Managing a property in London
Managing a property in London is vital to any successful real estate portfolio in the UK. This property management is the backbone that ensures your revenue and ROI. Efficient property management helps prevent expensive repairs and keeps your renter in place, which is essential if you want to keep collecting rent.
Similarly, as a tenant or leaseholder in London, if you are unhappy with your current management system, you can do something about it. Please read on to learn more!
Reliable property management is vital in London
The value of a property increases dramatically if you manage it well. Maintaining an asset and receiving money from renters are only two aspects of property management.
Also, tenant retention rates are positively correlated with the quality of service provided to them.
Finally, keeping tenants in place for longer decreases the vacancy period and associated expenditures.
Qualities of a reliable property manager
Your property manager has various responsibilities and must have a decent skillset to perform their duties. Some of the main attributes of a great property manager are:
- They will inform the landlord when you pay the rent, need maintenance, or give the notice to quit.
- A good property manager should have excellent communication skills.
- A wonderful property manager will be fine with juggling multiple tasks at once.
- They will always pay special attention to the details important to the safety of the building’s residents and owners.
- They must have completed the relevant education and training courses.
- They must be patient and well-organized.
- They must take responsibility.
- They must have leadership qualities.
- They must have a keen eye towards attention to detail.
Managing a property if your property management is poor
Let’s say you have a bad property manager and a landlord who mostly cares about the rent. What must you do? Is there a law that gives you some power to overcome this issue?
Fortunately, there is – you can form a Right to Manage company and managing a property in London will be in your hands.
Please note that you will still be the property’s tenant, and the rent will still go to the landlord. However, the property management will go to your newly established Right To Manage company.
What is next after forming the Right to Manage company?
Your management company will comprise other tenants like you who could have been happier with the previous management. Now there are two choices before you:
- Manage the property by yourself.
- Hire a property manager that works for you.
Managing a property in London needs you to know the laws and regulations of property management. Also, you must take care of all the papers works, rent collection, maintenance and other things.
Finally, most Right to Manage companies in London will choose a third party to work as their property managers. So, if you also face problems managing a property in London, you can ask for a FREE quote here. We at UNIQ Block Management have been doing it for many years with great success and 100% client satisfaction. Thanks for the Read!