Date of article: Q3 2019

Now that we understand what aproperty management companydoes (see p.18), we can move tochoosing a property managementcompany. Finding the right onemay seem like a Herculean task,but it is not much different thanfinding any other service provider.You’re going to need to be smart,think critically and ask questions.But with a little digging, you’ll findthe firm that best matches yourneeds. However, if you’re not surewhere to start, here are four tips tohelp you choose the right propertymanagement company.1. Search onlineThe easiest way to find out if aproperty management companyis any good is to search online.What do tenants say aboutrenting from the company? Theanswer to this question can shinea lot of light on how a businessoperates. Unlike restaurants orhotels where reviews are based ontastes and preferences, propertymanagement is a little moreblack and white. If a company hasmore bad reviews than good onesonline, be sure to take note ofthis and ask the company directlyshould you be thinking abouthiring them.2. Understand thefull scope of theirservicesDifferent property managementcompanies provide their clientswith different services. Somemay offer full bookkeeping whileothers may be able to deposit rentinto international bank accounts.Understanding exactly what aproperty management companycan offer you makes it mucheasier to compare them againsttheir competitors.3. Ask for and checkreferencesThis one is pretty simple. Ask theproperty management company ifyou can contact other owners theywork with and get their feedback.Obviously the company is likely torefer happy customers, but youmay still get a better idea aboutpossible pain points and otherdetails you may not otherwise findout about.4. Can they actuallyhelp you?A property management companymight say the right things, but thisdoesn’t mean they can deliver.Given how unique different marketsegments and locations can be,experience in each one is vital. Ifthe company you’re consideringdoesn’t have experience handlingsimilar properties, you can’t reallybe confident they will be able totake care of yours.This is especially true in the highendsegment where tenants willbe expecting a certain

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