HOW TO SELECT THE CORRECT MANAGEMENT COMPANY FOR YOUR OFFICE PROPERTY
Your office property is an asset that requires proactive and professional management to protect it properly. Clients often ask us, “How can I choose the right property management company for my office property?” There are a number of vendors in the market, and it can be difficult to know which one will do the best job for you.
Choosing the right property management company can be an overwhelming task, especially if you are a first-time property owner. What qualifications should you be looking for? How do you sort the subpar companies from the ones who will protect your investment as if it were their own?
With that in mind, we gathered pro tips on how to choose a great office property manager that should be a perfect match!
- Experience of the firms’ owner(s): It is important to determine how long the office management firm being considered has been working in commercial property management, and to make sure that this is not a “quick fix” business to carry them through the recession. Thus, make sure you ask for their background, history, and resume before spending too much time with a particular firm.
- Qualifications: Many firms have specific hiring requirements and standards for property managers; the proper education, training, and background must be met. If an inexperienced manager is hired, it is just a matter of time before your property will suffer. Ask to meet the individual managers.
- Maintenance: In today’s tenant-driven market, it is important that tenants are not waiting days for service requests. Ask to see how each work order is handled and how the preventative maintenance is documented and managed. Meet one or more of the maintenance personnel to know if they are professional or not.
- Local Presence and Reputation: What is the local presence of the company that you are considering? The company should have an established local presence. A larger local presence often means they will have a better ability to address your property’s needs due to a large base of employees, connections, and resources. Not only will they be familiar with and have existing relationships with local vendors, but there are also economies of scale that can be secured by working with a firm that represents a number of properties in one market.
Beyond vendor relations, it is equally as important that your property management company has a good reputation with its tenants and other building owners.
- Financial reporting: Are you going to be provided with monthly reports and a budget for the building? What do the reports contain and are they user-friendly? Can they be set up in a different format for accounting purposes? Ask to see what can be provided.
VW Properties offer solutions that help operate your property effortlessly, increase its desirability, and boost its investment value.
Whether you are looking to build a property, remodel it, manage it, or buy it – let our experts shoulder the responsibility, while you reap the rewards. We operate with a personalized touch that we consider is essential for a successful business.
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