How to avoid hassle when changing Property Managers – Part 3

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.

This is Part Three in our series ‘Changing your property management firm’, and deals with understanding full cost benefit when considering making a switch.

Cost – important, but not everything

With over 17 years of trading experience and a diverse array of experience within our team – we know the property industry. Property management firms all operate with similar briefs from landlords or Resident’s Management Companies (RMC’s); however, the service they deliver can vary wildly.

Landlords can often be highly focussed upon yield and cost minimisation. While central to many strategy – optimising returns on investment is more complicated than high occupancy at good rates with as minimal a cost as the market will bear. If it was just a numbers game, everyone would do it.

A good property management provider is able to influence cost more than is traditionally understood. A sound knowledge of regulatory and legislative frameworks will position the right company with an ability to proactively advise landlords on risk – allowing them to effectively align any advice they receive with their own management strategies. Property management providers should also be intune with future, as well as current, shifts in market attitudes – while hybrid working may be the current trend, trends can and do shift.

Block management is a different beast again – while the focus is predominantly on responsiveness, reputable and knowledgeable providers in this space can provide value in many more ways. Established providers in this space typically know more than just the number of a local plumber – an opportunity that allows their expertise to be utilised more effectively.

When assessing the value a new property management team might bring, consider;

• What experience with similar assets, operating in a like-minded fashion, will this team bring?

• What is their knowledge of the local area – are their connections will the supply chain I will need (repair, maintenance, refurbishment) well suited to ensure good response times and a high standard of work?

• What is their understanding of my property’s risk profile – are they able to advise and assist me with navigating different property regulations that may impact both the operation and sustainability of my asset?

• What are their thoughts on where the market is headed in the short, medium and long-term? Are they in sync with market thinking?

Competition on cost alone is a really narrow metric to consider when reviewing your requirements in this space. Ask the hard questions, cast a wide net and take a broad view of what the best fit will be to ensure your asset’s return can be optimised, while its risk is also effectively managed. It’s not just about cost.

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.