Finding property managers in San Francisco can be tough. The management company will need to understand the specialized market in the Bay Area. Effective property managers in San Francisco have to know how to maximize your income by keeping vacancies down and finding high-quality tenants. They will also be willing to oversee maintenance to safeguard the value of your properties.
Find a property management firm with expertise in your market (retail, commercial or residential). The type of property you need to have managed determines the size and expertise of the companies that will work for you. Here are some qualities to consider.
Leadership and Best Practices
The right property managers guide your community to a financially successful future. So, interview potential companies and make sure you know who your manager will be and who will serve as their backup.
Whoever is in charge of your property should have standard procedures that are documented and understood by all property managers. So, if you interview them, they should be able to readily answer your questions. These should take the following into account.
- preventive maintenance
- contract and vendor audits
- transparent financial system and budget
- solutions to maintain property value of your property
Financial Stewardship and Vendor Relationships
Find a management company with a dedicated financial management team that includes certified accountants. Request details on internal reviews and protocols that create a financially healthy, stable property portfolio. A property manager with long-term relationships with quality vendors will have the power to negotiate prices and save you money with discounts and reduced rates on routine maintenance.
Communication and Attention to Detail
Weak communication is a common complaint against bad property management companies. Great communication and attention to detail make companies stand out. Ask for references based on current clients so that you know what you are getting into. At the very least, the company must have a 24-hour contact center. Look for forms of technology that make communication easy and immediate so that you won’t be left hanging in an emergency.
Attention to detail will include the type of tenants the company can attract for your property. Your property management firm should request on site visits to get to know the unique features and eccentricities of the building. This kind of detail can be invaluable when an emergency arises or a major tenant joins or leaves. A property manager who asks a lot of questions will understand what makes your property tick and be able to point out strengths to win over new tenants.
Who Should You Listen To?
A final word of advice that you see in many articles and reviews of property managers in San Francisco is to not pay too much attention to Internet reviews. This market moves quickly and vacancies are rare in well-managed properties. So, any information you find will likely be old. Also, since unhappy people are more vocal than happy people, your results will be skewed to one end of the spectrum. Make sure you are finding local sources that are familiar with the companies you are considering.