The Benefits of Property Management
Why property management?
Maintaining a property and looking after your tenants can be a full-time job. You need to make sure your property is both up to scratch and well-maintained, plus you have the pressure of sorting out emergency repairs and dealing with tenants’ requests.
Add to that rent collection and finding new tenants when your current ones move out, and you’ve got yourself a whole heap of stress you don’t need.
Nowadays, understandably, more and more landlords choose a property management service to look after their property day to day.
Property management has seen a rise in uptake in the last couple of years, with new customers ranging from overseas landlords to individuals wanting to be covered legally to people who simply don’t want the hassle of managing a property.
The private rented sector has increased in London from 19% in 2007 to 29% in 2018 meaning more and more homeowners are putting their properties on the rental market and are interested in the benefits a professional property management service.
What are the benefits of Property Management?
Primarily, having your property professionally managed offers peace of mind. Many of today’s landlords have full time jobs or live overseas and simply don’t have the necessary time to fully manage their rental properties.
Additionally, a complete property management service will collect the rent for you, chase tenants for unpaid rent (where required) and, arguably most importantly, be fully compliant with the multitude of property-related rules and regulations. In fact, a study shows that 52% of UK landlords aren’t aware of the regulatory requirements - the dos and the don’ts - when renting out a property. This leaves room for a lot of doubt, from ‘are my tenants asking for too much’ to ‘do I need to do this or is it my tenant’s responsibility?’.
Furthermore, the Property Management company will also handle necessary repairs, including coordinating access for maintenance contractors, meaning a significant time gain for landlords as most tenants are not willing to take a day off work to provide access to contractors. Together with your dedicated account manager, you can decide how you want your property managed – do you wish to be informed about every call from your tenants, or just when required maintenance will exceed a certain amount? This can be tailored to your individual requirements, so you feel comfortable and in control.
Choosing the Right Property Manager
Choosing a good property management company can be a challenge. Landlords need to take into consideration several aspects and carefully pick the service that fits their needs.
Our top tips for choosing a property management service are:
- Reviews : good reviews say a lot about how a company treats its customers, and offer a reflection of its work ethic.
- Price : some property management companies charge exorbitant prices. Shop around to see what’s out there – paying more doesn’t always equate to better service!
- Transparency : it’s important for you know what you’re going to pay for, when and why. According to the Competition & Markets Authority Study on the property management market, 46% of landlords concluded that hidden fees and lack of transparency are their main issue when it comes to property management providers.
- Don’t be afraid to ask difficult questions : Do they take a float? If yes, how much. Do they add margins when instructing their contractors (effectively making profit from every maintenance visit)? Will they make every effort to contact you about required maintenance? It’s important you feel that the company you choose is going to take care of your home as you would take care of it yourself, and always has your best interests at heart.
If you would like to discuss property management services, the industry and how we could help, get in touch with us.