In this post, we’ll cover the ins and outs of hiring a property manager in London. We’ll also cover the different types of property management in London and how to find the right property management company for you.
You need to know how the company will properly manage the property, whether it’s through keeping it clean, collecting rent, and looking after the maintenance. You also need to know how you and they will deal with any problems that arise from prospective tenants or current tenants.
TLMC – property managers in London are one of the industry leaders and a great place to start if you need property management in London.
How Does A Property Manager Work?
So, first of all, how does property management in London even work? A property manager is hired when you are looking for a company to step in and deal directly with tenants in all aspects of looking after the property.
This can help to save you lots of time as a landlord and means that you do not need to worry about marketing your own portfolio, collecting your rent, and handling any maintenance and repair issues that might arise over time.
They will also pursue the important issue of dealing with evictions if such an occasion should ever arise.
Why Choose A Property Management Company?
Some of the best reasons to get involved with a property management company include:
- Better Tenant Screening
Some of the biggest problems that landlords face are problematic tenants who cause a lot of issues and this is an aspect that property management companies can help with. Each company has a thorough screening process for potential tenants that involves requiring high-quality references and getting assurances about ability to pay rent on time. The management company has the time and resources to vet prospective tenants more thoroughly than a private landlord.
- Providing A Legal Safety Net
If you are just getting started out in your career as a private landlord with London properties, then you might not realise just how many safety regulations there are that you are legally obliged to uphold. There are matters of electrical inspection, energy performance, gas safety, fire protection and exits and things like carbon monoxide levels to think about for every property – which becomes more onerous in properties of multiple occupation, and even more for larger properties of multiple occupation.
Handing those responsibilities over to a property management company in East London means that you can have peace of mind that your properties are up to standard and safe for tenants.
- Fast Occupancy Rates
One of the key jobs of a property management company is to ensure a fast occupancy rate for your portfolio of properties. If your buildings are unoccupied, then you are not profiting financially, so hiring a company to help speed up that process is going to be beneficial for both of you.
- Increased Rental Value
Property managers are committed to keeping a keen eye on market conditions across the country and locally, and this means that they will be able to advise as to what you might be able to get in terms of rent.
They also know all of the simple tips and tricks that can lead to maximising rental income, including things like how fresh coats of paint on walls and replacing flooring or carpets between tenancies aids greater prospects for the next tenant.
- Better Property Maintenance
If you are not the most resourceful when it comes to hands-on property repair, it does not matter if you have a good property management team in London on your side. Being affiliated with such a company means that you will have a team of experienced and expert workers whose job it is to liaise with tenants and make sure that every small property issue is dealt with in a professional manner.
How To Choose The Right Property Management Company?
One of the best ways to find the right property management company for you is to seek authentic recommendations, either online or from friends and family. If you know somebody else in the landlord profession, then ask them about how they deal with their portfolios and which companies they choose to work with.
Don’t be afraid to play the market and explore your options with several different companies before settling on a final decision. There are too many great companies, in London especially, to make a decision based on the very first company that you get in touch with.