Why do you need a Property management company?
A property management company takes your hard work and performs it more professionally. The work can be from collecting rent, maintaining the property, managing the books, etc. Please read on to learn more!
Responsibilities of a property management company
A decent property management company will have the following responsibilities:
Establishing proper rent
The optimal rental price would strike a balance between the two extremes. It needs to be worthwhile for the landlord and reasonable for the tenant. Managers of rental properties use the latest market information to establish an appropriate rental rate.
Looking for new tenants
As a property owner, your worst nightmare is an empty apartment. The manager is accountable for the building’s upkeep, including cleaning, repairing, and general maintenance. Your property management company may advise you on which renovations will most effectively entice prospective tenants.
Property promotion and advertisement
You may require assistance with advertising if you have to deal with vacancies. This is sometimes the most daunting step for first-time investors.
A professional property management company may aid in promotion by posting ads on relevant websites. They can also lend a hand with your advertising efforts because of their familiarity with what works.
Rent lost due to a vacancy is a daily loss. Picking the incorrect renter can run you up to six times the monthly rent and is a leading cause of investment failure.
Screening the tenants
A manager of rental properties is well-versed in conducting tenant screenings that effectively identify responsible, reliable renters. So, they will look into the following:
- Applicants’ credit
- Criminal record
- Rental history
How to manage your block of properties?
If you are unhappy with your current property management company that answers your landlords, there is a solution. In the UK, a group of tenants can form a Right to Manage company and take matters into their own hands.
If you form a Right to Manage company, you will immediately assume the property’s responsibilities. Of course, you will not be the property owner; that will still be the landlord. However, the management rights will go to you and your partners (other tenants).
Finally, it is a great practice to form a Right to Manage company and hire a property management company.
The best property management company in London
Managing a block of properties can be a lot of work, especially when you are new to all this. So, hiring a third party that excels at managing properties is always a wise decision.
Furthermore, are you thinking of changing your current property management company? Let us know in the comments below.
Finally, UNIQ Block Management is one of the best property management companies in London, Essex and Hertfordshire. So, let us deal with your property’s technicalities, paperwork, and responsibilities. You can contact us or ask for a FREE quote here. Thanks for the Read!