A decent Property Management team – a landlord’s most reliable sidekick.

There once was a time when Property Management wasn’t quite so high on a landlord’s priorities. Of course it mattered, but it was seen as a bit of a commodity; the dull, functional work of collecting rent and service charge. The world has changed already. Once a tenant cost, Property Management is increasingly a landlord cost with the growth of all-inclusive rents (read article). A focus on operating costs can transform a landlord’s income so the necessity to work hand in glove with your Property Manager is more important than ever before.

We make it a USP, almost, that any Asset Management strategy has the implicit involvement of the Property Management team in asking questions such as: How can we develop sustainably? What impact will the development have on operating costs? Can we operate more efficiently? What new technologies can we use to run our buildings more efficiently? How can we change working practices to improve performance? How do I recycle food waste and cardboard?

Understanding the answers to these questions can generate positive income rather than add costs.

As a result we can investigate the fall in service charge and the possibility of higher rent quotes and subsequently an improvement in net income.  A sensible, practical eye from an effective Property Management team can make a landlord money and drive actual value. And similarly, a poor Property Management team can cost the landlord a fortune!

During COVID we have not stuck our head in the sand; we have demanded that we drive savings for our tenants, looked at new working practices and innovations that create real tangible value to us as landlord.

Good Property Managers are excellent negotiators and communicators.

They need to respond to problems by really understanding the needs of both landlords and tenants and come up with solutions that work for everyone. Not always an easy task, but done well, this builds trust amongst all parties on a site.

It’s not easy to find a good Property Management team; it’s a bit of an institutionalised function where there is much complacency. We’re fortunate to work with a team (PM+U) that’s proactive, collaborative and that really gets the markets we operate in.

By Tim Vaughan, CEO