Property management is defined as an activity that is aimed at maximizing revenue from a specific property over its whole economic lifespan. This role is carried out by a property manager that is assigned to a property management company. This implies that the major aim of the property manager should be the achievement of an increase in revenue. Additionally, such an increase in revenue is dependent upon maintaining the property’s physical integrity. Therefore, the property management company will strive to meet the requirements of the client while at the same time ensuring that the property’s economic life is maximized.
Strata management, on the other hand, is the exact opposite of property management; its chief aim is to maintain low maintenance charges but also ensure that they do not compromise the property’s integrity.
Choosing a property management company to manage your rental building or strata can be a daunting task (tell me about it) especially due to the influx of property management agents from less than reputable companies. However, after finding a strata property management company for our building while being on the strata committee I have a few tips for choosing the ultimate company that will manage your property in the most economical way. They include:
Preparation of tender procedures
The procedures include a list of questions, items or requirements that aid in arriving at the specific management needs of the property owner. These guidelines will compel the strata or property managers to come up with their financial and operational requirements that help both parties reach a compromise on the proposals submitted.
The nature of the property
Rental and strata management requirements are similar on many fronts. However, the major focus of the property owner should be on management companies that have a good reputation, have professional property managers with a wealth of experience in managing strata or rentals. Additionally you should make sure that you understand the requisite legislation that governs the management of properties.
Ask for Referrals
This is how I found our new company. People who have experienced the services you seek are better placed to point you to the best service providers. They will provide you with a list of the reputable management firms that you should consider working with.
Ensure you have access to the company you choose to work with
Some strata management firms in Vancouver are nationwide and therefore getting access to them in case of any dissatisfaction can prove a daunting task. Therefore, you need a localized property manager so that you can have your issues addressed much faster. In addition, you should choose a property manager who understands the local real estate dynamics and hence can address your issues better.
Have Personal contact with your property manager
Hire a property manager that you have personally interviewed and gauged their experience. This way, you can personally determine their suitability ahead of the job you will employ them to perform.
You should also have prior knowledge about the manager’s compensation package before hiring them.
Other important criteria to consider a firm that utilizes modern technology in generating financial reports and analysis which are used for property management milestones.
Lastly view the contract you enter into and request to have the proposal appended to it.
We picked Ascent Real Estate to manage our building. I can recommend them but it’s always best to check other companies whenever selecting one to manage your building.