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What To Look For In A Property Management Company

As a landlord, having an excellent property management companyu2019s services is essential to preserving your propertyu2019s asset value. The better the property management company is, the less worry you will have to endure. But how do you choose the right one? For first-time landlords, choosing the right firm can be a more daunting task.<br>

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What To Look For In A Property Management Company

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  1. What To Look For In A Property Management Company

  2. As a landlord, having an excellent property management company’s services is essential to preserving your property’s asset value. The better the property management company is, the less worry you will have to endure. But how do you choose the right one? For first-time landlords, choosing the right firm can be a more daunting task. This blog article will help you understand the critical roles of a property management company and how you should go about choosing one to ensure that your property is in safe hands.

  3. Property Management Company Roles & Responsibilities

  4. ● ● ● ● ● ● ● Vet Tenants Rent Collection Deal with Tenant Issues Legal and compliance requirements Lower void rates Manage Repairs & Maintenance Access to Trusted Vendors

  5. What to Look for When Finding a Property Management Company

  6. 1. Professional Licenses & Certifications Professional property management companies should have the certifications and accreditations that help you understand that they have the right set of skills. The government guidelines require them to be a part of a redress scheme, here are two approved examples: 1. 2. The Property Ombudsman Limited Property Redress Scheme Ideally, they should also member of a professional body like The National Association of Residential Property Managers (NARPM)

  7. 2. Specialized Experience Due to the complexity involved in property management, you should involve a firm with specific experience in your niche. For example, let’s say your property is a single 5 bedroom HMO in Clapham, London. In this case, you should look for a property management company that can deal with tenant issues with 5 young professionals. Properties of this nature may have issues such as occasional loud music and complaint from neighbours. Make sure the property management company is able to deal with these types of issues effectively.

  8. 3. A Solid Reputation A track record in property management, dealing with tenant issues, collecting and sending landlords to rent on time, and consistently managing a set of properties should stand out over a long time. Ask for references from other landlords, ask for the issues that the company faces in managing other properties in your area or similar in nature to your property – and genuinely have a conversation about how they have solved those issues – who are the key members in their team and how they ensure that things are handled fast and on time.

  9. 4. Low Void Periods Fact-check the property management companies on their void management strategy and what they do to ensure to keep the number of days your property is not tenanted at a minimum. Voids are expensive and avoidable. A smart property manager will easily help you increase the net rent collected in the year by a few hundred pounds.

  10. 5. Services provided and fees Look carefully at what exact services the property management company will provide you. Typical services are – ● ● ● ● ● resolving tenant issues and requests property wear and tear maintenance marketing the property collecting rent handling move-outs and evictions

  11. To avoid future surprises, you should get a clear breakdown of all fees and fees for all add-on services, all out-call charges, and repair overhead charges. Most companies charge the overheads as a percentage of the labour costs. You should check that the management agreement you sign documents how repairs are handled and expensed and set out the expense limit you are comfortable with. Oasis Living provides a premium property management London that you can benchmark another firm against to see what they provide vis-a-vis the fees they charge. How much your property management company takes in fees will affect your profit. Click the link for more information on deciding what to charge for your rental property.

  12. 6. Great Customer Service When it comes to property, the unexpected always happens. Try to go for a firm that provides as round the clock support as possible, so you are not at the end of the telephone line about a neighbour complaining about noisy tenants, or you do not have to deal with property issues on your own over weekends.

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