In the bustling business of property ownership, the role of a reliable property management company cannot be overstated. Whether you’re a seasoned landlord or a novice property investor, partnering with the right property management company can make all the difference in the profitability and peace of mind of your investment.

The number of businesses in the Property Management Services industry in the UK has grown 3.3% per year on average over the five years between 2018 – 2023.

However, with a plethora of options out there, selecting the perfect fit for your needs can be a daunting task. Fear not, as we’re here to guide you through the process of choosing a good property management company.

Understanding the Need for a Property Management Company in Block Property Management

When it comes to managing apartment buildings or blocks of flats, the complexities and responsibilities of residential block property managers multiply exponentially. Unlike single-family homes or individual rental units, apartment buildings entail a myriad of interconnected systems, communal spaces, and shared amenities that require meticulous attention and coordination. 

This is where a specialised block property management company steps in to streamline operations, enhance living standards, and safeguard the interests of both landlords and tenants.

Managing an apartment building involves far more than just collecting rent and scheduling property maintenance tasks. From ensuring compliance with building regulations to resolving disputes between residents and overseeing the upkeep of communal areas, the responsibilities of a block property management company are multifaceted and demanding. 

Without the expertise and resources to handle these complexities, property owners risk falling short in their duty of care and facing potential legal liabilities.

A Guide To Finding The Right Professional Property Management Company

Here we have our simple guide to choosing a good property management business for you and your tenants:

Identifying Your Requirements

The journey to finding the right property manager begins with a clear understanding of your needs and expectations. Take some time to evaluate the size and type of your property portfolio, as well as your desired level of involvement in its management. 

Are you a hands-on landlord seeking minimal assistance, or do you prefer comprehensive management services? Clarifying these aspects will help narrow down your search and ensure a seamless partnership with your chosen residential property managers.

Looking to change managing agents? Read How To Change Managing Agents: 10 Tips

Researching Local Property Management Companies

With your requirements in mind, it’s time to embark on the search for a local property management company that aligns with your preferences. Utilise online resources such as search engines, directories, and social media platforms to compile a list of potential candidates. 

Pay close attention to customer reviews, ratings, and testimonials to gauge the reputation and reliability of each company. Additionally, seek recommendations from fellow property owners or industry professionals for firsthand insights into their experiences.

London (30 businesses), South East (14 businesses) and North West (10 businesses) are the regions with the most number of Property Management Services businesses in the UK.

Evaluating Experience and Expertise

When it comes to property management, experience counts for everything. Look for established property management companies with a proven track record of success in the industry. Consider factors such as the number of years in business, portfolio size, and areas of expertise. 

A company that specialises in residential property management or a block manager, for instance, may be better equipped to meet the unique needs of individual landlords and prospective tenants.

Assessing Services Offered

Not all property management companies are created equal, so it’s crucial to assess the range of services offered by each candidate. Beyond the basics of rent collection and tenant management, look for additional services that add value to your investment as a property owner. 

This may include property maintenance, insurance claims, health and safety compliance, and building surveying. The right property management company will tailor their services to accommodate your specific requirements, providing a comprehensive solution to your property management needs.

Transparency and Communication

Effective communication is the cornerstone of any successful business relationship, and property management is no exception. Prioritise companies that demonstrate transparency and responsiveness in their communication channels. From initial inquiries to ongoing updates and reports, ensure that you feel comfortable and informed every step of the way. 

A property management company’s clear communication not only fosters trust and accountability but also minimises misunderstandings and conflicts down the line.

Understanding Management Fees

One of the primary considerations when choosing a property management company is the structure of their management fees. While cost shouldn’t be the sole determining factor, it’s essential to understand the fees involved and how they align with your budget and expectations. 

Some companies charge a flat monthly fee, while others may take a percentage of the property’s rental income. Be sure to inquire about any additional charges or hidden fees to avoid surprises later on.

Meeting in Person

Once you’ve narrowed down your list of potential property management companies, schedule face-to-face meetings or virtual consultations with each candidate. This provides an opportunity to ask questions, discuss your requirements in detail, and assess the company’s professionalism and expertise firsthand. 

Pay attention to the level of attentiveness, knowledge, and enthusiasm displayed by the representatives, as these qualities are indicative of their commitment to client satisfaction.

Seeking References

Before making your final decision, don’t hesitate to request references from past or current clients of the property management company. Speaking directly with other property owners who have worked with the company can provide valuable insights into their performance, reliability, and customer service. 

Ask about their experiences, any challenges they encountered, and whether they would recommend the company to others. This first hand feedback can help validate your choice and instil confidence in your decision.

Making an Informed Decision

Armed with thorough research, clear objectives, and insightful feedback, you’re now ready to choose the right property management company for your needs. Remember to trust your instincts and select a company that not only meets your criteria but also resonates with your values and vision for your investment properties. 

By investing the time and effort upfront to find the perfect partner, you can enjoy peace of mind knowing that your properties are in capable hands.

Looking for Professional Block Property Management?

Selecting a good property management company is a crucial decision that can significantly impact the success of your property investments. By following the steps outlined in this guide and leveraging the expertise of reputable property management companies, you can streamline the management process, maximise profitability, and unlock the full potential of your real estate portfolio.

Remember, the right property management company is more than just a service provider – they’re a trusted partner dedicated to helping you achieve your investment goals and safeguarding your assets for years to come. Choose wisely, and enjoy the rewards of stress-free property ownership.

All of a property manager’s duties are covered by the complete block management services provided by Scanlans Property Management. We have a group of capable and knowledgeable employees who are always accessible to address concerns or questions from tenants.

Our block management services cover everything from insurance and claims to repairs and maintenance, building surveying services, site visits, and more.

For more information about our services, or to get a quote, contact us today.

How To Choose a Good Property Management Company FAQs

What is a property management company, and why do I need one?

A property management company is a professional firm that handles various aspects of property ownership on behalf of landlords, including rent collection, tenant screening, property maintenance, and legal compliance. Whether you own a single property or a portfolio of rental units, partnering with a property management company can save you time, alleviate stress, and maximise the profitability of your investments.

How do I know if I need a property management company?

If you find yourself overwhelmed by the responsibilities of managing your rental properties, struggling to find quality tenants, or facing legal and regulatory challenges, it may be time to consider hiring a property management company. Additionally, if you own multiple properties or live far away from your rental units, outsourcing management tasks to professionals can provide peace of mind and ensure optimal performance.

What services do property management companies offer?

Property management companies offer a range of services tailored to the needs of landlords and property owners. These may include rent collection, tenant screening and placement, property maintenance and repairs, financial reporting, legal compliance, and dispute resolution. Additionally, some companies may offer specialised services such as block property management for apartment buildings or commercial property management for retail or office spaces.