5 Things to Look For in Property Management Companies
It’s simple: a solid property management company is going to make or break your sanity. Being a landlord is time-consuming, it’s a full-time job in itself which can easily turn from manageable to disaster in the blink of an eye.
That’s why you need a property management company who are going to make your life smooth, easy and profitable.
Here’s what the cream of the crop will do:
1. Put YOU First
The best companies are going to make building a long-term relationship with landlords a front runner. Sadly, many simply skip the foundations and run full steam ahead for a quick (non-strategic) fix.
For any property management company worth its salt, assessing the individual needs of a landlord to help them get the most out of their situation should be right at the top of the priority list.
You need to consider:
- Are they taking the time to get to know me and my property?
- How responsive are they to my questions?
- Are they listening to what I want to get out of their services?
- Do they take pride in their service?
The human connection here is vital, as you’re trusting these people to manage your asset. If they don’t have your best interests at heart it could lead to problems further down the line.
It’s true that no company’s perfect, but it’s vital that the communication channels are wide open. We’re talking 24/7 emergency coverage so you’re not left having to deal with an emergency at 7pm in the bleak midwinter because your property management company have gone home for the evening.
You need to have access to professionals, who can deal with emergency situations at all times. An online communication hub is a perfect plus point, so landlords can log on for live updates about what’s happening with their property. That way, you can stay in the mix as much as you want/need to!
3. Properly Regulated
It’s super important that you check out their credentials before you sign anything. It’s a common pitfall to not conduct research to make sure the company you select is fully protected and complies with professional schemes.
Points for the checklist:
- Do they have a Deposit Protection Scheme?
- Are they ARLA (Association of Residential Letting Agents) registered? This is the professional body for UK-based individuals working in residential property lettings and management.
- Is their legal compliance department up to scratch? It’s a fast changing industry where it’s tough to keep on top of current legislation unless they have a well-oiled expert compliance team.
4. Depth and Experience
The last thing you want in a property management company is a Jack of All Trades who will be stretched too thin to solve any problems when they arise. Choose a company who have a specialised department for property management, who have the time to deal with your property to the level it deserves.
Check out their portfolio:
- How many properties do they manage?
- Are they experienced in your niche?
- Do they understand the intricacies of the area?
- Do they have time to dedicate to your account?
You want the reassurance that they will have the answers with the experience and capacity to handle situations swiftly and professionally.
5. A Personal Touch
Don’t go for an agent that has a huge call centre where you speak to a different ‘voice’ each time you call. You’ll feel like one of many.
Ask for the name of the Property Manager who’s in charge of looking after your property, but remember you need the guarantee that there will be more than one person who knows the score. What happens if your contact takes a two week holiday? Or if they’re unexpectedly ill?
It’s only right that you can trust that they have everything in hand, no matter what time of day, who’s present in the office or who are sunning themselves in Spain. Everyone needs a holiday, but not at the expense of your property management.
When all’s said and done, you have a job yourself and you’re looking for an agent who will take the hassle and pressure of property management off your hands.
Ask us a question about property investment.