Great – you found senior housing but is the property management company up to your standards? What are some of the evaluation criteria to use?
Finding good housing is obviously important but what is often less focused on is the property management company. If you’re renting, the property management company will impact how quickly issues like repairs get addressed. If you own a unit as part of an association, it could affect the quality of life at home.
If you’re renting
Renting a house or apartment provides great flexibility vs. owning especially for Seniors. You aren’t tied down with a mortgage and have the flexibility to move after the lease expires. However, you may want to do some due diligence on your management company before signing that lease. If you’re incapacitated, are they organized enough to contact next of kin? Do they promptly address issues? Have they made public areas accessible? If you’re in an area that snows, do they clean it up quickly?
If you own
Owning a condo or house in an association get provide great amenities like a pool, common areas or gym. Common expenses are shared and some tasks can be outsourced to the property management company and association board. But what are some things to consider in evaluating a property management company?
Transparency is critical – both in communication and finances. Ensuring the owners and board are informed and kept updated on critical matters goes without saying. In addition, a good property management company that doesn’t easily discloses the association’s financial situation can be a red flag.
