5 Things to Keep in Mind For Selecting the Right Property Management Firm

When it comes to running a building smoothly, having the right property management firm can make a big difference. A great firm keeps operations seamless, costs under control, and residents happy. The wrong one? That’s where headaches, miscommunication, and surprise expenses creep in.

So, how do you know if it’s time for a change—and more importantly, how do you find the right fit? If you’ve ever wondered whether your current property management team is truly working in your building’s best interests, you’re in the right place. Let’s break it down, step by step, so you can make an informed decision without the stress.

1) First of All, Does Your Building Even Need a New Property Manager?

Before taking the big step of searching for a new property manager, it’s good to evaluate whether it’s really worth the change. Especially if you already have a property management firm in place.

So ask yourself the following:

Are you dealing with slow response times?
Are financial reports often unclear or inconsistent?
Are maintenance issues starting to pile up?
Is your board being left in the dark on important decisions?

If you answered yes to at least two of the questions above, that’s a sign that it might be time for a change.

2) Be Aware of Hidden Costs:

Boards trying to choose a property management company based on the cheapest fee may be unaware of some hidden costs that will pile up later. Here are some common hidden costs to watch out for.

Extra fees for work orders and maintenance services.
Markups on vendor services and contract terms.
Payroll expenses and staff oversight costs.
Legal compliance and regulatory expenses.

Getting the full picture on property management costs means digging into the fine print of contracts and fees—because surprises are only fun at birthday parties, not in your budget! Having an expert review the details is definitely worth your while in the long run.

3) Not All Property Managers Are the Same:

Even if different firms offer the same services on paper, the reality in practice can be an entirely different matter. Some are better suited to large, full-service buildings. Others are better for small, hands-on properties.

Here are some questions you should ask to find the right fit:

Do they have experience managing buildings like yours?
How many properties is each manager responsible for?
How do they handle maintenance requests and emergencies?
How open and transparent are they about financial reporting?

Those are some of the key factors to keep in mind. But there are many others as well. An expert who knows what to look for can help you target the right fit for your needs.

4) Know What Good Communication Looks Like:

One of the key complaints about property managers is that they are difficult to get a hold of. Responsiveness is key—especially when it comes to emergencies.

So here’s what good communication looks like!

Keep the board informed with clear and timely updates.
Maintain a dependable system for managing resident requests.
Anticipate building needs instead of just reacting to issues.

Before committing to a contract, put their communication skills to the test. Do they respond quickly to inquiries? Can you easily reach key decision-makers? These small details can make all the difference in building a strong, successful partnership.

5) Make Sure Their Tech is Up to Date:

Part of good communication is having up-to-date, modern tech that makes it easy to communicate. What are good digital tools for them to have?

An online portal where residents can make payments and submit requests.
Financial reports that are easy to access and always up to date.
Maintenance requests can be tracked in real time.

If this is not what they offer, that may be a sign to look elsewhere.

Don’t Put Up with the Sunk Cost Fallacy – If You Need A Change, Make the Change!

In general, people can sometimes be afraid to make a big change, thinking, “I already put X amount of time and money into this property manager, it’ll be too much of a hassle to change now.” This is the very relatable and all too human sunk cost fallacy mindset. This is not at all a reason to put up with poor service.

However, with the right support, a transition doesn’t have to be rocky at all. A good transition can provide.

Clear actionable steps that will ensure a smooth transition.
A seamless transition of key records.
Improved building operations

And if you need help finding the right property management firm, please don’t hesitate to reach out! We’re happy to help.

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