![]() ![]() Of course, firms whose employees hold other, related designations of expertise are likely to have a broader, deeper understanding of the many aspects of managing investment real estate. ![]() These members must meet stringent education and experience requirements in fiscal and operational management. Look for a firm with accredited staff and leadership. The Institute of Real Estate Management (IREM) awards the Accredited Management Organization (AMO) designation to firms that meet its criteria. Some CCIMs specialize in property management and many of them may also have specialized designations such as Certified Property Manager (CPM), Real Property Administrator (RPA), and Certified Shopping Center Manager (CSM). How long have individual members been with the firm? Do you deal with the same manager or group of managers who bring continuity to the property, or is there considerable staff turnover? Lack of stability could signify poor company management or lack of financial stability whatever the cause, you want consistent service and familiar faces that tenants recognize and get to know, so rapid staff turnover should raise a warning flag.Īs in other areas of real estate, a property management firm that is accredited is set apart from other firms as having met higher standards. Organizational stability is a related matter. However, do not assume the best service always comes with age: a company new on the scene may make up for lack of experience through aggressive management or thorough attention to detail. Though the number of years in the business is not necessarily a determinant of professionalism, it does reflect experience and longevity. ![]() It should have a solid reputation for providing professional management services, as well as for integrity and honesty. Does it manage for individual investors or does it specialize in working with institutional investors? The firm you are considering must have expertise in serving your type of investor as well as your type of property, because the reporting requirements of each investor type will be different.Ī good company will have positive word-of-mouth in the industry, so ask around and determine a firm's standing in the business community. ![]() Investigate the experience of a firm by asking what other properties like yours (or your client's) it manages, how long it has managed the properties, and what have been the results of its management.įind out the type of investors with whom the property management firm usually deals. Is the real estate investment an office, an industrial building, a multifamily housing complex, or a suburban strip center? Does the building have a vacancy problem, a maintenance problem, or a marketing problem? Whether you're lining up a firm to recommend to a client or seeking the services yourself, these guidelines will help you find the right fit between property and management service.įor the perfect fit, a management company's expertise should match an investor's needs. It may be particularly timely if you are thinking of putting your own property in the hands of a qualified professional-a decision that may lead to more-profitable use of your time. Although you are probably familiar with the basics of property management, this may be a good time to acquaint yourself with the process of evaluating real estate property managers. Whoever you recommend naturally will reflect back on you, ideally enhancing your clients' perception of you. Recommending a qualified real estate manager may be part of your contract with a client or an added service that is especially helpful to out-of-state or foreign investors who are not familiar with property managers in your area. With more than 10,000 property management firms in the United States, investors are often at a loss about how to select one that will meet their personal investment objectives.įrequently, investors seek advice on property management firms from commercial brokers who represent them in transactions. Trained, experienced, and creative real estate managers can obtain the maximum return on an asset by improving cash flow, retaining tenants, and increasing value. In today's complex real estate markets, selecting the right commercial property management firm is one of the most important decisions investors can make. Choosing a Commercial Property Management Firm A Competent and Professional Manager Can Safeguard Your Investment and Keep Your Tenants Satisfied. ![]()
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