All properties need managing! Should you do it yourself or use a property management company?
What is a Property Management Company?
A property management company can be a valuable asset for any landlord or property owner. These companies specialize in day-to-day tasks such as advertising vacancies, screening tenants, collecting rent, and responding to maintenance requests.
They also handle more complex tasks such as evictions, dilapidations and lease renewals. In addition, property management companies often have access to a network of reliable vendors and contractors, which can save time and money when it comes to repairs and renovations. Whether you own a small rental property or a large portfolio of properties, working with a property management company can help to maximize your profits and minimize your stress.
What is Facilities Management’s role in Property Management?
Facilities management is a type of property management that focuses on the maintenance and operation of a building or buildings. This can include tasks such as cleaning, security, utilities, and maintenance of equipment and systems. Facilities management is typically concerned with the day-to-day operations of a property, while property management involves overseeing and coordinating all aspects of the property, including financial and legal matters. In general, facilities management is a key part of property management, as the maintenance and operation of a property are essential for ensuring its value and functionality.
How Does Building Repair Support Property Management?
Building repair is a type of work that is often performed as part of property management. Property managers are responsible for ensuring that a property is well-maintained and in good condition, and this can include tasks such as fixing damage or addressing problems with the building. Building repair can range from simple tasks like painting or replacing light fixtures, to more complex work such as repairing electrical or plumbing systems. In general, building repair is an important part of property management, as it helps to maintain the value and functionality of the property.
How to choose the best Property Management Company
There are a lot of Property Management Companies in the UK. How do you choose the best one for your property portfolio?
We asked Shannon Sugden RFM Group Facilities Management and Jamie Stewart from RFM Group Building Repair, to provide expert insights.
Expert Advice from Shannon Sugden
Shannon Sugden says ‘When choosing a property management company, there are several factors to consider.‘ She went on to offer some suggestions for finding the best property management company for your needs:
- Research different companies and compare their services and fees.
- Read reviews and check ratings from other property owners or tenants who have used their services.
- Ask for references and contact them to get a sense of the company’s reputation and level of service.
- Consider the company’s experience and expertise in managing properties like yours.
- When selecting a company to manage your facilities, pick one with a pedigree of excellence across multiple services such as maintenance, cleaning and security.
Jamie Stewart’s Property Management Tips
Jamie Stewart is an experienced Operations Director and said that ‘ultimately a good property management company needs to be credible. Key ways to asses this include the tips below:’
- Make sure the company is licensed, insured, and accredited by relevant industry organizations.
- Meet with representatives from the company to discuss your property management needs and ask any questions you may have.
- Choose a company that offers a personalized approach and can provide the services and support you need.
Research and Considerations in Building Management
Ultimately, the best property management company for you will depend on your specific needs and priorities. By doing your research and carefully considering your options, you can find a company that will provide the support and services you need to effectively manage your property.
Frequently Asked Questions About Property Management Companies
Here are some frequently asked questions about property management companies:
What is a property management company? A property management company is a business that manages the day-to-day operations of rental properties on behalf of the owner. This includes tasks such as finding and screening tenants, collecting rent, maintaining the property, and handling repairs.
What services do property management companies offer? Property management companies typically offer a range of services, including marketing and advertising the property, finding and screening tenants, collecting rent, handling repairs and maintenance, and preparing and enforcing leases. Some property management companies may also offer additional services such as financial management, legal assistance, and insurance coverage.
How much does it cost to hire a property management company? The cost of hiring a property management company can vary depending on the services provided and the size and location of the property. For overseeing tenant property, some property management companies charge a percentage of the rent collected, while others charge a flat fee or hourly rate. It is important to carefully review the terms of the contract and understand all fees and charges before hiring a property management company.
How do I choose the right property management company? When choosing a property management company, it is important to consider the company’s reputation, experience, and the services they offer. You should also consider the fees and charges associated with their services and whether they are transparent about their pricing. It can be helpful to ask for references and to speak with other property owners who have used the company’s services.
Can a property management company evict a tenant? Yes, in most cases, a property management company has the authority to evict a tenant on behalf of the property owner. The process for evicting a tenant varies by state and may require the property management company to follow specific legal procedures, such as serving a notice to vacate or filing an eviction lawsuit.
