Resources | Panorama Property Management | Denver, CO
What to look for when choosing a property management company
Choosing a property management company can be challenging and overwhelming. Here is a list of things we tell all potential property owners to consider when choosing the management company that is right for them. Whether you choose Panorama Properties or not, we want to see your property flourish with the management company that is right for you.
Are they licensed?
This is one of the most important criteria for a commercial property management company to meet. A licensed company must meet strict requirements and follow professional standards in order to be able to earn their state license.
What’s their management style?
Do your due diligence. You can get a good idea of the type of management you will receive by their reputation. Look into the properties they currently manage, speak to the tenants that work with them and try to work off referrals from other commercial property owners. Generally during this process you will discover the companies you want to avoid fairly quickly.
Can they manage your specific property?
Look into the type and size of properties they currently manage. What is their preferred sq. ft. range, how do their properties look? What type of signage is allowed on the actual building and tenant signage?
What is the price range?
While every company’s price range will have differences, you can typically expect fees for commercial property management groups to be around 4-12% of the monthly rent. However, the fees will usually depend on the number of commercial properties you need managed, the number of units in each property, what their conditions are like, and what services are needed. Do consider that you are paying for a quality of service. A company with exceptional service might have a slightly higher fee. Consider what you want from them before making a decision on just fees.
How do they communicate?
Communication is our number on priority when dealing with our tenants. Look into the management’s process in terms of how you receive notices from them, who you call for maintained type requests, how will you be notified about important information. Choose a company that can communicate with you well, this is key to a successful management and building relationship. A good way to get an idea of how a company will communicate with you is how they treat you as a potential. Are they replying to your inquiries and questions promptly? Are they transparent and providing you the information you need. This time will set the tone for they type of management communication you are about to enter. And how your tenants will be treated.
What’s their management style and process?
When beginning to work with a property management company it is really important to have coinciding business principals and processes. You will want to find a company that has processes in place that you are comfortable with when it comes to finding new tenants, collecting rent and handling requests for maintenance and repairs. One of the biggest aspects of the process is book keeping. Make sure you set all expectations as to what your want your accounting to look like and get examples of all reports you will be receiving monthly. If you do not see everything on there, that you would like to have access to make sure they can provide this for you monthly.
PRIOR TO THE MOVE
- Hire a mover ensuring that they are adequately insured; property management will need proof of insurance
- Reserve all moving tools, elevators, loading docks etc.
- Bid and choose telephone and cabling companies
- Purchase general liability/business insurance in conformance with lease agreement
- Audit furniture for the new space, color code furniture that will be moved to the new space for swift movement
- Send change of address to: Banks and financial institutions, vendors, clients, service providers, post office, etc.
- Advise all office suppliers such as water, coffee, printer materials etc.
- Order change of address labels
- Order signage at new location, secure with property management that signage will be in place upon move in
- Order checks, update financial documents and records
- Establish criteria for purging files and throwing out old material
- Update your website
- Obtain new phone numbers, extensions
- Order new stationary, business cards
IMMEDIATELY PRECEDING THE MOVE
- Pack up desks, personal spaces
- Take down furniture
- Empty, defrost refrigerator
- Back up computers
- Distribute new keys, security codes and access cards
- Post signs for movers
- Protect main moving paths & elevators
- Don’t block walkways with furniture
- Clean out old office
- Don’t put old or unwanted furniture in or around dumpster. Break down boxes
- Document move with pictures of new and old space and move-in and move-out conditions.
- Be courteous of current tenants with noise and disruption
- Cancel utilities if applicable
FOLLOWING THE MOVE
- Confirm termination of old lease
- Contact landlord about security deposit
- Collect old keys, access cards
- Install and test telephone system
- Perform cleaning of space
- Have final walk-thru and report any damages with property manager
- Confirm all change of address request have been updated
- Schedule press release and client announcement