Property management is a very important task of owning a property. Outsourcing your property management needs can allow you to stay focused on the other important tasks of managing your investments rather than focusing on property upkeep. Here are the outsourcing best practices for property managers and building owners to help you find the services that meet your needs.
Establish a Single Point of Contact
Every outsourcing project should have a single point of contact that contractors can refer to for answers to questions and other important tasks. The goal of the single point of contact is to ensure that all information is accurate and up-to-date and that contractors have all of the information that they need to effectively perform their duties.
Establish a Baseline for Performance
You can get the best results from outsourcing services by establishing a baseline for performance. This ensures that you have a reference measurement upon which you can evaluate your future successes. The documented elements should be aligned to the goals for professional property management. The most common metrics may include: timeliness of maintenance task resolution, cleanliness quality, tenant satisfaction, operational productivity and costs.
Interview Several Companies
As you search for outsourcing partners, you should interview several companies before you make a decision. You should always hire a company based on relevant experience to ensure that they have the trained professionals and experience that you need. It is no good employing a firm that won't be able to handle all of your requirements. Reading reviews online and interviewing past clients can give you a good picture of whether the contractor has the experience that you are looking for.
Use Building Management Software
Using building management software can help property managers to keep track of various tasks including payments, maintenance requests, tenant concerns in a streamlined fashion. Software can also help to automate the process of dealing with vendors’ invoices, agreements and other contact information.
Check Contract Terms
Always make sure that you read the contract terms carefully so that you are aware of the responsibilities of the service providers. You should check whether you will be responsible for certain costs or if permission will be required in order for the contractor to perform specific actions on your behalf. Finally, review the contract to see if there are any extra fees that will be required. Outsourcing companies typically require higher fees as your building requirements grow.
In general, any service that is outside of the scope of the expertise of the building owner or property manager should be considered as a candidate for outsourcing. By relying on outsourced services to manage a building, property managers and building owners can better control costs and ensure that services are always delivered at acceptable quality levels.