The Benefits of Professional Property Management
If you are a landlord who has never used a professional property management company before, you may not be aware of the many ways they could add value to your property investments. We’ve put together a list of some of the key benefits of professional property management below.
Good quality tenants
Every landlord wants good quality tenants who will pay on time, treat the property well and create as little stress as possible. A good property management company will be able to carry out a stringent screening process that will check the financial and rental history of the prospective tenant. This can be a slow and complex procedure for those without experience. But a property management company can quickly apply their expertise to raise any possible red flags and ensure you have a good selection of verified applicants to choose from.
Tenants who are happy with the property and the way it is managed are far more likely to want to stay beyond their initial tenancy agreement. A professional property management company will ensure maintenance and repairs are carried out promptly and to a high standard. They will also be able to deal with any enquires on behalf of the landlord and provide the tenant with detailed responses. Of course, you have the final say when it comes to how long tenants remain in the property, but if you are happy with the tenant then it’s nice to know you always have the option.
Efficient collection of rent
For new landlords in particular it can be difficult chasing up tenants who are late paying their rent each month. Using a property management company allows them to case up the collection of rent and apply additional fees if required. By acting as a buffer between landlord and tenant, they are able to deal with any tricky situations involving the tenant and, if required, also handle evictions by following the strict letter of the law.
Lower repair and maintenance costs
A professional property management company will have access to a network of fully licensed and insured contractors who can carry out necessary repair and maintenance work when needed. Not only are they verified by previous work carried out for the company, but they will also offer more attractive pricing compared to a quote received by a landlord sourcing a one-off job direct.
More time and freedom
Taking on the role of being a landlord can be a time and energy consuming job. By passing on this responsibility to a full-time property management company you will have far less to worry about. This means less stress dealing with tenants, along with more free time to focus on other areas of your life, safe in the knowledge your property is being taken care of by professional experts.
Maintain and increase the property value
Thanks to their experience dealing with a wide variety of properties, a good property management company can advise on preventative maintenance before any issues turn into larger problems. This will involve ongoing inspections of the property to look for any possible faults, with support from a full maintenance schedule and records of the checks carried out. Taking advantage of this service will help to maintain value of the property and potentially increase it over time.
Are you a landlord interested in property management? At Regal, we provide property management services in Willesden Green, Dollis Hill, Neasden as well as the surrounding areas in North West London. Get in touch with our expert property management team today for more information.
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