Your property manager is an invaluable asset to your power team. Approach this role with care, as a competent letting agent can pave the way for success, while a subpar one can lead to failure. Through numerous discussions with landlords over the years, we’ve encountered insightful questions. These inquiries not only impressed us but also signalled that landlords possess a solid understanding of their responsibilities. So here are 7 great questions to ask a property management company before you think about hiring them:
A letting agent with personal investments is often a superior choice compared to one without. For instance, I created Gallacom Property Management, in order to manage the HMOs I was developing. This decision shaped a business attuned to investor needs, facilitated by my own experience as an investor. Opting for a property manager with personal investments sets the stage for ongoing success. Their perspective on challenges and issues aligns with an investor’s mindset, making a tangible difference in how they approach and resolve matters.
Property management is intricately structured and heavily influenced by compliance standards. It is paramount for your property manager to maintain efficient processes to avoid oversights. Inquire about the specific procedures your property manager employs to meet compliance requirements and ensure that general business operations are executed with precision and efficiency.
It’s important that your managing agency has expertise in your investment strategy. For instance, if you focus on HMOs you should look for a HMO specialist. Managing HMOs demands a higher level of expertise compared to standard single let properties. Be wary of entrusting a traditional agency with HMO management, as I’ve heard lots of stories of this not working well. Similarly, if you’re seeking management for service accommodation, it’s advisable to opt for a specialised agency with expertise in that area for effective support.
Effectively managing inquiries from potential renters is a crucial step in maintaining high occupancy levels, especially in competitive markets. In such markets, tenants often reach out to multiple agencies, making a swift response essential. A well-organised agency should have a streamlined process to respond to inquiries promptly, ideally within the first 30 minutes of receiving them. Moreover, a top-notch agency will also have procedures in place to address inquiries outside standard office hours, recognising that prospective renters often make inquiries after regular work hours.
When considering property managers, it’s important to inquire about the size of their team. While some of the best property managers may operate as smaller outfits, it’s essential to weigh the pros and cons. Opting for a one-person operation poses risks, such as potential disruptions if the owner-operator goes on holiday, falls ill, or decides to cease operations.
Conversely, a large agency with numerous clients might treat you as just another number. In my opinion, the most effective agencies are those where the owner actively participates in the operational team, supported by a small number of dedicated staff. The reality is that nobody will care about a business as much as the owner, and their continued involvement often translates to better-run operations.
Efficiently handling maintenance matters is a crucial aspect of property management. When evaluating potential property managers, inquire about their processes for tenant-reported maintenance and how they communicate such issues to you, the landlord. Understand the specific procedures in place for tenants to report concerns and how the agency relays these matters to you.
Additionally, it’s essential to learn who performs the actual maintenance work and what measures are in place to ensure thorough vetting of these service providers. Obtaining clarity on these aspects will contribute to a smoother and more effective property management experience.
One of the most critical aspects of property management involves handling client funds. In the UK property management agencies are mandated to maintain a dedicated client’s account solely for this purpose. This account is ring-fenced, ensuring that in the event of business liquidation, creditors cannot access client funds, as these funds do not belong to the business.
Moreover, property management agencies are obligated to have Clients’ Money Protection (CMP), an insurance policy safeguarding against criminal negligence by property managers. For instance, if a director were to misuse funds and move to another country, this insurance would provide coverage. Inquiring about the software and processes used to manage the client account is essential. Effective systems ensure proper reconciliation and distribution of funds, a crucial aspect as money flows into and out of the account in the course of property management operations.
Choosing the right letting agent isn’t just about price—it’s about protecting your investment and ensuring a smooth, profitable experience. By working through these questions to ask a property management company, you’ll quickly identify the professionals who can genuinely support your goals.
If you’re ready to find a team that understands investors because they are investors, we’d love to help. Gallacom Property Management specialises in HMOs and freehold blocks across Greater Manchester and Sheffield, offering the hands-on expertise and transparent processes every landlord needs.
Get in touch with us today to discuss your portfolio and see how we can manage your properties as if they were our own.
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