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Considerations for hiring a property manager

Owning a commercial property can be hard work. If you have several properties, or just one, you may benefit from hiring a property manager.

As with any decision regarding your real estate investment, it is not a decision to make lightly. You should consider a few things regarding the property manager you choose to hire.

Compliance

Considering that they handle and maintain everyday business matters, including rental leases, maintenance and the like, property management companies must meet certain requirements. Particularly in the state of Florida, one of the main requirements of a property manager is that the party must have a real estate broker's license. However, in the case that the property manager works for the property owner as an employee, therefore performing services under the business, the broker license is not required.

Needs

Along with meeting state requirements, you should learn what expertise and skills the property management company has to offer, and make sure those skills match the needs of the property. A few common qualities to look for in a property manager include:

  • Market knowledge
  • Strong marketing abilities
  • Established network of resources
  • Relationship management skills

These common aspects cover the basic qualities that can aid in maintaining a property. However, there may be other specific needs or requirements you have. Knowing and expressing these up front can aid in determining if a property manager would be a good fit.

Reputation

The property management company's reputation may affect the way tenants view the property itself. Therefore, understanding the public's view of the management company is important. You may be able to find reviews of the company online or speak with any other property owners you may know who have done or currently do business with them.

Though these are not all the necessary considerations, these parameters can help you to narrow down your options to a few quality choices. Take time to weigh your choices and select the best management company for your property needs.

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