Requirements of the Property Management Business

Whether you find yourself looking for an apartment to call your home, or looking for a property management company to take over the management of your assets; there are key features you should be looking for from both sides of the aisle. You want to make sure they have the processes and procedures in place to upkeep the property for your family while you live there as well as the same processes and procedures to keep your property running at peak performance.

It is not too surprising that a property management company that is taking care of the day-to-day operations also has their eye on the ball for the long-term performance of the asset. Time and time again it is the little details in repairs and maintenance policies that have a small up front cost to correct, than deferred or ignored maintenance issues that prolonged can cost tens of thousands of dollars to correct once the issue compounds to cause more damage than the original repair.

Below are listed some of the key features you should be looking for in your next property management company whether you are renting as a tenant, or handing over the keys to your asset. These are the basis bare bones for any successful company but are critically important in property management.

A successful property management agency will have the following:

A Product: Normally a business has a product; businesses look to develop that product and anticipate its future needs. In property management the properties need to be constantly evaluated to make sure they are fitting the client’s overall goals.

Team Processes: For interviewing, selecting, hiring, training, supervising

Legal Requirements: Compliance with laws and licensing requirements

Financial Requirements: Operating funds as well as bookkeeping processes are created and followed

Protection: Maintenance of the property itself, protection of cash flow (NOI, net operating income), ultimately protecting long-term value

Emergency/Risk Management: Policies are put in place to address crisis situations for the property and tenant, and a client’s exposure to risk, as well as the neighborhoods in which the investment properties located

Marketing: Developed based on the strategic evaluation of the targeted area (SEOTA) as well as comprehensive market surveys that periodically change based on economic conditions

Customer Relations: Understanding needs of tenants and clients and fulfillment of those needs

So when shopping for a property manager or an apartment to call home; do your own due diligence to make sure you know what you are getting into before the ink dries on the contract. Make sure all of the details are spelled out and clear to understand. You want to know who is responsible for what BEFORE it becomes an issue you need to deal with. The old adage is true, “You get what you pay for”.

Do you have any other ideas on this topic you could share to help our online community? Please chime in to share a comment or review. All feedback is welcomed!

Warmest regards,

Brian Lucier
Belaire Property Management
Regional Property Manager
(978) 448-0669 office

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