For landlords and asset managers the thought of transitioning to a new Property Management team can seem like a daunting task and so all too often they will stick with what they know rather than rock the boat. Property Management teams are often judged by how well they do the basics; collecting rent and service charge and ensuring adequate security and cleaning. It’s an industry where the bar is often set to mediocre! However, things are slowly changing. There is a different breed of Property Manager championing a more proactive approach; doing the basics brilliantly, of course, but also working in partnership with their landlords to find clever ways to make a difference to their bottom line.
It is in uncertain and difficult times, such as this Covid-19 pandemic, that teams show their worth and relationships their strength. It’s when you truly need people you can rely on. If you’re questioning the standard of the service you’ve been receiving, here’s what to think about when considering switching.
Ideally you want to start talking to prospective Property Management teams 6-9 months before the contract with your incumbent is due for renewal. This period allows adequate time for a tender process (if you’re keen to compare a few different organisations) and a couple of months for a well-planned handover phase.
2. Transparent pricing
Ensure that you’re comparing like-for-like on pricing when considering options. Some use the infamous Ryan Air approach where initial costs seem cheap but you’re met with lots of unexpected add-ons further down the line. At PM+U our pricing is communicated simply and transparently and we’re very clear on the sort of specialist project work that sits outside of the contract.
3. Culture fit
This is an important one! Get a feel for the day-to-day approach of each organisation and the people you’ll be communicating with on a regular basis. Consider whether you prefer a more standardised approach, typical of some of the larger corporates, or a more flexible and personal service. At PM+U our aim is for it to feel like we’re part of your in-house team. We’re not bound by the same rigid operating models as some of the larger corporates which means we can tailor our service to you. Our senior people are hands-on and so we can be agile and take quick, decisive action when necessary.
4. Ensure you feel understood
Good Property Management starts with listening. An organisation that asks lot of relevant questions and really takes the time to understand your needs and challenges is essential. At PM+U we will get to know a landlord’s business; the nuances of how it works, its people and its culture. We see our role as helping a client’s business to thrive by getting behind their goals and working in partnership.
In essence the ideal is to find a Property Management team who is honestly and fairly priced, whose culture is suited to your business and who go further than just delivering the basics; a team that works collaboratively with you to add value and help you achieve your objectives. Find a Property Management team who you feel is truly on your side.