The ultimate guide to choosing a property management company

Your community has made the important decision to hire a professional property management company. This partnership marks a significant milestone that will shape the future of your community for years to come, affecting everything from day-to-day operations to long-term growth and sustainability. With so much at stake, it's essential that you and your board take the time to thoroughly research potential property management companies. By doing so, you can be confident that the company you choose will not only meet the specific needs of your community but also align with your long-term goals and vision. This decision involves more than just cost—it’s about finding a partner that offers the expertise, experience, and services necessary to support your community’s unique needs.

Read on to learn 7 key factors to consider when choosing the right property management company for your community or building.
 

Hiring a property management company: Seven things to consider

1. Evaluating experience and reputation

   To determine if a company is the right fit for your community, ask important questions: How long have they been in business? Are they a local or national firm? Do they offer full-service management? Do they have lifestyle experts on staff? How many properties do they oversee? What is their approach to finances, maintenance, and large-scale projects?
   
   A reputable property management company should provide references from communities they currently manage. Connect with board members who have worked with them to gain firsthand insights. Have they been responsive to residents? Do they offer valuable guidance on communication, budgeting, emergency planning, and board meetings?
   
   Additionally, online research can be a valuable tool. Explore the company’s website, social media presence, and customer reviews to better understand their reputation. The more informed your board is, the more confident you’ll be in selecting the right management partner.
    

2. 24/7 availability and support

   Effective property management hinges on clear communication and quick responsiveness, especially when it comes to addressing unexpected issues. It’s crucial that your property management company offers support beyond standard business hours. A reliable property management firm will provide 24/7 customer service, including after-hours emergency assistance, so that residents aren’t left without help during critical situations. Many companies also offer online portals, where residents can easily submit requests, track progress, or communicate with the management team at any time. These digital tools make it easier for residents to stay informed and reach out whenever needed, reducing frustration and providing a more streamlined and efficient experience. With this level of accessibility, residents feel secure knowing that support is always available, regardless of the time of day or night, and that their concerns will be addressed promptly.
    

3. Balancing personalized service with expertise

   Smaller property management companies often provide a personalized touch, making them an appealing choice for many communities. However, it’s essential to consider whether they have the experience, resources, and purchasing power needed to support your community effectively. The ideal property management company strikes a balance—offering the attentive, customized service of a smaller firm while providing the expertise and cost-saving advantages of a larger one.
    

4. Your community’s needs

   Boards should be wary of companies that take a “one-size-fits-all” approach to management. You’ll be in for a surprise if you choose a property management company that applies the same process as they would any other property. The more a property management company understands your unique needs, the more they can provide you with the tools to help you prepare the right plan to take care of your community. A good property management company can help customize recommendations to accomplish your goals. To avoid the one-size-fits-all scenario, ask questions that get into the specifics of what your property needs.
    

5. A comprehensive support team

   A great property management company goes beyond basic property and financial management services. Take a closer look—what additional expertise do they bring? The right partner offers more benefits than you might expect, providing a team of specialists dedicated to optimizing every aspect of your community. This team includes regional directors with hands-on experience, financial and accounting professionals, and experts in key areas such as hospitality, procurement, food and beverage, technology, security, lifestyle programming, marketing, and human resources. Choosing a company with a well-rounded team helps your community operate efficiently and thrive in the long run.
    

6. Maintenance expertise

   Unexpected maintenance issues are an unavoidable part of property management, so it’s crucial to partner with a property management company that has a well-established plan to handle these situations efficiently. Inquire about their approach—do they have an in-house maintenance team, or do they work with trusted, preferred vendors? Will they source multiple quotes for projects to support competitive pricing, negotiate on your behalf to get the best deal, and manage the payment process directly with contractors?
   
   A top-tier property management company takes a proactive approach, not only addressing issues promptly but also working to prevent future problems through regular inspections and maintenance programs. By offering cost-effective solutions and leveraging industry relationships, they can help your community save money while completing maintenance tasks on time and to a high standard, ultimately keeping everything running smoothly and minimizing disruptions for residents.
    

7. Looking beyond cost: Evaluating true value

   The saying "you get what you pay for" often holds true, and while finding a great deal is appealing, cost shouldn’t be the only factor when choosing a property management partner. Instead of dismissing companies with higher fees, consider what they offer in return. A strong management company can help your community save money by leveraging industry relationships to negotiate better rates and enhanced services. They can also minimize risk by helping you manage insurance costs, developing preventive maintenance programs to extend the life of your assets, and providing access to better banking and investment options to optimize your budget. Rather than focusing solely on the price, assess the overall value a company brings to your community.

Hiring a property management company is a major responsibility. Asking the right questions, doing research, and avoiding some of the most common mistakes can help you hire the right one. A good property management company will make your role as a board member rewarding—and it will make your community more inviting, attractive, and desirable for your current and prospective residents.