When Choosing Property Management, Look Local

When it comes to hiring a third-party property management company, there are benefits to hiring local, rather than national companies. According to property management firm P. B. Bell, local firms have more nuanced expertise, including economic growth, housing regulations and industry resources, all of which can impact the value and success of an asset.

“There are diverse benefits to hiring a local property management company to manage your asset, including the fact that a local team will be far more in tune with the economics, growth, nuances, and opportunities in that city,” Debbie Willis, president and designated broker of property services for PB Bell, tells GlobeSt.com. “They will be aware of landlord tenant statutes that can significantly impact the community as well as have wider connections within the city with local brokers and industry experts that can benefit the asset. Local firms live and work within your invested location and have the experience and expertise needed to maximize your asset value.”

Despite the benefits of hiring a local team, many property owners turn to national firms for property management services. Willis says that this is really about convenience. “Logistically, it may be easier to use a national firm rather than a local one if an owner has assets across the country,” she says. “But does that convenience outweigh the benefits? In our opinion, it does not. It may also be more difficult to find the top performing local management companies. Everyone knows the large, national firms, but finding the local expert can take a bit more work.”