Finding the right property management company to manage one or many of your commercial buildings can be challenging and demanding. For one, there are plenty of property management companies in Houston alone and this can make the selection process grueling. Selecting the right commercial property management company for your office, the industrial, or retail property can be difficult, but there are ways you can do to know which one can do the best job for you. Here are four things to consider when choosing a commercial property management company in Houston…
Criteria for Selecting the Right Commercial Property Management Company
1. The Management Company is Credentialed and with Industry Experience
To ensure that your commercial property is in good hands, you need to choose property management whose property managers and employees are credentialed, as well as with industry experience. You should evaluate the property manager based on their credentials in order to guarantee that he or she is an expert and skilled in property management. Examples of some certifications and qualifications required by Texas law are the following:
a. Real Estate Broker’s license
b. Certified Property Manager (CPM®)
c. Real Property Administrator (RPA®)
d. Proof of experience and credibility in other forms including online resources (e.g. reviews and testimonials by customers)
2. The Management Company Services Fits Your Property’s Needs
When selecting the right commercial property management company, not only that you look into the credentials of the property manager but also the company’s network – the company’s staff and vendors all in all. A property management company should have a vast network of qualified vendors to take care of your commercial property and bring in the right tenants. Check with your chosen companies the services they offer and can offer to your property.
If you’d like to learn more about a property manager’s responsibilities, read our article What Does a Property Management Company Do?
3. The Management Company has a Local Presence and Reputation
Communication is crucial in every relationship and business transaction, which is the same when it comes to interacting with a potential commercial property manager. Clear communication should be a priority to ensure that you are regularly updated with any important issues as well as problems in the property or with the tenants if there are any. That being the case, a good place to start in your selection is a locally established property management company. Having a local presence means that the property management company is familiar with the local real estate market and local rental laws and regulations, and has worked with local vendors. On top of that, you are assured that any issues will be addressed more quickly than having a property manager that lives in a different state.
4. The Management Company has Fair Fees
Property management fees aren’t free and the actual rates can vary depending on the services and type of property being managed. However, the average cost of property management is between 7% and 10% of the monthly rent of the property. Generally, the fees can be percentage-based on the monthly rent, flat fee of the monthly rate regardless of the services, and per project which depends on the services performed during that billing period. To have a glimpse of which company offers fair fees, you need to be familiar with what a la carte and full-service property management mean, as well as the services that property management company offers.
If you’re interested in learning more about our services and the fees included in our full-service property management service for your commercial property, give us a call for a quote so we can customize the right services for your property’s needs.
Bottom Line
There are many things to consider when selecting the right commercial property management company to work with. The four criteria mentioned are the basic considerations because ultimately, your selection would still be based on your property’s needs and your budget. You may choose to manage some of the responsibilities yourself or hire a property manager to handle all of the responsibilities. Call multiple property management companies to know the services they offer and what they charge for these services.
Remember that there is no perfect property manager, but a good one can make or break the owner/tenant experience. As we have mentioned before, doing your due diligence is the key because doing so will allow you to find the perfect property manager who can reward you with a worry-free investment.
Work with Apogee Properties
Apogee Properties is Houston’s Premier Property Management Company. We work and live in Houston and our property managers are local. We’ve been in business for more than a decade providing comprehensive property management services in the Houston region ranging from a studio condo to a multi-family million dollar estate. Contact us to learn more about our property management services, and what we can do for you and your rental property.
Get your property managed today!
