Even though critical to tenant satisfaction, selecting the perfect property management team does not have to be complicated or time consuming. Because property owners often lack the time and resources to maintain and operate commercial properties, this article presents the top five (5) tips to expeditiously find and select the perfect property management team.
After all, the services provided by the perfect property management company will make property ownership easier and can free up time for property owners to secure additional streams of income or assets they may plan to leverage. Enabling the property management team to do the day-to-day work will free up the property owner and investors to find more opportunities and earn more income – that’s time management for the win!
That being said, not just any property management team will do. It is vital to select one that is staffed with qualified and professional managers to protect the investment and maintain (and yes, even improve) tenant satisfaction.
Choosing a commercial property management company is one of the toughest decisions investors and owners will have to make – especially in today’s intricate real estate markets – but totally a cinch with these top five (5) tips:
What to Look For In the Perfect Property Management Company
1. Hiding in Plain Sight: Select a One-Stop-Shop For Property Management
This first tip for selecting the perfect property management team is hiding in plain sight. The best place to start is to check with your leasing company. Do they offer property management services? It makes perfect sense. No one knows the property better than the person selling it, so being able to provide seamless transitions for tenants from leasing to occupancy is invaluable. The tenant’s expectations are consistently met, and they can expect a superb level of communication, understanding, and commitment. It also erases any tension in terms of leasing expectations when both the leasing agent and the property manager work on the same team.
2. The Property Management Team is Professional
When it comes to property management, it is very important to hire professionals. Anyone can evaluate a staff based upon their credentials, but what about the intangibles? It is possible to hire a property management team that is competent at operations, accounting, maintenance, etc., but what intangible skills do they possess? How do they handle emergencies, disruptions, fire outbreaks, floods, chemical hazards, or any other disasters that may arise? Any team anywhere can manage a property when things are on autopilot. When your tenants are frustrated, can your team remain calm? When the “you know what” goes sideways, can they deliver? When interviewing, ask them: “What crises have you weathered and how did you manage it?” Ask them about their worst day ever, and then ask, “How did you save the day?”
3. The Property Management Team is Accredited
Choosing a property management firm that has qualified professionals who are skilled in accounting, maintenance, architecture, and law, but also accredited, is critical. Look for a CCIM or a Certified Commercial Investment Member. The CCIM designation remains the gold standard for commercial real estate professionals. For it to be called a management company, it must have at least one of the credentials to qualify its expertise as a property manager; Certified Property Manager (CPM), Real Property Administrator (RPA), and Certified Shopping Center Manager (CSM). Moreover, the IREM (Institute of Real Estate Managers) awards the credentialed management organization designations to exemplary firms such as TXRE Properties when these firms meet their high standards and criteria. Credentialing exists to protect consumers and help identify the best professionals available in the industry.
4. The Property Management Team is Experienced
This tip is fairly obvious – and 100% necessary. While the adage, “Everyone starts somewhere,” is true, newbies can earn their chops elsewhere. Hire an experienced team, with decades of practice and with a proven track record. Nothing else will do. Nothing.
5. The Property Management Team is Local and Connected
The best property management team is connected locally and well liked. There is simply no substitute for the local rolodex and strong interpersonal connections. Experienced property management professionals know who to call when they need things done, but the best-of-the-best property management professionals ensure that the person they are calling actually answers the phone. It is imperative that the team has the rolodex and bench needed to operate and maintain a commercial property operation. When interviewing a prospective team, ask them for their list of preferred vendors and interview them as well.
Dallas/ Fort Worth Property Management Experts
When it comes to choosing a commercial property management company, stick with these top five (5) tips to ensure success. Interested in learning more, or picking the brain of a Property Management Team that is vetted, credentialed, proven, battle-tested, local to the Dallas/Fort Worth area, and unrivaled in professionalism? Contact TXRE today.