Fri 21 Sep 2018
Lee Whitelock, Director MNAEA
Managing a property can be difficult and time-consuming; a portfolio of buy-to-let properties even more so. Meanwhile, meeting the demands of tenants who expect a professionally-managed property at all times is a lot of pressure.
Along with your duties as a landlord, you must make sure you receive the maximum return on your property or properties.
Property management services can provide the assistance you need. But before you dive in, you may wish to know exactly what a property manager does.
Property managers are responsible for dealing with tenants at every stage. They find tenants to fill vacant properties and carry out an extensive screening process to make sure they are suitable. They will also take care of any complaints or requests throughout the tenancy, and handle the moving out phase (including returning security deposits) or eviction if that may be the case.
A property management service determines the right rental pricing for your property. They do this by analysing nearby rentals, the current market, and the condition of your property.
Property managers must collect rent from tenants each month. This involves dealing with any problems that may arise, such as late or partial payments.
Property managers also look after your financial responsibilities, such as paying for maintenance and utility bills where necessary.
3. Property maintenance
Maintenance and repairs are an important part of a property manager’s job. They ensure the property, grounds and/or garden remain in tip top condition. If a repair is needed, a property manager will call on one of their reliable contacts. They also have regular maintenance carried out throughout a tenancy, such as window cleaning, landscaping, replacing appliances, and so on.
4. Asset management
Another key duty of a property manager is to manage your assets. In other words, they help you to maximize the value of your property or portfolio for investment purposes. Part of this comes under maintenance. Good property managers help retain the value of your property by preventing deterioration over time. They might also recommend improvements to maximize the return on your investment.
As experts in the field, property managers can give you sound advice on the acquisition and disposal of properties. This might involve executing market research and assessing the risks of your investments.
5. Legal advice
A property manager’s expertise is also handy when it comes to any legal matters. They can advise you on how to navigate different situations, such as evicting a tenant, handling security deposits, and complying with ever-changing UK property laws.
Moreover, property managers can give you advice on your tax requirements. This is extremely useful, considering how complex the rules surrounding property tax are.
As you can see, property managers tend to every aspect of running a property efficiently and effectively. Discover more about the services we offer by calling us on 020 3318 5481 or visiting our property management page for more information.