Saturday, September 5, 2009

Finding an Affordable Property Management Firm

Dear Property Manager:

I own a commercial plaza area in South Charlotte and I currently do/manage all the property management duties myself, from my office at the complex, however, I would like to find an affordable property management company to take over--I just don't have the time any more!

Is there a list, or place that I can go to compare prices and services? How do I find a good firm and know I am getting my money's worth?

Charlotte, NC

Dear Mike:

In the Charlotte area, you have plenty of property management companies to choose from. However, I will preface my answer to your question with "you get what you pay for..." Now, that is not to say that your can't find an affordable property manager in Charlotte... because you certainly can, but you should not be making your decision solely on price!

The first thing you can do to find an affordable property management firm is to attend a Charlotte area landlord association meeting and discuss property managers with other landlords. Attending a Charlotte real estate investor association REIA meeting may also be a good idea -- just to get feedback and advice from other investors.

My best suggestion is always to to go by referrals. Get a couple referrals from other property owners and then interview each of the property management firms. When you meet, bring a list of the services that you think you will need, and a list of questions that have for the property management firm.

The thing to remember, is that property management services are designed to make and save you time and money. So, the cost should be measured against return on investment--"affordability" is a factor that is relative!

Best of luck,
Property Manager

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