Things to consider when hiring a property management company to help protect your investment
Selecting the right commercial property management company is one of the more important decisions a savvy investor will make. Qualified and experienced property managers can help maximize return on investment by improving cash flow, retaining tenants, and increasing the overall value of the property. Here are some things to consider when searching for a management company:
1. Experience With Your Type of Building
Whether it is a retail center, an office complex, an industrial building, or something more unique, you want a commercial property management company that has experience working with a similar property as yours. Get a feel for their past and present management portfolio to see if your property is a fit.
2. What Types of Investors Do They Deal With?
Individual real estate investors and institutional investors can have quite different goals, objectives, and needs. Does the property management company deal with investors who are looking to increase value and make a quick flip? Do they work with real estate investors with longer-term investment goals?
A good commercial property management company will have a good reputation in their market. They will be known for offering professional property management services with honesty and integrity. Check them out online to see what their past and present clients might have to say.
4. What Services Are Offered?
Come prepared with a list of services you are looking for in a management company and cross check that with the services being advertised. Services can range from financial reporting, budgeting, bill pay, and rent collection to leasing, contract specifications, and regular site visits.
5. Look for Accreditation
Look for accreditation that could help illustrate the experience and educational background of a firm’s property management staff. Designations such as Certified Property Manager (CPM) and Accredited Commercial Manager (ACoM) are two distinctions that can be earned through the Institute of Real Estate Management (IREM).
At the end of the day, you want a commercial property management company that is going to have a fundamental understanding of your goals. You want the management company to communicate well with you and tenants. You want them to care for your property as if it was their own. And remember, sometimes the best services simply come from a hardworking, organized, and detail-oriented company. Our full-service Property Management Group at Latitude Commercial is prepared to do whatever it takes to run your property the way you want, in a professional, affordable, and service-oriented way.
Want to learn more about Latitude Commercial’s property management? Call us at (219) 864-0200 or find us on Facebook. We service Lake County, Porter County, and south Chicago properties and look forward to hearing from you and showing you how we will treat your property as if we owned it ourselves!