How to choose the perfect property management company?
Changing your property manager is a time-consuming process so you do not want to do it more than once! That means that the selection process for a new firm is extremely important so you can choose the right company on your first try.
We are going to help you understand exactly how to make this choice. Whether you choose us or another company, our guidelines below can help you make an excellence decision.
The 22 Key Questions to Ask Every Property Management Company Before Hiring One
Our founder Tony Nardone developed this list of questions to assist owners and board members. With these questions in hand, the process becomes simple.
Simply ask each company in the running to answer all 22 questions and you will be able to narrow down your candidates to the few that deserve a closer look. Quality management companies will be happy to provide this information to you.
If Corner Property Management winds up on your short list of property managers to interview, then we will be happy to help you develop an even more complete list of questions that address the specific needs of your property or community.
Questions About Communication:
- Are all incoming calls answered by a live person?
- Are all after-hours messages and emails answered by noon the following business day?
- Do you provide numbers for after-hours emergencies to put you in contact with your management team or, failing that, the managing partner?
- Will you assign a single point of contact to coordinate all services for us?
Questions About Board Support
- Do you provide easy-to-understand financial reports each month, with comparisons to budget?
- Do you scan all paid invoices for easy storage and access?
- Do you advise the board on financial and operational benchmarks?
- Do you provide guidance to the board on operating and reserve budgets?
- Do you provide the board with a monthly work order status report with estimated completion dates for open orders?
- Do you provide a detailed management proposal that specifies what we will get for the fee we pay?
- Do you have a written, easy-to-use transition checklist that ensures a smooth transition to your service platform?
Questions About Service and Operations
- Do your property managers make frequent site visits to maintain property knowledge?
- Do you have a degreed engineer on staff to prepare routine bid specifications and project specifications and to provide construction management services?
- Is the project administrator available to visit our site during construction projects, track progress toward milestones, and act as a liaison between the contractors and the community?
- Do you have a performance and evaluation standard for all service providers, vendors and suppliers?
- Do you have strict written policies that prohibit the use of alcohol and drugs by your employees and all service providers?
- Do you have a list of recommended vendor/suppliers for property maintenance services that were chosen based on satisfactory or exceptional past performance?
- Do you charge a fee to vendors and/or suppliers to be on your preferred or recommended list?
- Do you charge for items like routine copies, office supplies, etc?
Questions About Company Reputation and Stability
- Will you provide us with association/owner references that we can call?
- Does your company promote the professionalism of your employees by sponsoring them to earn professional designations within the industry?
- Have you ever filed for bankruptcy for this or any other company you have owned or managed?
Looking for the best property management company near you? Our service area includes the following New Jersey counties: Bergen, Burlington, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Passaic, Ocean, Somerset, Sussex, Warren, Atlantic, Camden, Cape May, Cumberland, Gloucester, Salem, and Union. Call us today 973.376.3925 for more information or REQUEST A PROPOSAL.