As a board member and shareholder, you have a lot of responsibility. Your co-op has to deal with maintenance requests, late maintenance payments, and a whole host of other headaches. It’s a full-time job, and one that most people just don’t have the time or energy for. That’s where a property management company comes in. These companies can take care of all the day-to-day tasks associated with owning a property.
But not all property management companies are created equal. In fact, picking the wrong one can end up costing you a lot of money—and causing a lot of headaches. Here’s how to pick a property management company (and avoid the wrong one).
1. Do your research
This step is critical. You wouldn’t buy a car without doing any research, so why would you hire a property management company without first doing your due diligence? Read online reviews, talk to other Board members, and get recommendations from people you trust. Ask for references of similar buildings.
2. Ask about their fees
Most property management companies charge a percentage of the monthly rent as their fee. However, some might also charge additional fees for things like marketing your property or screening tenants. Be sure to ask about all potential fees before signing any agreements so there are no surprises down the road.
3. Get everything in writing
Once you’ve found a property management company that you’re happy with, be sure to get everything in writing before giving them the keys to your property. This includes their fees, what services they will and won’t provide, and how they will communicate with you about what’s going on with your property. Getting everything in writing will protect both you and them in the event that there is ever any misunderstanding about what was agreed upon.
While finding the right property management company might take some time and effort, it will be well worth it in the end. By following these three steps, you can avoid costly mistakes and find a company that will help simplify your life as a Board member—allowing you to actually enjoy being a property owner.
We would be happy to discuss our property management services with you to see if we are a good fit, you can reach us directly at 718.626.8833
