How to Choose the Best Property Management Firm
Finding the right property management firm can be complex, as many firms seem to be completely the same and offer the same services. However, the expertise, experience, track record, management practices and more differ from one firm to the next. Finding the one that’s best for your rental property/properties will require some research and knowledge of what to look for. Narrowing down your choices is as simple as asking a few questions, including:
- What are the contract terms?
- How long have they been in business?
- What are their managers’ qualifications?
- How many properties does the firm manage?
What Are the Contract Terms?
Full-service management contracts usually last one to two years. However, some companies offer bonuses for renewing your contract every year. Moreover, there may be fees or penalties for terminating your contract early or for violating the terms. This makes the terms of your contract a major consideration when looking at the best property management companies Edmonton has to offer. Look for a company with clearly-defined, flexible terms, benefits for contract renewal and reasonable fees.
How Long Have They Been in Business?
Like many businesses, property management firms crop up all the time. However, property management is an industry with a fast turnover rate, so unfortunately, firms also go out of business all the time. The best way to protect yourself against this problem is simply to find a firm that has been in business for at least five years. But, ideally, you’ll want a firm with at least ten years in the industry.
Years of experience will mean expertise in maintenance, legal matters, emergency response and accounting. So, if you’re new to the rental game, a good management firm will be able to show you how to solve complex problems while helping you succeed in an often high-stakes investment environment.
What Are Their Managers’ Qualifications?
The qualifications of the managers from the firm you choose are tantamount to the day-to-day operations of your rental property/properties. These managers should have suitable qualifications and proper training to respond to any issue. If you're looking for condominium management companies in Edmonton that have experienced management teams with bench depth and training programs, such as board member training and associate education are preferable. Additionally, check the managers’ training and memberships to ensure they’re properly certified and operating in adherence with the latest local laws and regulations.
How Many Properties Does the Firm Manage?
It may seem that having more properties to manage is evidence of a firm’s abilities and reputation, but that’s not true. In fact, a firm with less properties to manage will have more time to devote to you and provide the highest level of service. However, choosing a small firm to manage your property isn’t the answer either. Small property management firms typically have one manager running multiple properties – too many properties. This means you won’t get the support and service you need. Working with a mid-size to larger company is the best solution for property management. These companies have more managers, experience, flexibility and resources to provide to you.