What are the basic rules of property management?

How can you be sure that your investment will be in safe hands?

Here’s something to make your life simpler – a checklist of the basic property management rules that any good property management company will follow.

1. Good property management companies understand the importance of strong relationships

Property management companies may deal in bricks and mortar, but their real focus is on the people who own and live in those buildings. And it’s for that reason that a property management company worth its salt will prioritise strong relationships with their landlords and tenants. Not only that, but you should expect a good property management company to have positive relationships with support businesses such as trades, lenders and removals companies.

2. They have proven and consistent processes in place

Structure is everything! A solid property management will have a set of processes in place to cover every eventuality. From viewings to middle of the night emergencies, having consistent processes in place means your tenants receive the same reliable service day-in, day-out, that you know what to expect and that your property will be cared for appropriately, regardless of the circumstances.

3. A solid property management company knows the law

The legal landscape for lettings is complex and changes frequently. This makes a good understanding of the law fundamental for a good property management company. And because the law doesn’t stand still, you should check that the staff at your property management company receive regular training to keep them up to date. Membership of Arla Propertymark is a good indicator of a property management company’s commitment to compliance. That’s because membership provides staff with compliance support and regular training.

4. They focus on delivering outstanding client service

A property management company who values landlords over tenants is never good news. Why? Because tenants who are poorly cared for are less likely to respect your property and more likely to leave as soon as they can, increasing potential void periods. Good property management companies spend time making sure their tenants are happy in their homes, because ultimately, happy tenants create happy landlords!

5. They prioritise professional development for their staff

We’ve touched on this already in point 6, but it’s worth building on. A good property management company will ensure its staff are motivated and engaged in their role. And the reason for that is simple – motivated, engaged employees work harder and deliver better service. Professional development is one of the most important ways to keep employees motivated – and will also create more effective, knowledgeable staff to help manage your property.

6. A good property management company demonstrates strong integrity

This is a tricky one to assess – every property management company will claim to value integrity and put their best face forward when speaking to you as a potential landlord. Our advice is to reach out to your local network and to read reviews. These will tell you more about how a property management company operates – both from a landlord and tenant perspective.

7. Strong property management companies have a strong and trusted network

You’re no-one without your network – and that’s especially true in the world of property management. Good property management companies need details of reliable tradespeople, cleaners, removals companies and gas safe engineers. This network means your tenants aren’t left waiting for essential repairs if there’s an emergency, and that you can rest easy that your property is in safe hands.

The Home Club Property Management

The Home Club has rapidly built a reputation as one of Guildford’s leading property management companies. With a five-star Google rating, happy tenants and satisfied landlords, our ethical approach to property management puts tenant and landlord happiness front and centre of everything we do.

Find out more about our property management service.