How to avoid hassle when changing Property Managers – Part 1

If a change in Property Management provider is a conversation you’re either considering or currently having, there are three areas that our experience has shown us can help provide insight when deciding whether to switch.

1. Reasons for change and how these inform expectation
2. Common pitfalls and how to avoid these
3. Cost – and how this sits when assessing a value proposition

This is Part One in our series ‘How to avoid hassle when changing your Property Management company’, and deals with utilising your reasons for change to ensure you make a successful switch.

Reasons for change and how these inform expectation

Make sure any potential change addresses the key reason for making the change in the first place. An error repeated is an error magnified.

Accurately listing your requirements to build a profile of what you need in a property manager is a basic fundamental to asset ownership. It takes on outsize importance when you are reviewing your property management team – if you are going to risk some disruption by changing the company running your asset, ensuring that your key requirements will be met it as important consideration.

We often encounter landlords or Residents Management Companies (RMC’s) for the first time when they are on the otherside of a bad experience. One of the more common reasons for changing a property management provider is a ‘trigger event’; whether this is an incident caused by repair/maintenance oversight, a legal breach causing an issue or loss of a large/flagship tenant within a commercial building.

These ‘trigger events’ can become all-consuming for landlords – who then become primarily concerned with finding a property management firm that will reassure any fears regarding a repeat episode occurring. While understandable, this approach is narrow and creates its own risks. These risks are easily managed by conducting more comprehensive preparation that assesses the extent of experience and expertise any potential new provider can offer.

When undertaking your preparation to change property management company, we encourage landlords to be asking the following, key questions as a minimum;

1. What are the key factors I should have regarding my asset’s current compliance exposure? What is your expertise in this space? Do you fully understand the law when it comes to property?
2. How developed are your relationships with key suppliers who will assist in servicing my assets? Do you have a local team?
3. What is your understanding, and experience, of the locale in which this asset exists? Do you have expansive local knowledge?
4. How is your value proposition different from other providers in the market?
5. How would your firm have better managed the issue that has caused us to consider replacing our current provider?

A cure should not be worse than the disease.

Changing your asset’s management team can be a disruptive process – so you should dedicate time to examine and understand the full value that any potential alternative can bring.

Whether a specific event has caused you to want to move, a long sequence of issues has reached a tipping point or you are simply testing the market – optimising your property’s potential involves more than just a simple yield assessment. Efficiency of management and trust are key factors in making an informed decision that can best position your property for sustainable returns moving forward.

Established in Sheffield in 2006, Omnia Property Group is one of the nation’s major players in property with operations covering block and commercial property management, office and commercial lettings, student accommodation, residential lettings and facilities management.

To learn more about Omnia Property Group, or to speak with one of our experienced property management professionals, contact Omnia on 0114 2792840 or blockmanagement@omniaestates.com for a confidential and no-obligation discussion.