Managing a property can be complex and time-consuming, especially if you are a first-time landlord. From dealing with maintenance issues to handling tenant complaints, the responsibilities can quickly become overwhelming. Realistically, you can’t do it all – and trying to manage your own property can create unnecessary hassle and stress that you could really do without. Without the knowledge, skills, and experience, you can end up struggling to keep on top of everything. By handing over your property to a company that specialises in property management, you can make your life significantly easier. In this guide, we will explore how a property management company can help you and what you need to consider before choosing the right one to work with.
What is a Property Management Company?
A property management company supports landlords by taking over the day-to-day management of their properties. What the company will actually be responsible for will vary based on the service package offered, the price, and the type of property being managed. Typically, your property management company will handle the marketing of the property, finding suitable tenants, and managing the administrative side of the tenancy, including rent collection and legal compliance. They take care of the operational aspects of managing a property, so you don’t have to worry about a thing. Additional services might include conducting property viewings, obtaining legal certificates, carrying out regular inspections, providing rent protection and insurance, offering eviction support, performing property maintenance, and providing home emergency cover. It’s important to shop around and find a company that offers the services you need.
Essentially, the property management company becomes the first port of call for both you and your tenants, acting as a one-stop shop for all property-related matters.
What are the Benefits of Using a Property Management Company?
Aside from the obvious benefit of saving time and reducing stress, there are many other advantages to choosing a property management company. If you are looking for property management near you, then some of the key benefits will include:
1. Keeping Your Property in Top Condition
Property maintenance can be a constant headache for landlords. Simple jobs need to be fitted around your daily routine, while larger or emergency repairs can rapidly become all-consuming. Keeping up to date with maintenance is crucial for complying with regulations and keeping your tenants happy. Small issues can quickly escalate into major problems if not addressed quickly and correctly.
A property management company can help by scheduling regular inspections and addressing issues before they become something bigger. They often have a network of trusted contractors on standby to fix any problems, ensuring you and your tenants remain satisfied.
2. Finding Tenants Faster
Property management companies are experts in marketing and networking, and their goal is to find tenants more quickly than you could on your own. They utilise a thorough screening process to ensure that prospective tenants are suitable. This process typically includes credit checks, employment and income verification, references from previous landlords, and checks for eviction history and criminal convictions. Doing all of this yourself would be time-consuming, stressful, and, quite frankly, tedious.
3. Staying Competitive in the Market
Setting the right rental price is a fine balancing act. You want to make a profit, but you also need a price that will attract tenants. Property management companies have the expertise to set a competitive rent price based on an accurate appraisal of your property, ensuring that you achieve the best possible return without deterring potential tenants.
4. Ensuring Compliance with Regulations
Keeping up with building safety regulations in the UK can be challenging, but property managers handle this daily. They are aware of any regulatory changes and ensure that your property remains compliant, reducing the risk of fines or legal issues. Gas and electrical regulations, in particular, can be complex, but a good property management company will be well-versed in these areas, giving you peace of mind.
5. Improved Communication
Being a landlord comes with many responsibilities, and it’s not uncommon to receive late-night calls from tenants with problems. By hiring property management in Croydon, you can offload this responsibility onto them. Many companies even offer 24/7 emergency lines, so you no longer have to deal with those inconvenient middle-of-the-night calls. Whether it’s a leak, a repair issue, late rent, damage to your property, or a general complaint, the property management company acts as the middleman, ensuring any situation is resolved quickly and professionally. This also spares you from having to engage in uncomfortable conversations with tenants.
Tips and Tricks for Choosing the Right Property Management Company
After reading about the benefits, you might want to start searching the internet for property management near me. However, it’s essential to know what to look for to find the right fit for your needs. Here are some tips and tricks to help you choose the best property management company:
1. Do Your Research
Start by searching online for local property management services. Compare their offerings and read reviews from both tenants and landlords. It’s important not to opt for the first company you come across – thorough research and exploring all your options is crucial. Don’t hesitate to ask for recommendations from estate agents or speak to others who have used property management services. The more information you gather, the better equipped you’ll be to make the right decision.
2. Go Local
When choosing a company to manage your property, selecting one with a deep understanding of the local area and property market is vital. A local company will also have strong connections with local tradesmen and contractors, which means you’ll be able to get the best deals on property maintenance and repairs.
3. Look at the Range of Services Available
If you’re hiring a property management company to make your life easier, it’s important they offer the full range of services you need. There’s no point in signing up with a company only to find out you still have to find tenants or conduct regular inspections yourself. A property management company should take away the stress and hassle, so make sure you find one that offers the most comprehensive services for your money.
4. Trust Your Instincts
Like many things in life, you should trust your gut before signing up with a property management company. Take a close look at how the company presents itself both online and offline. If they struggle to market themselves effectively, it’s reasonable to question how well they’ll manage to market your property and attract the right tenants. If something doesn’t feel right, it’s better to walk away and find a company that gives you more confidence.
Choosing the right property management near me can save you time, stress, and potentially a lot of money. By ensuring your property is well-maintained, your tenants are happy, and all legal obligations are met, a good property management company can make being a landlord a much more enjoyable experience.If you have been searching for property management near me, look no further! At Denhan’s, we have over 20 years of experience in letting and property management.
We aim to eliminate all the risks associated with letting your property and allow you to enjoy the perks of being a landlord without the hassle and stress. Our team possesses in-depth knowledge of property management, and our range of services caters to everyone, whether you’re a first-time landlord or manage a portfolio of properties. From property management to Guaranteed Rent for Landlords in Lambeth, we offer it all. If you’re interested in working with us, get in touch with our friendly team today for more information.