1) A local company. A local company will have knowledge of each submarket that they are in, and therefore can increase revenue, and downtime for properties that become vacant; as well as give insight into local legislation or licensing that may affect the property or tenancies.
2) A company whose management style aligns with the goals of the owner. Ultimately, a management company should know what the owner’s goals are and can adjust their management style to reflect and accomplish those goals, whether it is to reposition or upgrade the property, or to help the property run more efficiently.
3) Someone that specializes in their asset class. A management company that only manages residential property may have a difficult time managing the complexities of leases for a commercial office building, or retail center, and vice versa. Make sure the management company you choose has experience in handling your property’s asset class.
4) Dedicated contractors. Typically, management companies with dedicated contractors pass along the savings to their clients, and as such, maintenance costs for the property should also drop.
5) 24hr emergency number. You want to be rest assured that if something goes wrong after normal work hours that there is an emergency number and system in place to address the issue.
6) Company has been in business for at least three years. Nothing can better confirm the success of a company than longevity in the business. Most businesses cannot stay alive for longer than three years if they aren’t servicing their customers well.
7) A company with a dedicated lettings department. Renting out residential units in a crowded market needs significant market and investment in infrastructure.
8) Knows how to vet potential tenants (individual and corporate). This can save thousands of pounds for the landlord, by vetting out potential problem tenants before they move in.
A good property management company can make you money and save you even more.