It’s not easy being a landlord, especially when you have to ensure that your tenants are living harmoniously and in accordance with the terms of the lease. This task becomes significantly more complex as the number of tenants increases.
In order to make things easy to manage, landlords get a Block Management Company on board. Such companies take responsibility for managing and maintaining communal areas. In addition to this, they communicate with various contracts to meet maintenance and repair requirements. They might also handle the insurance of the property and look after lighting, heating and other amenities of common areas. Their ultimate goal is to make sure that the landlords are getting their value for money for their service charge payments.
If you’re having difficulty choosing between several block management companies, read our top tips for finding the right one.
Ask for recommendations
Rather than delving into the bottomless Internet, ask the people you know for recommendations. People you know make a reliable source for recommendations.
Read online forums
Nothing gets past the Internet, including customer reviews. Read online forums and customer reviews to learn more about a company’s services. You can even ask companies’ for client and tenant references to find out if they deliver satisfactory services.
Nowadays, a website is a representation of a company online. Head over to block management company’s website to gauge their quality of service. A well-known company is likely to have a better website than a mediocre counterpart.
Canonbury Management is the leading specialist offering a comprehensive and sophisticated block management service.
It isn’t a wise idea to settle on the first company you come across. Do you research and short-list a few companies to choose from. You can compare these companies on the basis of experience, relevancy, price and so on.
For example, you can choose the company that can provide safety for your property best. This way, you can prevent future losses by choosing a block management company that can assess your property’s physical security needs. A company that employs security features such as surveillance cameras, alarms, fire sensors, and a small fireproof safe can help safeguard documents, deter criminal activities, and prevent accidents inside your property and even its premises.
Thus, it’s best to compare the services provided by your chosen companies to avoid facing major problems. More often than not, the suspicious ones offer too low service fees, so don’t compromise your property’s safety and reputation dealing with such companies.
Arrange F2F meeting
Rather than discussing everything over the phone or email, arrange a face-to-face meeting. This is a much more efficient way to present your requirements and decide whether a management company can meet them. It also facilitates price negotiations.
Check out vacancy rates
One of the challenges landlords face is keeping vacancies to a minimum. An ideal company should devise measures to advertise and rent out vacant units as soon as possible. You can also ask about the vacancy rates of other properties managed by them.
Enquire about tenant screening methods
Just filling vacant units isn’t enough. You need tenants who will adhere to the lease agreement and pay rent on time. Therefore, the prospective block management company should have a dependable tenant screening method in place. Outsourcing this service should benefit you and not instigate losses.
Verify licenses and certifications
A reputable company should be able to back their claims with professional license and certifications. Learn about your regions licensing requirements and check if the company meets them.
A reputable block management company should be able to present a real estate license to show its property management expertise. Aside from broker licensing requirements, a reputable company can show state permits and licenses to prove a legitimate property management business operation. Thus, be wary of a block management company that hesitates to answer your questions about permits and licenses.
Read terms & conditions
Terms and conditions outline and set the expectations of all parties involved in a business transaction, such as contracting a block management company. The details include vital disclosures that all parties should know to avoid misunderstandings and future disputes.
When you’re finalising a block management company, make sure you carefully read the agreement. Some companies are notorious for sneaking inescapable clauses in the contract. Singing such a contract will bind you for a specified period of time. Go through the terms and conditions with a fine-tooth comb to avoid agreeing to such disadvantageous terms.
The Property Sourcing Company service should benefit you and not instigate losses.
Ask about insurance
Aside from safeguarding your property’s external needs, it would help if you also protect your internal property management operations. While employing every security measure, it’s also essential to deal with an insured block management company for maximum safety and security.
It’s crucial for a block management company to have adequate insurance. Ask about their general liability insurance, property-casualty insurance and other insurance policies. Insurance coverage is necessary to prevent future losses.
The Bottom Line
Hiring a block management company for your property is a decision that shouldn’t be taken lightly. We hope these tips help you choose a suitable block management company. Remember, it’s always advisable to shop around before finalising one.