You worked hard for years, saved and searched, and took out a mortgage or a loan from your parents to buy a property in a reality where most people can't. Beyond being a property, it is also an investment, one that should be placed in good hands.
A property has many systems that need regular servicing and inspections, fault handling and dealings with tenants, so when it comes to choosing a management and maintenance company, you should examine the companies with great care.
That is why we put together 6 strategies for choosing a management company.
- Think long term
A building needs routine servicing and emergency response, as well as constant, comprehensive maintenance and the best equipment. All of these conditions are essential to preserve and increase the property's value and to make sure the building is safe and fully insured. As tempting as it is to hire a cheap management and maintenance company, it can be a costly mistake in the long run. Because the building's systems, procedures and regulations are highly sensitive, they require skilled hands, certified professionals and the highest-quality equipment on the market. So when it comes to pricing, we recommend seeing it as a long-term investment. You may pay the company more, but you will avoid recurring faults, lawsuits and safety problems. - Always there when you need them
Some faults and problems happen from one moment to the next, and they can also happen at unexpected times, such as holidays or nights. One of the best strategies for choosing a management company is to evaluate its service. The questions you should ask are: How available is the management company? How can you contact it? How do you report faults? What is the response time, and how quickly is a fault handled?
A good management and maintenance company will offer high availability and convenience when it comes to reporting and handling faults. - So transparent you can see right through it
Transparency is one of the most important traits of a property management and maintenance company. A company with nothing to hide will give access to monthly reports and answer every question you ask, easy or hard. When you decide to interview a management and maintenance company, prepare questions in advance and don't be afraid to ask them. Pay attention to the openness and transparency the company shows, and ask about its fault-handling process, the professionals it works with and, of course, the reports and information you will receive from it. - Trust the certified
A serious, law-abiding management company will give you access to its certificates and accreditations.
It is also a good idea to ask about the professionals the company works with, whether they receive the social benefits they are entitled to and, of course, whether they are legally employed. Don't be afraid to ask to see licenses and certificates, and how professionals are vetted, if there is such a process. - Work methodology
Now comes the interview stage. We recommend scheduling a meeting with your candidate companies. Before the meeting, prepare a sheet with all the questions that matter to you.
Ask about their way of working, the principles that are important to them, how they deal with residents or tenants, how collection works, what their methods of operation are, how faults are reported and more.
When interviewing, it is important to pay attention to how the company responds to your questions, and how each candidate reacts.
Look for the company that listens and is open, and that makes you feel comfortable and confident.
Finally, pay attention to the questions that made candidates uncomfortable, to assess their reliability and commitment to you and your property, and of course, listen to your gut feeling. - Signing the contract
Congratulations! You checked, researched and finally found a maintenance company worthy of managing your property. Good work.
Now it's time to sign the contract. Before signing, make sure you understand and are familiar with every clause in the contract. It is even recommended to have a lawyer review the agreement.
Whatever the terms are, the main thing is that they match what you discussed during the interview and what you agreed between you.
Bottom line: Finding a good, reliable and professional management company is a process that takes time and research. Your property is an investment you worked hard to achieve, so it is important to invest in choosing a company that will manage and maintain it for you.
When the time comes to choose a management company, the right things to do are interviews, checking the company's level of transparency, asking questions (including hard ones), checking licenses and documents, and thinking long term.
Remember that in the end, your goal is to find a company that will not only manage the property, but treat it as if it were its own.
