sign it!

 

9. Track Performance

Annual reviews will play a key role in determining if the company is a right fit. Monitor their performance and make sure they’re delivering on their promises.

 

Finding a property management company isn’t an easy task, especially if you’ve never done it before. However, with these tips in mind, you can simplify the process and find the right company for you.

 

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