Selecting the best possible property manager for your condominium community can be difficult. You will need to find a firm that can effectively manage your property's finances and facilities, as well as perform key administrative duties. With sound planning and good interview techniques, you and your fellow board members can make this process much more manageable and, ultimately, successful.
First, you'll need to identify the needs and goals of your property and the management firm you hope to bring on. Will they be conducting full property management services, or will they only assist with certain aspects of your community? Are you looking for a large company with lots of resources to take control, or are you looking for a smaller firm? Answering these questions can help narrow your search.
Meeting the candidates
Next, you will want to conduct interviews in front of your board. During this process, there are a few key characteristics to look for in your potential property management service provider, including:
- Communication and customer service: These will be two of the most important aspects of a property manager's role at your condo community. During your interviews, you'll likely be able to tell if the team takes an effective approach to communication and serving the needs of residents.
- Experience and knowledge: A good place to start is to ask for references, which should give you a good idea of current properties the firm manages. You may also ask for a list of former properties and ask their condo boards how the firm performed.
- Outside commitments: The property management firm you hire should have the capacity to provide your condo community with ample attention. Try to avoid providers that seem stretched too thin.
Most importantly, your condo board will want to work with a reputable property management firm that your members can trust with handling financial statements, budgets and compliance reporting. Whether you choose a larger or smaller firm, you should be completely confident in its team's ability to take care of your community and all of the people who call it home.
Consider these tips as you engage in this very important process for your condominium community.