Landlords have lots of responsibilities when it comes to managing their property. In addition to making sure they’re taking the suitable measures to keep tenants happy, landlords also need to make sure that repairs in the apartments or houses are addressed and completed as quickly as possible.
They also need to handle the day-to-day maintenance of keeping their building clean, safe and running like clockwork. With so much on their plate, landlords need to get as much help as they can in order to be better equipped to handle any issues that arise.
For those reasons, whether you’re a first-time landlord with little expertise or a seasoned landlord tired of dealing with weekend repair calls, if the majority of your property is in the London area, hiring a property management company to look after your property and renters might be the ideal option. Here are some ways that a choice like this will make your landlord’s job easier.
Improved tenant screening
Tenants are a landlord’s most important asset, but they’re also one of the most unreliable ones. If they miss rent payments or damage your property, it can cost you thousands of pounds in lost revenue and repair costs. A professional property manager will screen applicants more thoroughly than you ever could. They’ll look at credit reports, criminal records, and employment histories to know exactly who they’re renting to before signing the lease.
Assuring compliance with legal safety regulations
Landlords have a lot of responsibilities, and one of them is making sure that their rental properties comply with local laws related to safety. A good property management company will ensure that its properties meet all safety standards before handing them over to tenants. This can include installing smoke detectors, fire extinguishers, and carbon monoxide detectors as well as ensuring that the electrical wiring is up-to-date and free from defects.
Increased occupancy rates
When you’re managing your own property, it can take longer for the units to fill up. Property management companies have connections with real estate agents, allowing them to fill vacancies faster than individual landlords who don’t have these connections. If you have multiple properties, this is especially important because you don’t want to have empty units that aren’t generating revenue while waiting for tenants to move in.
Increased rental values
A professionally managed rental property will always attract more tenants than an unprofessionally managed one. When prospective tenants see that your home has been professionally managed and maintained, they’ll be more likely to rent it over other properties in the area that aren’t professionally managed. This means higher rents and more income for you.
Property upkeep should be improved
If you’re busy with work or family obligations, chances are you don’t have time to keep an eye on all of your rental properties on a regular basis. A property management company can ensure that repairs get done on time and in accordance with local building codes. They also know exactly what needs to be fixed in each unit and when it’s needed so that you won’t be surprised by unexpected expenses or fines down the line.
Not having to deal directly with tenants
If you’ve ever been on the receiving end of a tenant complaint, you’ll know how awkward it can be. When something goes wrong, most landlords will go directly to their tenants and try to fix the situation immediately. Unfortunately, this can often lead to even more problems down the road if the tenant suspects that you aren’t treating them fairly or equally. A professional property management company has trained staff members who can deal with these situations without any personal connection between them and the tenants.
Making sure the rent is paid on time
You probably receive your rent from your tenants every month. However, if you have more than one property, it will not be possible for you to collect all of this money on time every month. This is where a professional comes in handy because they can collect rent from multiple properties at once without any problems. This means that you will not have any issues with late payments and unexpected expenses due to late payment fees from tenants.
Final thoughts
It might seem scary to entrust a third party to handle such a big and important part of your business. However, property management companies are made up of professionals who have been through the same learning curve that you’re on now.
You might not know everything about property management for landlords yet, but these companies do. With the help of an experienced property manager, you will reap the benefits of reduced stress, more time, and a stronger rental income from your properties.
