Friday, June 5, 2009

What to Look: Commercial Property Manager

Dear Property Manager:

We need a property management company to take over the small property in Fort Mill that we own and lease out. What should I look for in a company? How do I find the perfect fit?

Steve X.
Fort Mill

Dear Steve:

For For the perfect fit, a property management company's expertise should match your needs. Is your property a real estate investment an office? It doesn't sound like you have an industrial building, a multifamily housing complex, or retail center--but is important when finding a good match to find a company that specializes in your type of space. You should also consider if your building have a vacancy, maintenance, marketing or other challenge, which will make filling it difficult.

Investigate the experience of a firms you are considering by asking what other properties like yours it manages. Be sure to ask long it has managed the properties, and what have been the results of its management--and if possible, visit them to investigate how they have been maintained.

Be sure to ask about the type of investors with whom the property management company usually works. Does it manage for individual property owners or does it specialize in working with larger companies? You need to know if the commercial property managers have expertise in the type of investor you are as well as your type of property, because they are handled so differently.

Investigate the firm's reputation, check references, and track records. Ask about insurance and accreditation and the education of the people directly handling your property. Also, get a list and description of all the services they offer, and if they are bundled, or offered a la carte.

And then, when you have asked all your questions, ask one more of them: Do they think you and your property would be a good fit for them?

Property Manager
Are you a good fit for us?

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