When you commit to work with a property management company, you are doing so to relieve yourself of the often-heavy burden of property management.
With this in mind, it is important to feel the relief of that burden lifting from your shoulders early on. Core to achieving this is excellent communication between you and your property managers from the get-go. But what is property management? And what should you expect when working with a property management company?
Our property asset management team explores best practice examples of what to expect from a property management company.
What does a property management company do?
A property management company oversees a rental property on the behalf of the landlord. Their role includes collecting rent from tenants, taking responsibility for day-to-day repairs, and managing the overall maintenance of a property.
How to select a property management company
It is important to select a property management company that will lead from the front.
At the start of any property management relationship, there will be a great deal of information to exchange – from ensuring both parties understand what you want to get out of the relationship, to exchanging the information needed to allow the account to run efficiently.
You should expect the company you retain to liaise with you in an open, candid and clear way. This will help you to build up a relationship founded on mutual trust.
When onboarding a new client, our property asset management experts invest a great deal of time into acquiring a solid understanding of the scope of the instruction, as well as your investment aims.
This process really helps to set the tone of the relationship and allows us to set objectives that meet with your aims, whilst allowing us, as your property managers, to be in the best possible position to deliver on your needs.
Once you have collaborated with your new property managers to understand how you will work together, there is a host of questions that they will want to ask you to ensure that they have up to date, accurate information about your asset or portfolio.
