Four Tips for Finding the Best Property Management Company for Your Portfolio

Choosing the right company to manage an investment you own is an important decision and it’s critical you don’t just opt for the first firm you find online. As a company that’s highly experienced in commercial property and block management in Hastings and beyond, here are our four top tips for ensuring you make an informed decision.

1. Carry out an Online Search for Local Property Managers

These days, the tool everyone turns to when carrying out research into services is the internet, and this is as good a place as any to start your search. Don’t forget, you need a company that operates locally to where your properties are situated so they are on-hand when work needs to be done. Draw up a list of those with professional websites and stock similar in capacity and nature to your own.

2. Ask Your Network for Recommendations

The next task is to narrow down the field. Word of mouth recommendation is always one of the best indicators of a great quality service, so check with your own friends, family and colleagues, or talk to local estate agents and property owners about which firms they are using. Don’t just rely on one testimonial, though; it’s important to get views on the same firm from a number of sources. If the evidence mounts up that a particular firm is especially good – or conversely, if you receive negative reviews – it’s a more likely indicator of the quality of service you’ll receive.

3. Review Their Current Portfolio

Now you’ve narrowed down your choices to a shortlist, it’s time to do some more in-depth research. Check out each company’s website for details of properties they’re currently managing. Look at how they advertise, through estate agencies, online and in local media, to get an idea both of how professional their services look and how widely they spread the net when searching for tenants to fill vacant properties.

Visit some of the properties they manage: what do the exteriors look like? Are they well maintained, clean and appealing? Try and talk to a few of the tenants. Good property management administration is just as much about keeping tenants happy as it is about doing a good job for the owner. So it’s valuable to garner information from tenants too to determine whether they are content with the management company’s performance.

4. Hold Face-To-Face Meetings with Prospective Companies

Finally, it’s time to get up close and personal! With just a few companies left on your list, you shouldset up some interviews with prospective estate maintenance companies. Look for practical experience over a number of years; the range of services they supply, from routine maintenance to property surveys; the fees they charge; and their understanding of the legal issues surrounding property management.

Also, see how receptive they are to your questions. Even if you’re inexperienced in letting and managing property, you should expect them to treat your queries with due respect and explain their policies and procedures in terms you understand. Ask about accreditations or memberships of professional trades associations they hold – these are good indicators of high standards and will offer you an avenue for recourse should things turn sour in future.