Do you have properties and are wondering how to manage them? Landlords and investors often have a hard time getting reliable property managers to help them solve rental properties. As a property owner, you must understand that the choice you make hugely affects your property business’s success or failure. This article helps you understand the services you get from a property management company as well as how to find a great one.
Why You Need a Property Management Company
A property management company helps you in so many ways. Besides collecting the rental charges, there are other reasons why you need a property management company. Here are some of them.
- When you have little experience managing property
- If you want to get efficient property management services from the best
- When you need to manage properties that are far from you
- Getting one helps you to maximise your time in other profitable priorities
- If you want to avoid recurrent calls of tenants with complaints and issues
- You need a property management company if you are struggling with managing your finances
- When you require a professional view of your property and management
- If you are struggling to get tenants, getting a property management company will help you get more tenants
Services Offered by a Property Management Company
Property management companies offer several services. They work in conjunction with letting services to ensure that your property has tenants and that they are happy. Here is what most of them offer.
- Holding keys
- Collecting rent, ground rent, and service fees
- Collecting deposit and holding it
- Performing pre-tenancy property visits and preparations
- Arranging for inventories
- Facilitating the transfer of utilities and payment of bills service
- Management and maintenance of your property
- Facilitating repairs and maintenance in your property
- Handling your insurance claims
- Reviewing the rental terms at the end of every annual period
- They are the point-of-contact for tenants
Depending on the contract you have with the property management company, they could perform more services such as offering 24hour emergency services, negotiating with refurbishment services, and other legal compliance services necessary for your property.
How to Find the Best Property Management Company in London
According to TLMC, finding the right property management company does not have to be a hard task. Since they are many operating in London, you have to assess your option and determine their viability carefully. Here are some things to look out for when selecting the best property management company.
- Recommendations: You must talk to different property owners and get recommendations for the best property management companies around. You can also ask your friends and family before making a final choice. They might have interacted with the best property management experts.
- Read Online Reviews: The internet has brought about a revolution in how people do things. In order to find the best property management companies, you can read the reviews online and know what other clients are saying about the particular property management company. If most of the information you get is negative, you should reconsider your options.
- Location Matters: Location cements credibility. Be warned if they have no physical location as it could mean that they do not operate in your area or are illegitimate.
- Check their Properties: As an aspiring client, you should check the properties they manage and see whether they are put together and promoted professionally. If you visited the premises and found them dirty and unmaintained, you should consider a red flag.
- Check Charges: Ensure that the charges are affordable and within your spending limits. Once you have agreed on the prices, you should demand a contract outlining all the agreements you have with the company. It protects you from hidden clauses and compare the terms and conditions of other companies.
Property management companies play a vital role in ensuring that all the rent is paid in good time, the houses are in the right condition, and the tenants are comfortable. They eliminate the hassle of getting tenants and handling tenant calls at 2 am. Even more, they allow you the time to take care of your more urgent businesses and tasks. At the end of the month, you receive money in your account and reports on how your property performs. Everything becomes convenient and easy for you.