Friday June 06, 2025
What is a property management company?
A professional property management company is hired by board members and building owners to provide oversight, structure, and support for their property or community. This can include supporting long-term budgeting, aligning operational goals across properties, and connecting boards and owners with expert guidance when it matters most.At FirstService Residential, we bring together local experience and specialized knowledge to support every aspect of property operations, from compliance and staffing to energy efficiency and capital planning. In this article, we’ll explain how to hire a property management company that’s right for your property or community.
What does a property manager do?
The property manager is the main point of contact for boards, owners, tenants, and residents, overseeing daily operations while supported by the broader management company team. They often coordinate rent collection, property inspections and maintenance, enforce rules, respond to resident concerns, prepare board meeting materials, and help translate big-picture goals into consistent, everyday service.At FirstService Residential, our property managers are backed by regional leaders and experts in areas like compliance, energy, finance, and construction. This support system allows managers to stay focused on daily operations while experts can step in to handle more complex challenges.
Should you hire a property management company?
Before hiring a property management company, it’s important to understand the role they play and the value they can provide:Pros of hiring a property management company
- Subject matter experts: A reputable property management company can offer insight into financial management, vendor negotiations, and resident support. Their teams often include professionals with deep experience in risk management, energy efficiency, and long-term budgeting — resources that can be difficult to replicate without a professional partner.
- Consistency and structure: With proven processes and trained professionals already in place, a management company can help keep things running smoothly.
- Scalable support: From rentals to high-rises to community associations or commercial properties, professional management companies can tailor services to meet the specific needs of each client. As needs change, support can grow or adapt without missing a beat.
- Improved resident satisfaction: Faster response times, clear communication, and reliable service can enhance the day-to-day experience of living or working in the property.
Cons of hiring a property management company
- Management fees: While hiring a management company is a financial commitment, it’s one that often brings long-term value. With expert guidance, a network of trusted vendors, and a proactive approach to operations, many boards and owners find they’re able to reduce avoidable costs and uncover savings they may have missed on their own. Over time, the expenses of self-management often outweigh the investment in a management partner.
- Concerns over sharing roles: It's common for boards and owners to be cautious about sharing responsibility. But the right management partner doesn’t take over — they work with you. With clear roles, open communication, and built-in transparency, your leadership team stays in the driver’s seat while gaining added insight and support.
- Not all companies are the same: If you’ve had a less-than-ideal experience with a management company in the past, you’re not alone. But each company brings a different approach. The right partner takes the time to understand your goals and build a strategy that works for you.
How to hire a property management company
If you’re wondering how to hire a property management company, start with a clear, step-by-step approach. That means doing your research, asking the right questions, and looking closely at how each company supports their clients.-
Research and compare companies
Start by looking for companies with experience managing properties like yours and a strong understanding of your local market. It’s important to confirm they meet all licensing or certification requirements in your area. As you narrow your options, take time to read reviews, ask for references, and look at how each company describes its services. You’re looking for a partner whose range of services aligns with your unique needs.
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Conduct interviews
Once you've narrowed your list, schedule interviews with at least three companies to get a sense of how they operate and whether they would be a good fit. Be open about your goals and the kind of support you’re looking for. Ask how they handle key services like maintenance, resident support, and financial management, and how they’ve helped other properties navigate challenges in these areas. Most importantly, pay attention to how they communicate at each stage of the process. The best partnerships are built on clear communication and consistent follow-through.
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Review the contract
After the interviews, request sample contracts from your top choices and review them carefully with help from a qualified attorney. Look for clear descriptions of services, a transparent fee structure, and straightforward terms around renewals, cancellations, and responsibilities. A strong contract should give you confidence in what’s being delivered and help set expectations from the very beginning.
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Make your decision
Once you’ve found the right fit, your new management company should work closely with you to make the transition process as smooth as possible. This includes sharing a clear plan for onboarding, communicating with residents, transferring documents, and maintaining continuity across all aspects of property operations.
What makes FirstService Residential the leading property management company
FirstService Residential is more than a property management company — we’re a partner to the properties and communities we serve. Here’s how FirstService Residential simplifies the experience for owners, board members, and residents:- 24/7 Customer Care: Our multilingual Customer Care team is available around the clock to respond to resident requests and emergencies.
- Financial services: Our affiliate, FirstService Financial, offers banking, insurance, and lending solutions to help optimize your financial health.
- Operational support services: From preventive maintenance programs to compliance tracking, we can help reduce risk and protect property values.
- Energy expertise: Our affiliate FirstService Energy helps our clients reduce energy usage and costs with custom sustainability solutions.
- Technology tools: With proprietary tools like FirstService Residential Connect™, board members, owners, and residents can stay connected and informed.