What should I look for when choosing a property management company?

How to find a competent property management 

You are looking for a competent property management company to take over the legal, technical and administrative tasks of looking after your property for you. Renovations, remedying defects and damage, commissioning utilities - all this requires time and expertise that you lack. But like almost everywhere, there are competent partners and so-called black sheep among property management companies. That's why a quality check is paramount when choosing a property management company. In addition to the hard facts, which you can check off using our checklist, personal impressions and a good gut feeling are also decisive. Because if things are right on a human level, the cooperation works much better.  

Checklist for the selection of a property management

The most important question when choosing a property management company is: What distinguishes a really good property management company? First and foremost, a really good property management company stands out from the rest in terms of trust, efficiency and a professional approach. The property management industry in Germany has to deal with major capacity problems, which unfortunately often means that many property management companies hardly react or react sluggishly, simply do not process their tasks and are also hardly reachable. All this costs a lot of time and nerves. It is also important to pay attention to the following points:

• Easy accessibility and good office hours
• Punctual, transparent invoicing
• Fast response times
• Full transparency of costs, contracts, legal documents and invoices
• Expert network 
• Satisfied customer references
• Demonstrable expertise 
• Lean, digital processes 
• Flexible contract terms
• Personal property managers on site

The more items you can tick in our checklist, the better the property management company you choose.

Observe special requirements of the property

Each property is characterized by its peculiarities. In order to be able to better evaluate which property management fits your property, you should be able to honestly answer for yourself what challenges the residential property brings with it. This concerns, for example, the condition of the property, but also any legal disputes or management work from previous years. Address these challenges honestly and transparently in order to find a property management company that is up to the sometimes demanding tasks.

Change property management: This is how it's done

Ideally, the cooperation with a property management company is designed for the long term. The more intensively the property management knows the property, the better it will be looked after. If you are dissatisfied with your property management, you are probably not suited to each other and cooperation is then no longer possible. The existing management contract can then be terminated at any time without giving reasons. If the contractual relationship is terminated, the existing property management company is not obliged to look for a successor. Sole owners of a rental property decide themselves on the selection of the new manager, whereas in a condominium owners' association the change must be voted on. 

Conclusion: Choosing the right property management

Finding a property management company requires conscientious research. When making your selection, it's a good idea to check out some basic features. Take a look at the catalog of services offered by your potential new property management company. A good property management company will list all services and costs transparently. Can the property management company also provide good references? Is the property management company easy to reach and are the processes streamlined? Are there personal property managers on site? If these and other points from the checklist are observed and fulfilled, the search for a property management company is quickly off the table.