Choosing the Right Property Management Company

boutique style property management NJ

The Key Questions to Ask Every Property Management Company

Before You Decide to Change

If you are dissatisfied with your current property management company you already know what you don’t want from a new company.

Selecting a new property management company from the many choices available can seem like a daunting task.

Most boards and building owners only consider changing the management company every 5 to 7 years and many people in that position don’t know what questions to ask to avoid ending up with the same issues they are currently unhappy about.

The following information is provided to assist board members and building owners in choosing a NJ property management company. This is not an exhaustive list and all of the questions or requests may not apply to your situation.

Here are 3 areas we recommend you consider in evaluating every property management company you consider:

1. Communication & Service

2. Follow-up and Board Support

3. The Reputation and Business Stability of the Company

For each area simply ask the questions and ask the property management company to provide the evidence to support their answers.

Communication & Service

What are your communication procedures?

What is your process for handling work order requests?

What additional support services do you provide?

What are the criteria for including a company on your preferred or recommended vendor or supplier list?

What are your employee conduct policies?

Follow-up and Board Support

What type of financial information do you provide and how often?

What information do you provide to support budget and operational decisions?

What support do you provide for board initiatives?

What is your bill payment procedure?

Reputation and Business Stability of the Company

Will you provide a copy of your typical management agreement and/or proposal for our review?

Will you provide us with a list of association/owner references?

Will you provide a list of other potential service we might incur?

We hope that this information gives you the information you need to make the best choice when it comes to hiring, evaluating and working with a property management company for your association or building.