If you are thinking of appointing a new property management company, inviting them to tender is standard protocol and a key part of the procurement process. However, what you may not know is that there are a few key questions that you should be asking to ensure the right fit for your building requirements and therefore, your residents.

In this week’s blog post, the POD team discuss a selection of the most insightful questions to be asking prospective building managing agents, alongside our top tips to enable you to hit the ground running when it comes to finding the right managing agent.

 

Do Your Research

First things first, we can’t stress how important initial research is for having a smooth tendering process. It’s surprising just how many tenders are distributed without really looking at the services each property managing agent provides and whether they provide everything that is required. In the early stages of tendering, you’ll want a targeted approach with a small selection of agencies. By taking the time to look at their exact service offering, evaluating their experience and expertise, their communication efforts (Google their reputation!) and lastly, what really sets them apart, will save you time and resources further down the line.

 

A Word on Pricing 

Naturally, pricing is important, but just because something is cheap, it doesn’t always mean it’s cheerful! Our advice would be to consider what ‘value for money’ means to you. Of course, this looks different to each business, but in our experience, going with the cheapest provider doesn’t always work out as the most advantageous or cost-effective option.

Keep a close eye on companies that seem to be offering a service that is considerably lower than market value for the levels of service in which you require. This seemingly low price often has lots of hidden extras or additional costs. Although upping your budget can feel unnerving, if the property management company truly feels like the right fit, the increase will be worth it for a better quality of service that you can rely on. In reality, the difference between the highest and lowest price is likely to be no more than around £100 per unit per annum, but this is where an agent’s margin is made. If you try and squeeze this, the chances are they will have to find ways to make margin elsewhere, or reduce the service, both of which are likely to impact your long terms costs.

At POD, we are open, honest and transparent when it comes to money and the high calibre of services we provide. We understand that no two properties are the same, so bespoke solutions are offered depending on the type of property management required. We have an innate understanding of our industry, so our pricing will always be fair and a true representation of the services your building needs. We want to ensure that you are getting the best value for your money for your requirements and ultimately, ensure that your residents feel heard and happy.

 

Questions to Consider Asking

Based on our industry expertise, in our opinion, the best and most insightful questions to be asking a prospective property management company are as follows:

 

• What are your average response times to email queries? (This is not to be mistaken with what their SLA’s are.)

This will give you an insight into whether they can handle the volume of correspondence received, as well as how well their communication processes work. In addition to this, you can also ask for details on the communication methods they use.

 

• What safety accreditations do you hold?

This is extremely important in the current climate and will indicate their commitment to compliance and fundamental legislation. Accreditations could include the likes of a rating from the British Safety Council.

 

• How can you demonstrate statutory compliance of the assets at the buildings?

For directors or landowners of a very expensive asset, it’s paramount to ensure compliance with statutory obligations and have an agent that can prove so. Ultimately, you are legally accountable if the building does not meet requirements, so asking prospective agencies to prove they have a good track record and processes in place for compliance is vital.

This element is generally overlooked in the industry; poorer quality managing agents may get away because they are lucky that things don’t go wrong - but can you truly afford to take that risk when it comes to safety?

 

• Do you receive any commissions from contractors for placing works?

 The face value fees might look attractive but if a property management company is taking kickbacks from contractors, it is a false economy. At POD we do not take any commissions from contractors and always remain unbiased with quality at the forefront of everything we do.

 

• How do you manage onsite staff and ensure they provide value for money and work effectively?

This is a key element for those with on-site staff, as they are an expensive resource – more than you will pay a managing agent. Getting the best from them is key, so your new managing agent must be experienced at working with such individuals.

 

• What are your processes for collecting charges and how do you look after our money?

Alongside the property, a credible manging agent should have seamless processes in place to ensure the safety of the funds. These should offer simple methods for residents to make payment, as well as offer peace of mind that the money is completely secure.

 

POD Do Things Differently

It’s arguable that the services across the many types of property management are largely the same. However, what truly sets a property managing agent apart are the cogs that work together to power the machine. Here are just some of the things that make us different.

 

Response Times

We pride ourselves on our response times. In fact, it’s what put POD on the map in the first place! We have a shining reputation for our quick and professional solutions. Waiting for days to have a query resolved can lead to disgruntled clients and customers, leaving them asking (and rightly so) why is it taking so long? POD are proud to uphold a level of tracked response that’s unrivalled in the industry, with response times under 6 hours (and under 1 hour if we have an on-site team in place), and a 90% resolution rate within 20 hours.

 

We Stick to What We Know

We’ve never compared ourselves to anyone else and very much march to the beat of our own drum. When it comes to our processes, we’ve always stuck to what we know works and ultimately, what has been tried and tested to deliver the best level of customer service. POD are smart, meticulous and transparent in our approach in all that we do. We set and benchmark our own goals to continually build on the results we achieve. It’s this approach that sets our level of service miles apart in our industry; this is reflected in our many 5* Trustpilot reviews and our overall score of 4.3 stars – the highest of our competitors.

 

We Genuinely Care

At POD, we’re people people. First and foremost, we put the wellbeing and care of our staff, our clients and our customers before anything else. The people we work alongside are the heartbeat of our business and without them, we simply couldn’t do what we do!

The right management company should be able to put your mind at ease. Proven examples of what they do, how they can achieve it and what sets them apart will be a priority. At the end of the day, they are an extension of you and your reputation, so you should be aligned in all that you do in order to achieve the cumulative end goals.

 

Get in Touch

If you are looking to appoint a new property management company to assist in the smooth running of your new development, the POD team can help you today:

• Fill out our enquiry form

• Email us at support@podmanagement.co.uk

• Call us on 0333 577 6656

We look forward to hearing from you!