5 Tips to Pick the Right Commercial Property Management Company

 

Just because you are leaving your old place does not mean that you can’t make a profit out of it. Apart from selling the entire place, you will have the option of turning it into a solid source of income as a commercial rental property. For this you will need the services of a commercial property manager.To get the best commercial property management in Seattle, you need to consider a few tips.

Know Their Work

Before youstart looking for a commercial property manager, the very first thing that you need to do is to understand how they work. Basically, commercial property managers are in charge of all transactions between the ones renting the place and the owner. Most of their work will revolve around screening clients, collecting rent, notifying tenants and facilitating transitions between clients and evictions.

Aside from this, a commercial property management service will also perform and oversee repairs on the property on the request of the clients and upon approval of the owner.Lastly, commercial property management services will audit the rental spaces and perform inspections on the place on a regular basis.

Have More Than One Candidate

Though it could be tempting to pick the first candidate you see to make your search easier, it can seriously limit your options. Before you make a final decision, it would be best that you get more than one commercial property management service. At least 3 options would be the optimum number if you have no prior experience with this service. Through this, you will get a good idea of how much their services should cost you and the quality of work you can expect.

Get Referrals

Just like any professional service, commercial property managers rely on the feedback of their clients in order to have a steady flow of income. This means that you can get a lot of referrals in order to find the right management service for you. Ask around friends, family and coworkers to see if they know someone in the property management industry or have worked with one in the past.

A lot of business owners have worked with one in the past and you can draw reference from their account. Is the property kind and courteous? Do they perform regular repairs and inspections in the rental property? Are they fair in evictions and renewal of contracts? These questions can be answered through the referrals you get from the people around you.

Check the License and Certifications

A commercial property management service should pass state standards before they are able to render any kind of work for the clients. As of now, states are requiring all kinds of property management service to possess a property management license or a real estate broker’s license in order to show any commercial property to prospective clients.

Apart from that, any company that provides commercial property management in Seattle should be affiliated by several organizations like the Institute of Real Estate Management (IREM) to assure clients that they are capable of performing quality work. With these credentials, you can be certain that the commercial property manager has what it takes to facilitate your commercial property and turn a considerable amount of profit for you.

Selecting a Home Owner Associations Management Company Properly: 5 Tips to Remember

There are many reasons why a small community would want a management company to look over the finer details of running the place in their stead. Either way, the look for a good Seattle home owner associations management company can be time consuming and difficult. However, this is only apparent if you do not know where to look. Fortunately, there are several tips to remember to make your search for the company quicker and easier. Here are some of them.

Know What You Want

Before you start on looking for any management company, it is best that you establish first your expectations for what the company can do for your association. You have to be familiar with your association’s governing documents and understand the standards they stipulate for any company that will manage its properties. This will give you an idea of what to look for in a property management company.

Give Ample Time

Though the process of looking for a suitable company can be quite difficult at first, you can make it easier if you plan ahead and set a reasonable deadline. Give enough time in looking and screening candidates so as not to make a rushed decision. A month or two will be optimum in looking for a company, negotiating with them and finally, awarding the contract to the most suitable candidate. After that, you must also give the company enough time to look at your records and transfer them to your system. This way, they can adjust themselves to your association’s standards and work effectively.

Ask

Armed with your set of criteria, you must ask every candidate company several questions to gauge their ability to manage over the association’s properties. To get a good comparison, it is best that you ask the same set of questions for every bidding company and monitor their responses closely. How long have they been in business? What is their ownership structure? Are they involved in more than one type of property management service? These are but a few questions you can ask to give yourself an idea on the company’s level of quality.

Understand the Costs

A lot of property management services are charged on a monthly per-unit basis which means the costs you will expect to make should be a major factor in your search for the right company. Make a fair comparison for all the quotes that every bidding company gives to you during the interview. Also, ask if the fees can be negotiable and how long they are in effect. Any company that offers you a comfortable yet reasonable service fee might be suitable to what you are looking for.

Mind the Contract

Before you settle on one Seattle Home owner associations management company, it is important that you take a look at their contract. Make sure that you understand every term and conditions detailed on the document and agree on it. It is important the contract contains every aspect that you discussed with the company before signing it. Once you have agreed on the contract terms, you will find that your working relationship with the company will be as effective and long-lasting as possible.