Selecting The Right Property Management Firm

Managing real estate is complex and can be very specialized. There are different types of property and each should have a specific type of management. For the local shopping center and other commercial establishments, commercial property managers should be experienced in net leases, percentage rents and other areas that would not pertain to, say, an apartment complex.
The expertise of the managers should match the type of investment. Is it an office, an industrial building or a strip center? What types of problems does the building currently have? Is it vacancy problems, marketing or problems with maintenance? Ask the managers you interview the types of property they have experience in, how long they have managed other properties and the results of their management. Ask to see samples of their financial management in the past. Find out what types of marketing they specialize in. Is it print, new media, newsletters, advertisements, videos or other types?

The commercial property managers who deal with retail management will be experienced in different types of establishments. When interviewing for management companies, the investor should ask what types of centers they are currently managing and if they have satisfied clients. Do they manage a strip mall, a neighborhood or community center or regional shopping centers? Shopping center management requires specific skills in accounting and the programs that handle common area maintenance, leasing tenants and billing.

The office building will require different skills from the retail establishment. Commercial property managers need talent in administration, leasing and engineering. The manager will need to know if an office building meets ADA requirements for restrooms and elevators and what those requirements are.

There are other types of property that will require different types of skills. Industrial, mobile home parks, self storage facilities, motels and other types of properties require knowledge in each specific market and the laws that apply to it. The company hired should have experience in leases of different types, tenant notices and disclosures.

Look for a manager and its company that is accredited. This accreditation sets them apart as having met higher standards that other firms in the same community have not met. They should be experienced and flexible, having knowledge about accounting, architecture, law, marketing, maintenance, leasing, sales and appraisal. A good manager who deals with clients, tenants and the investor in a straightforward way is necessary.

Commercial property managers should have a positive reputation among the business community. They should be viewed as professional and honest. They should provide services depending on the client needs. They should provide financial services such as record keeping and reporting as well as developing and monitoring budgets. The manager and its company will provide maintenance programs and implement marketing strategies. They will be responsible for rent collection and evictions and negotiating leases.

The manager will be attentive to their tenants and respond to their needs and concerns quickly. They are responsible for purchasing equipment, supplies and contracting with outside services as needed. They will also manage insurance needs and comply with any laws and regulations. And enforce all ordinances relating to fire, health and safety codes.

Commercial property managers play an important role in any investors business. Considering all the factors such as the type of property, the size of the property, location, and how difficult the property is to manage, an investor needs to research and negotiate with several managers before signing any contract. The right manager provides expertise, professionalism, solid financial future and honesty.

Visit us at http://onyxmgt.com

Onyx Management Group - How to Select A Property Management Company, Tenant Screening

When thinking about putting a home into rental service with a property management company, there are several things you will want to consider before you sign a contract with a property management company.

What are their guidelines for accepting a tenant? Are you comfortable with those guidelines? If not, find a property manager who you are more comfortable with.

The guidelines should address the following:

Credit - While most tenants have fair to bad credit, the property manager should evaluate the applicants’ credit to see what areas are delinquent. For example, if an applicant has a lot of medical debt, but paid all their other bills timely, that should be a consideration. If however, they are constantly late paying the basic living expenses, this should be a concern.

Criminal Background – In today’s world, a landlord is responsible for the occupants of the home. It is very important to screen tenants for violent crimes and previous drug arrests. While DUI’s and misdemeanors may be overlooked – crimes against people and drug related crimes should be carefully screened. Length of time since conviction and severity should be reviewed as this history follows them throughout their lives even after they have changed their lifestyle. Who hasn’t made a mistake in their youth?

Previous Rental History - Has the applicant been a good caretaker of other landlord’s property? It is very important to review rental history back several years in order to get an accurate picture of the prospective tenant. Some property managers only get a reference for the last year of residency. What if they was an issue and the landlord wants to get rid of the tenant – do you think that they would be honest with you if they are trying to get rid of them? Probably not. Therefore, if you go back several years, you will normally get a better picture. The property manager should look at several factors – number of late rents, bad checks, neighbor complaints, any damages to the property, proper notice provided, and if the landlord would rent to them again. One thing that you should also review is that the person verifying the information is the manager or owner of the home. Creative tenants provide false names to provide rental history, so if you don’t check carefully, you can get a false report.

In addition, you will want to check the county records to see if there has been a dispossessory action filed against the prospective tenants.

Proper screening is so important. A tenant that is not properly screen will cost you a lot more in damages, evictions, and lost rental payments.

For more info visit us at http://onyxmgt.com