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One of the biggest challenges facing a management company, freeholder or even a landlord is making sure that they have the right property managing agents in place. In the event that they the current agent isn’t right there is the hurdle of choosing whom you consider to be the right agent and then explaining your choice to anyone who is affected.
Not only are their difficulties to be faced during the selection process when you are under pressure to choose the right property managing agent, there is the difficulty of introducing your new agent when some people may have been perfectly happy with the previous one and unaware that they weren’t working as they should.
There is nothing worse than striking fear into people’s hearts that their money or their property may not have been looked after.
Perhaps the best way to start, is to consider the service that you have been receiving so far and then consider what you would like. It may be that you would like to meet more regularly with your property managing agent. Then again you may feel that you have been meeting them too much and are effectively managing the property yourself.
You may want to have a greater degree of visibility over the finances of your property in order to put together a long-term strategy going forward. Alternatively, it may be that you want to completely place your property in the hands of a competent managing agent because after all that’s what you are paying for.
Once you have made the decision as to what you do want, and put your wish list together then it’s time to select your property managing agents. I would suggest that you look at 3/4 agents and choose from a spectrum of agents, bigger is not always better!
Ask them for a quote and then arrange to interview your shortlist. At the interview stage ask them about their style of management both with you and with anyone who is involved in the property, be they fellow owners or shareholders, tenants, or even contractors.
It may be worth asking them how they would expect to make a seamless transition when taking over the property. Some agents will simply send a letter advising of their appointment but some may suggest a meeting to meet everybody as the role is about working with people to manage their property.
Whichever agent you choose to go with, making the transition go smoothly will be their main responsibility. It is up to the incoming agents to ensure that they get all the information they need, as after all they are going to manage the property going forward.
It is always a bonus when the client is able to support with obtaining information but in most cases a good managing agent should be able to manage a property without much information at all and ultimately take responsibility for making sure that the handover is as harmonious as possible.
If you are looking at transitioning over to a new managing agent or would like to speak with us in terms of managing your block, commercial or residential property we would be delighted to have a further conversation with you.