So you have bought an investment property. Congratulations! Now comes the tricky bit: managing the blooming thing. Many landlords quickly discover that property management involves far more hassle than expected.
Tenant disputes at midnight? Boilers packing up during Christmas? Endless regulatory hoops? No wonder so many property owners eventually seek professional help.
1. Experience That Actually Matters
When hunting for a property manager, years in business get bandied about as the gold standard. But dig deeper. A company might boast “30 years combined experience” when that’s just six staff with five years each. Ask about specific experience with properties like yours instead.
Local knowledge trumps generic experience every time. A manager handling posh flats in Kensington will need different skills from someone looking after student lets in Manchester. AMS Housing Group demonstrates this principle brilliantly. Their team specializes in different property types across boroughs they actually know.
Their managers can tell you which streets flood slightly during heavy rain or which council officials handle HMO licensing most efficiently: practical knowledge that saves landlords headaches.
2. Communication Styles and Systems
Poor communication causes most property management disasters. That swanky company with gorgeous brochures might look professional, but if they don’t return calls promptly, you’re in for frustration.
Check their communication systems before signing anything. Do they offer online portals where you can check property status? How quickly do they typically respond to emails? One canny approach: send an enquiry as a potential tenant to see how they handle it. If they’re slow or unhelpful to prospective renters (their bread and butter), imagine how they’ll treat maintenance issues.
3. Transparency in Fees and Practices
Hidden fees kill relationships faster than anything in property management. Some companies advertise attractive basic rates, then sting you with charges for “additional services” that are actually essential.
Reputable firms provide comprehensive fee structures upfront. Their contracts clearly outline exactly what’s included and what might cost extra, with no nasty surprises six months in. They’ve built their reputation on straightforward dealings rather than contractual trickery, refreshing in an industry often plagued by opacity.
4. Maintenance Networks and Response Times
Every property needs maintenance eventually. The difference between good and bad management often boils down to their contractor network. Questions worth asking: Do they have reliable tradespeople on call? How quickly can they deploy emergency repairs? Do they mark up contractor bills (many do)?
Some companies employ in-house maintenance staff, while others maintain networks of trusted contractors. Neither approach is inherently better, but response times matter enormously. A water leak addressed within hours causes minimal damage; the same leak left until “someone can fit it in” next week becomes a catastrophe.
5. Regulatory Compliance Track Record
Property regulations have multiplied like rabbits in recent years. From energy performance certificates to right-to-rent checks, safety inspections to deposit protection schemes – the paperwork’s endless. Quality managers stay ahead of changing requirements rather than scrambling to catch up.
Don’t just ask if they “handle compliance”, request specific examples of how they’ve adapted to recent regulatory changes.
Conclusion
Your property represents a significant investment. The management partner you choose significantly impacts both your returns and your stress levels. Take time investigating potential managers, checking references, and understanding exactly what services you’re paying for.
The right partner doesn’t just collect rent, they protect and enhance your investment while freeing you from day-to-day property headaches.
