Did you know there are over 296,000 property management companies in the US? The industry is still growing. With so many options available, you may struggle when selecting property management companies.
After all, not every company will have the property management services you need. Not sure how to make an informed choice? Read on for five tips you can use to narrow down your options!
1. Consider Your Needs
Before using the rest of this property management guide, consider your needs. Where have you struggled regarding your commercial properties in the past?
Maybe you're concerned about maintenance, rent collection, or tenant screening. Determine which services are priorities.
During your search, you may find companies that offer one or two services on your list. If you need help in different areas, look for a full-service company. You can save time and money by hiring a single company.
2. Look for Experience
Determine how long each company has operated in Biloxi, Mississippi. Confirm that they're licensed by the state and have insurance. If a company doesn't have the proper paperwork filed, keep searching.
Finding a long-established business will help you feel more confident in your choice. You can leverage their experience and expertise to make smarter decisions.
These teams often follow efficient processes and apply proven strategies. Determine if they use property management software to operate efficiently. For example, you can use a tenant portal to track payments and maintenance requests.
Ask if you'll work with a dedicated property manager. If so, review their education and credentials. Confirm that they meet licensing requirements at the city or county level.
Their competencies and skills should include:
- Business and financial acumen
- Effective communication
- Marketing skills
- Legal knowledge
- Contract management
- Maintenance and operational expertise
- Leasing and tenant management
Make sure they're aware of Mississippi's landlord-tenant laws. These professionals will help you remain compliant with local, state, and federal laws.
3. Review Commercial Property Services
Review the commercial property services each company offers. Over 70% of property managers handle advertising, leasing, and inspections. Another 80% coordinate maintenance and rent collection.
A full-service property management company may help with:
- Maintenance and inspections
- Marketing
- Tenant screening
- Lease administration
- Rent collection
Learn more about the company's process for each service. Ask about their priorities, too. For example, 47% cite growth as a priority, while 45% say improving efficiency.
Make sure the company's services align with your needs. Ask how they'll customize their property management tips and strategies based on your requirements.
4. Read Reviews
Read online client reviews for three local companies. Choose a company with a glowing reputation. Check for concerns about promptness, professionalism, and reliability.
5. Schedule a Consultation
Schedule a consultation with one of the companies on your list. Prepare a list of questions you want to ask ahead of time.
Consider if the property manager is professional, easy to talk to, and interested in your goals. Choose someone you feel confident working with who will meet your expectations.
Choose Commercial Property Management Services
Don't rush when choosing commercial property management services. Instead, use these tips to narrow down your selection. Find a company that will operate with your goals in mind.
PMI Biloxi uses state-of-the-art technology to provide owners and tenants with real-time access to help. Trust our award-winning strategies and 20 years of industry success. Contact us today for a free rental analysis.
