What To Look For In A Property Management Company

1. What To Look For In A Property Management Company

2. As a landlord, having an excellent property management company’s services is essential to preserving your property’s asset value. The better the online property managment company is, the less worry you will have to endure. But how do you choose the right one? For first-time landlords, choosing the right firm can be a more daunting task. This blog article will help you understand the critical roles of a property management company and how you should go about choosing one to ensure that your property is in safe hands.

3. Property Management Company Roles & Responsibilities It’s important that you understand the roles and responsibilities of a property management company. We will dive into the details now: Vet Tenants When it comes to tenants, it is important that the Property management company is checking your potential tenants before they move in. Most importantly, Your tenants should have a valid permit to stay in the UK (Right to Rent Check). Secondly, they should have an income to cover the rent (and their living expenses). It is important that new potential tenants are able to provide references from previous letting agencies or landlords. This step goes a long way in avoiding tenants from hell and preserving your property asset value.

4. Rent Collection Most property management companies also help with rent collection. Ask if the company you are prospecting will guide tenants to set up a direct debt in collecting rent, or ask them to set up a standing order (direct debt is best because it comes off the tenants account automatically, but not all companies can arrange for this). If the tenant needs to be prompted each time to pay rent, chances are that rents might not always be collected on time.

5. Deal with Tenant Issues A good manager deals with tenant issues promptly and on time. Make sure that the management company you choose has a track record of this. Issues can vary, some typical examples could be ● ● ● Smoking in a non-smoking household Noise complaints Untidy exterior, such as rubbish bags and trash Some will go the extra mile and sort out minor disputes between flatmates, which is what you are looking for. A property management company that is dealing with issues promptly and effectively is especially essential for HMO property owners. If you are a hands-off kind of landlord, having a management company you can rely on to deal with your tenants is a primary requirement.

6. Legal and compliance requirements A professional firm will ensure all legally required safety regulations are met and ensure that new regulations as they come by are complied with. This includes, but is by no means limited to: ● ● ● ● EICR (electrical) checks landlord gas safety inspections carbon monoxide Smoke/heat detectors assessment When you are researching property management companies, make sure to check that they have regular tradesmen and contractors that they work with. This will give you confidence that your property is in good hands.

7. Access to Trusted Vendors Having a large pool of plumbers, electricians, gas engineers, locksmith, carpenter, and all other kinds of tradespeople and suppliers of parts for various parts of the property (like plumbing, kitchen equipment, carpentry) is a great time-saver for a landlord – who can outsource all such activities to the property management company.

8. What to Look for When Finding a Property Management Company 1. Professional Licenses & Certifications Professional property management companies should have the certifications and accreditations that help you understand that they have the right set of skills. The government guidelines require them to be a part of a redress scheme, here are two approved examples: 1. 2. The Property Ombudsman Limited Property Redress Scheme Ideally, they should also member of a professional body like The National Association of Residential Property Managers (NARPM)

9. 2. Specialized Experience Due to the complexity involved in property management, you should involve a firm with specific experience in your niche. For example, let’s say your property is a single 5 bedroom HMO in Clapham, London. In this case, you should look for a property management company that can deal with tenant issues with 5 young professionals. Properties of this nature may have issues such as occasional loud music and complaint from neighbours. Make sure the property management company is able to deal with these types of issues effectively.

10. 4. Low Void Periods Fact-check the property management companies on their void management strategy and what they do to ensure to keep the number of days your property is not tenanted at a minimum. Voids are expensive and avoidable. A smart property manager will easily help you increase the net rent collected in the year by a few hundred pounds.

11. 5. Services provided and fees Look carefully at what exact services the property management company will provide you. Typical services are – ● ● ● ● ● resolving tenant issues and requests property wear and tear maintenance marketing the property collecting rent handling move-outs and evictions To avoid future surprises, you should get a clear breakdown of all fees and fees for all add-on services, all out-call charges, and repair overhead charges. Most companies charge the overheads as a percentage of the labour costs.

12. 6. Great Customer Service When it comes to property, the unexpected always happens. Try to go for a firm that provides as round the clock support as possible, so you are not at the end of the telephone line about a neighbour complaining about noisy tenants, or you do not have to deal with property issues on your own over weekends.