When thinking about property management, the words "properly managing" should also come to mind. Property management fees are built into and paid out of your rent. The property manager should treat you with the respect associated with treating one's boss, after all it is because of you that they have a job. If you are in a situation where it seems like your reasonable requests are being consistently ignored then you are probably not getting treated properly. In a quality project, the property management team should be comparable to a concierge service. Response times should be within 3 hours from when the call was made. The property manager should be at the helm of the building and the staff should be like the left hand of the manager. This is called a team effort management approach. The landlord has hired the property management firm on your behalf to take care of the property and you the tenant. Management companies earn anywhere up to 7% in fees from the gross income of the project for making sure that you are being serviced as a tenant and that costs are kept under control. Please take note that keeping costs under control, is not supposed to mean property management imposing their will and ignoring your problems.
A Landlord's agent is the Landlord's expert and a lease agreement is like a landlord's marked deck of cards. There are usually anywhere from 52- 89 pages in a lease that discuss issues that can end up being very expensive if you are unaware of them. Some leases are so long that we are not always convinced that the landlord truly understands the document he has written. Yet, your company is expected to sign it. That's why we always recommend that you have your attorney review a document prior to execution and will be happy to work closely with your counsel if necessary. The landlord's agent (expert) negotiates leases everyday for a living, what do you do everyday? Are you prepared to step into a bullfight, without experience, proper conditioning and training. "Tenants represented by a broker unequivocally save more money and negotiate better terms and conditions than those tenants who negotiate one-on-one with a landlord.
Creating Leverage
Communication is crucial in a lease negotiation. The communication should be kept between your broker and the landlord's agent. Even when the negotiations are not favorable we believe that this policy is still best. Communicating with the landlord one on one is an indication of desperation and could be the fastest way to lose any leverage built since commencing the lease negotiations. Remember, the landlord's agent has trained ears and has heard the same story time and time again, thus has made an art out of learning to read between the lines. Our attorney client's say, " when representing one's self, a fool has himself as a client". Most seasoned professionals recognize this to be true. Be an informed consumer and allow your broker to achieve the best possible results. If you think that you are being offered a great deal, then the landlord should let you put it to the test by using a broker?
