Advantages of hiring a property management company
People often question why employ a property management company to look after your property when it is easy enough to manage it yourself. The service is seen as primarily property maintenance and the collection of rent, which is definitely an important part of the package, but is really just the starting point of property management.
Traditionally property management has been an add-on service to estate agency lettings departments. It is often treated as the poor relation of lettings and is something estate agents provide as they have to, to keep their client happy and on board. There are very few specialist property management companies that deal with this alone, and we feel this should be seen as an essential professional service to take the pain away from landlords, ensuring they comply with all their responsibilities, rather than just a fee generator to ensure repeat business.
The lettings industry is currently going through a massive overhaul with new legislation and regulations in place to protect both landlords and tenants. The industry is under a huge magnifying glass and is a hot topic of scrutiny the government is focusing on. Whilst most of the information is easy enough to find online if you know what you are looking for, there are countless nuances not overly publicised that can easily slip through the net.
Part of what a managing agent’s service is, is to provide this information and ensure the properties managed adhere to all guidelines and legislation required by law. It fully supports the government’s ambition to regulate the industry, reducing the amount of homes not fit for habitation and questionable codes of conduct used in the marketplace until very recently.
A good property manager will make the client feel safe and secure in the knowledge their property is being looked after efficiently and effectively. A reputable company should ensure the property’s value and yield is maximised, alongside all the other services provided. Landlords are often time poor, and the service is there to make their lives easier and provide a professional, knowledgeable approach to the management of their investment, whilst taking on the accountability and risk factors that landlords face. Reporting should be fully available and transparent to allay any concerns landlords may have and our view is there should be no mark ups on third party services, although few in the industry share this as it impacts their top line.
The relationship with the individual property manager is key: they are the eyes and ears of the property and should get to know the assets inside out. When choosing a managing agent, it’s essential to choose a company where landlords can be certain they will have one primary contact that is unlikely to change. Whilst there are no guarantees this will be the case, what this does suggest is that the property won’t be passed from person to person, and therefore be just a number in the system. For the relationship to be most successful, the property manager really needs to get to know the landlord, understanding their needs, requirements and expectations and ultimately become one of their most trusted advisors.
To know more about becoming a Qandor member, book a call on this link