When it comes time to choose an apartment management company, there are a few factors you’ll want to keep in mind. It’s important to select a team with the experience and resources necessary to handle your property effectively while also minding the costs involved. Here are five things you should consider before making your decision:
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Their Knowledge and Experience
You’ll want to look at whether the company has experience with your type of property. Every market and property is different, so the team you choose must have a wealth of knowledge of managing your specific kind of asset. You don’t want to end up with a commercial property specialist while you need a company specializing in residential companies.
Number of Properties
The number of properties you want to manage is also an important factor when choosing the ideal apartment complex management company. Some companies have a limited number of properties they manage, while others may have an unlimited amount. If you’re looking for a smaller management company with fewer properties, be sure to ask how many total units they are currently managing.
Services Offered
Not all property management companies offer the same services. Make sure you ask about all the services your management company will offer. Services can include, but are not limited to:
- Marketing and leasing of units
- Rent collection
- Property maintenance
- Eviction services
- Tenant screening
An ideal management company can offer all the services you need in the best way possible. If your property is a rental unit, you’ll need a company that provides effective tenant screening, eviction services, property maintenance, and rent collection, among other services. If they don’t, they should refer you to a company that can help.
Location
The location of the company you want to work with should be close to your property. This will minimize the travel time and expenses you’ll incur when working with them and help ensure your tenants always get services on time. Keep this crucial factor in mind, especially if you intend to work with them in the long run.
Technology Portfolio
Generally, technology is changing the face of homeownership, and the technology an apartment management company uses can say a lot about it. If they’re still using pen and paper to track tasks or their website is from the early 2000s, that’s not a good sign. They should have updated software for tracking rent payments, maintenance requests, and other property-related tasks. Their website should also be mobile-friendly so that people can access it from anywhere.
An apartment management company’s technology portfolio reflects its commitment to quality and modernization. If they’re not keeping up with the times, then they’re likely not doing other things well either.
When choosing an apartment management company, you’ll want to consider more than just their price. Make sure to look at all aspects of their business, especially their technology portfolio, knowledge and experience with your type of product, and the specific services they offer. If these three don’t meet your expectations, likely, they won’t be able to provide the best service possible.
