Co-ops are a great way to get more out of your property management. When multiple property management groups come together to negotiate as a whole, the pooled resources can take them all farther than they could go alone. With an increasing number of co-ops available, many managers aren’t sure what they should be looking for in their choice of co-op. The following are some suggestions to keep in mind before you make a decision.
The first thing you’ll want to look for is the size of the co-op. Some co-ops are smaller or larger than others. Because co-ops are collectives for property companies, it may be tempting to go for the largest in your area. However, the ideal size of co-op really depends on your needs. Larger co-ops can put forward more resources. Smaller co-ops can negotiate with greater agility, however. It takes a lot of time to organize larger co-ops, and they will likely not meet or interact as often, instead preferring to tackle larger issues. If you are concerned with expansion, a larger co-op might be ideal. If you’re looking for assistance in the shorter term, a smaller co-op might serve you better.
The next thing to investigate is the intended financial scale. How much money you can put forward comfortably will matter greatly to what co-op you actually want to involve yourself with. If you are looking for assistance with smaller expenses, you will likely want to look for a co-op that works on a smaller scale and expects less of their constituents.
Finally, you’ll want to look at who is involved with different co-ops before you make a decision about joining one. This is often a matter of simply asking around. Speaking with other individuals involved in a co-op can be a good idea to get a feel for what you can expect. When all else fails, don’t hesitate to pay a visit or give a call to someone already involved. They will often as not be more than happy to help you with any questions you have about how the co-op works or what you can expect from it.
These are just three things you might look for in your property management co-op. Click here for more information if you’d like to look into more specific options and opportunities for your property management firm. Don’t underestimate the value a co-op can provide to your business, you, and your tenants.