What to look for in a property manager?

Written on 5 December 2018 by Giles Cook in Property News

To anyone investing in an impressive rental property, or portfolio, the right property manager could be worth their weight in gold.

Residential property management takes the stresses and strains of being a landlord off your shoulders, ensuring your tenants are happy, your property is well maintained, and your investment brings rewards.

To do this your property manager – or property management company – will need a versatile mix of qualities.

They’ll be good with people …

As the intermediary between you and your tenant, the property manager will oversee a range of lettings-related matters on your behalf. They will maintain a positive relationship with your tenants, keeping the good ones onside and picking up any issues straightaway.

They can help you find the right tenants for your property, by screening interested parties and carrying out background and reference checks, before negotiating the lease. Once the tenants have moved in, the property manager will be their port of call for queries, problems or issues – from noise complaints to repairs.

… and great communicators

A good property manager will be great at keeping in touch with you too; ensuring they are easily contactable if you have queries and that you’re well-informed about your property or portfolio. They’ll give you regular updates about vacancy rates, maintenance and repairs as well as current issues that might affect your investment.

They will come with a bank of knowledge …

As industry insiders, experienced property managers know the market intimately – along with the legal aspects of letting out property. They know a lot about maintenance too, helping them get the most from contractors and keep your property in tip-top condition.

… and be maintenance experts

A key role is ensuring that your property is carefully maintained. Property management is about keeping your tenants happy and comfortable, but it’s also about the guardianship that will prevent future problems caused by deterioration or disrepair.

A property management company may oversee renovations and redecoration before the start of a tenancy and, once the new residents are installed, deal with any malfunctioning appliances and reports of breakages.

A property manager’s remit isn’t restricted to the interior – they will look after gardens and grounds too, ensuring lawns are kept lush and hedges trimmed and that gutters are cleared, and windows cleaned.

This means your estate manager will be well used to dealing with a range of contractors and maintenance staff; making sure work is completed promptly and efficiently, whether your property has tenants or is being made ready to let.

Financial acumen

A good property management administrator is the key to making sure your cash flows smoothly. The property manager sees that rents and service charges are paid in full and that proper records are kept. They will chase late payments and manage the setting and varying of rents.

They need to understand finance and be well-organised when it comes to your paperwork – from signed leases to details of any complaints, as well as insurance policies and expenses. They will be skilled in working to a budget too, helping you get the best value from the repair and refurbishment contractors you employ.

If you think property management company could help you, and you own a property in Belgravia, Knightsbridge, Chelsea, Mayfair, South Kensington, Pimlico, Westminster or Victoria, our experienced team would be delighted to speak to you – so please get in touch.

Giles Cook

Giles recently joined Best Gapp in 2017 as Partner Designate and Head of Residential Agency, bringing over 20 years’ experience to the firm. Following a three-year stint as an Area Director for Foxtons, he went on to head up Chestertons’ sales and lettings operations in central London, before becoming a Partner at top Knightsbridge boutique WA Ellis.

All articles by Giles Cook


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