How to Select a Condominium Property Management Company
How To Choose the best condo property management companies in Toronto.
There are many things to consider when selecting a condo property management company. A top condo property management company will be able to balance the demands of community members, board members, day to day administrative tasks and financial needs of the condo corporation. If you are a condo board member that feels overwhelmed with the duties of managing your condo, or are a condo community member that feels they can never get anything fixed it may be time to consider switching the property management company that you are working with. Below are five tips on how to choose a property management company that will best service your communities needs.
Define the Role of a Property Management Company
Your first step is to define exactly what role you are looking for a property management company to play in managing your community. What is a property management company? Condo property management companies are professional businesses that carry out the management tasks of the condo board as a third party. The key tasks of a condo property management company are the following:
Respond to condo community issues and concerns
Maintain condominium common areas
Managing all financial and administrative tasks required of the condo corporation
Ensure compliance with local regulations
How to Choose Property Management Company Candidates
Now that we know why a condominium property management companies job is, let's break down what condo board members should look for when selecting a property manager.
A key factor in selecting a condominium property management company is the location of their portfolio. This is not so much a focus on where there property management companies head office is located, but where the condo buildings that they currently manage are located.
It is imperative that you review property management companies that manage other properties in your area. This ensures that the property manager will be familiar with your demographic, local trades companies and the local community in order to get the best possible results.
There are many condominium property management companies in Toronto. When it comes to selecting the right property manager for your condo a key factor to look at is the experience a property management company has. You want to look at how long the company has been providing property management services and the reviews that they have.
At Stronghold Management Group we have 30 years of experience providing property management in Toronto and the GTA. For more information on our property management services click here.
3. Services Offered
All property management companies in Toronto will have a different set of services that they offer. It is hard to find a property management company that is skilled at both maintaining a condo buildings physical properties and effectively managing finances. In some cases, a property management company may be good at managing one aspect but fall short managing another aspect.
To find a condo property manager that suits your needs, start by creating an RFP that lists exactly what services your property requires from a property management company.
Condominium property management companies can have drastic differences when it comes to pricing. The majority of property management companies will charge you a flat monthly fee. At Stronghold Management Group we offer different pricing - that is completely customizable to your buildings needs. We allow condominium corporations to pick the services that they need and leave the ones they do not. This allows condo boards to select a property management company that offers the highest quality service at the lowest possible price.
Pricing will vary based on your properties unique needs, size and number of units.
At Stronghold Management Group we believe that the key to effective property management is good communication. Communication forms the basis of any business relationship. For a condominium property management company to be effective it must maintain good communication with board members, community members, trades workers and all other stakeholders. Your condo property manager will be the face representing you to your community on a daily basis - so you want to make sure that they are communicating with community members in a manner that portrays the corporation in a positive light.
During the interview process it is important that you pay close attention to how the property management company is communicating with you. Are they communicating in a manner that you would feel comfortable representing your condo corporation on a daily basis? Some things to pay attention to include but are not limited too;
- Response time to emails and calls
- Do they seem interested in responding to any questions you have?
- Do they make you feel comfortable or uneasy during the interview process?
Paying attention to these key things during the interview process can help you to hire a property management company that you will be proud to have represent your property on a daily basis.
For help with managing your property in Toronto, Scarborough, Mississauga, Pickering, Ajax, Oshawa, Brampton, Vaughan, Thornhill, Richmond, Newmarket, Aurora, Port Perry, London, Barrie, Orillia, Milton, Woodbridge click here.