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Three Attributes to Look for in a Managing Agent for your Residential Building You will need good judgment to hire a managing agent to oversee your building. The managing agent will see that your building is profitable and that the residents are comfortable.
Hiring the right partner will bring numerous benefits. The board will have less work to do. Your business will be more sustainable. Residents’ day-to-day experience will improve.
You should not be in a hurry. It can take a while to find the right person. If you want to achieve a longer, more fruitful, and mutually beneficial relationship, a longer hiring process will be a small sacrifice to make.
Conduct a Needs Assessment
What are the most pressing issues? What about pressing needs? What challenges are you facing with your current managing agent?
Research the property management companies in your city. Look at the services they offer, their reputation, and compare different companies.
List down everything that you need from a management agent. Design the interview to vet them in all the areas that matter. Think about the kind of documentation you would need from the candidates.
Assess the technological tools you use to run your company and think about the management agent’s capacity to work with them and improve them.
You might want to have a management system that both companies can use. Consider how much the management agent will need to access security systems. Technology can enhance the lived experience of residents and streamline processes for property companies.
For example, Daisy is a coop management provider and offers full-service property management for owners of residential buildings. Daisy deploys customer-focused managers and the latest technological innovation to provide a conducive living experience.
Daisy deploys a cutting-edge operating system to eliminate bureaucracy and automate processes to allow managers to focus on optimizing residents’ living experience.
It has a unique app dashboard that allows us to fulfill the needs of all residents with complete transparency and smooth service for all residential facilities.
Client References and Track Record
You want to work with a management agent who has relevant experience.
Have they worked with similar buildings in size, units, complexity, equipment, infrastructure, number of occupants, or current issues? Match the agent’s resources and capabilities with your needs. The managing agent should be compatible with your culture.
Look into the local laws regarding public health, landlord-tent relations, and energy efficiency. These regulations constantly change and evolve. You want a compliant partner.
Work with a managing agent who is aware of and able to comply with the relevant laws. They should understand how any new regulations will change the way they work. They should liaise with your board to create efficient ways to comply with regulations.
Ask any property manager you interview how they assign agents to specific properties. Ask them how many units at most a single agent will have to manage.
Administrative Systems, Processes, and Technological Tools
Managing agents play the role of keeping the co-op records up-to-date. They update the books. They collect maintenance charges, pay expenses, maintain records, and collect co-op charges.
They must work with a sturdy, accurate accounting system that can be audited and includes backup protocols.
AS the bills come in, they should automatically go forward to the board to facilitate faster approvals and payments.
The tools used by the board should be compatible with those used by the managing agent. The board should be able to access electronic records. Good technology makes work easier.
Your managing agent should be sensitive to the needs and concerns of your board. The managing agent should demonstrate the ability to listen to ideas and adapt where appropriate. Professional managing agents practice effective and clear communication with board members, staff, contractors, and residents.
The message should be clear. The right technology should be in place to get the information across quickly without losing any meaning. When requests from the board inspire quick action, you know you have the right partner.
Hire a managing agent who keeps up with any changes in the environment and adapts appropriately. These changes could be technological, legal, health, social, or regulatory.