Investing in property is a big choice – and you want to make sure it’s done correctly, poorly managed properties can cost thousands of pounds, don’t let yourself fall into this trap!
There are plenty of property management companies to choose from and so it can be hard to know where to start. As somewhat of a minefield it can often feel like no matter which company you choose there will always be potential problems – but also potential benefits – associated with your choice. In an area as crucial as property management it’s really important to choose the right people to look after your property– as a mistake can cost you dearly – and that’s why it’s worth doing your research before you choose the right property management company for you.
Ask yourself a few questions: What’s important to you? What do you want to get out of your investment? What is the most important part of your property investment? These are all important questions you should think about before you choose a property management company. It’s important that your needs and the abilities of your chosen property management company match well.
Here are five key things to look for in a good property management company, before you make your final decision:
- What is their record like? This is perhaps one of the most important elements that you should take into consideration. Looking at the record of a property management company can go a long way to giving you a good idea of what they are like. Have they worked well with previous clients, or have many clients been unhappy with the way they have worked previously?
- Have they worked with people you know? Although word of mouth is good, the opinions of someone that you know is perhaps even more valuable as you know that they have no vested interests in what they are actually saying. In this event it’s definitely worth listening to what they have to say.
- What kind of reputation do they have? Reputation means a lot to property management companies. If the company that you are working with has a good one then the probability is they have spent a great deal of time working closely with past and present clients to bring them the type of service that you would expect.
- Who do they primarily deal with? Most property management companies will have a specific type of clientele that they will directly deal with – this could either be commercial or residential clients, depending on the company. It’s worth looking in to this to decide whether or not they are the right people for your property.
- What was your first impression? First impressions definitely count and I’m a big believer that you can tell a lot about a person from the first impression that you get from them. A first impression can help to show you the way that a potential client works with their clients, and what they think about them. Accordingly it can often give you a very good idea about what to expect from working with this client in the future.