How do I find a reputable property management company?

You may think that by not using a property management company you will save yourself money but the truth is that unless you are incredibly experienced in managing properties as well as have plenty of time to do all the paperwork, marketing, practical tasks etc it might be better to leave it to the experts. However, what you don’t want to do is hire a company that is ill equipped to do the job. Here we give you the lowdown on how to find a reputable property management company.

What to look for in a property management company

The reason you are employing a property management company is to entrust the day to day running of your property or property portfolio to someone else, so the first thing you need to look at is what kind of reputation they have. By doing your homework at the outset you can save yourself a lot of headaches down the line.

Check out their success rate

It is a good idea to find out how many properties the property management company manages and how well they are performing. Start by reading online reviews and testimonials but you can also ask the property management consultant for facts and figures. The ones who have nothing to hide will be more than happy to share the information.

Look at the vacancy rates

A company which is doing well will let you know about the percentage of properties they are renting out. It stands to reason that if a property management company has a lot of vacancies then you might want to move onto the next candidate.

Go local

A local property management company will understand the area and the market. For example, as a property management company in Wrexham, Grow Property understands the way things work on both sides of the border in England and Wales.

Check their fees

You don’t want any hidden costs so ensure you have all the pricing information up front. Standard fees should include setup fees, leasing fees, vacancy fees and advertising fees. There may also be an “extra services” fee to pay for services that aren’t part of the standard fees so you need to make sure what these are. A reputable property management company will be upfront about all the fees and what they are for.

Find out what management services they offer

This is the most important question you need to ask your property management consultant. Make sure that you can pick and choose what services you need. For example you might have a portfolio of properties that need a comprehensive service, involving everything, from finding tenants to organising repairs, or you might just need a company to find tenants and collect the rent. This may depend upon budget but also on how much time to have to devote to your properties.

What services should the property management company offer?

Your property management company should offer a comprehensive service but also allow you the flexibility to cherry pick those that you don’t want to do yourself.

Here is a list of services you can expect your property management company to provide.

Vetting tenants

You do not want the tenant from hell inhabiting your property so the first step is to vet anyone who is interested. The property management agent should be able to find out if they’re noisy neighbours, don’t wreck the property and pay their rent on time.

Your trusted property management company should be able to run background checks, credit checks and do other research to ensure that the people you are renting to are responsible and reliable. They should provide them with forms to fill in, ensure they obtain the correct references but above all have the experience to know what makes a good tenant.

Handling paperwork

When you hire a property management agent you’ll be assured that they can take all the paperwork out of your hands. From obtaining references and signing contracts, to creating an inventory of furnishings and sorting out insurance, there’s a lot to consider but you won’t have to do any of it. You’ll be able to leave it to the experts.

Collecting rent

Obviously this is a crucial aspect of property management, as receiving the rent on time means you can free yourself up to concentrate on other things. Of course, you can choose whether this is something you want included in the services you require.

Keep tenants happy

If you have good tenants it makes sense to keep them and the way to do that is to sort out problems or queries as soon as they arise. The property management agent should be there to deal with this, so that tenants feel listened to and valued.

Dealing with tenant problems

With a property management agent on hand you should not have to deal with any problem tenants because they will do that for you. If for example, a tenant becomes a nuisance or doesn’t pay their rent on time it will be their job to sort it out. The advantage of hiring a property management company is they know the local tenancy laws and the best steps to take to ensure your tenants behave appropriately. They can oversee the eviction process if need be. They will also be there to deal with any emergency situations so there’ll be no getting out of bed at 2am to deal with a leaking loo for example.

They’ll do the legal stuff

Your property agent should be versed in all the property and tenancy laws and up to date with new developments as well as have the ability to implement them if necessary.

Oversee repairs and maintenance

A good property management agent will have a roster of brilliant workers who they can call on to do repairs and maintenance. For example the property management company Wrexham will have a list that includes local plumbers and electricians to come out to property in and around Wrexham as soon as possible.

How do I know a property management company is legitimate?

You can obtain advice from the Leasehold Advisory Service, which is a government funded body. They provide free information, initial advice and guidance to members of the public about residential leasehold. https://www.lease-advice.or

Also, do your homework. Research them online, read testimonials, and check out their performance.

Grow Property offer property management services for landlords in Wrexham and the surrounding area for more information please don’t hesitate to contact us at www.growproperty.co.uk