Property Management exists for the same reasons that management exists in any business; to run it smoothly and effectively to get results. The role between the landlord and the tenant is the most important but due to mounting responsibilities this role can often become to much for a landlord to cope with, which is why extra help is important; this extra help comes in the form of a property manager.
The help of a property management team would mean that duty’s such as collecting rent, responding to and addressing maintenance issues and advertising vacancies for landlords as well as performing credit and background checks on tenants would be taken away from landlords. This will allow the landlords to get on with other jobs, making their work a lot easier.
For all of the duty’s performed a landlord will pay a percentage of the rent collected every month, this percentage is typically between three and ten. This percentage will pay for duties such as all of the ones named above as well as work such as the construction, development, repair and maintenance on a property.
This provides a face for the landlord. It should also be noted that the real estate market is very competitive, which is why gaining help is important. A property management team allows you to keep your real estate in good condition in order to keep tenants in your real estate and as a way of gaining more.
As a landlord you need a management company that offers a effective, cost effective service throughout the UK. This is because the team can take away daily hassle and let you enjoy your investment.
Many people often argue the point of why not just use a letting agent for your maintenance needs? To put it simply a letting agent is good for finding your next tenant but doesn’t help you with on going management needs where as with real estate team at your disposal you will be able to provide the level of care and help that is needed for your tenants needs. You wont have to go out of your way to hire a building contractor when a tenants pipe bursts or their roof leaks as you will have a building contractor team ready to help.
As well as your actually team it is also a good idea to invest in management software. This software aids the help of the team as it allows them to keep a record of aspects such as property details (room sizes, property condition, home furnishings, fire safety, etc). It also allows you to store images of all rooms and aspects of the property as well as utility details i.e. gas and electricity.
You can also set up a payment schedule, which allows you to track the payments of rent and any other services that you provide. It can also be used to store tenant’s details and the lease details.