Property Management: A Definition
As a landlord, you may have come across the term ‘property management’ and wondered what it entails and if it might work for you. This guide will help demystify the world of property management and help you to determine if it’s right for you.
Property management is the oversight of maintenance for properties by a third-party contractor also incorporating tenancy management. Services usually include day-to-day repairs, security and general upkeep of properties including property inspections. Property management services can be used for residential, commercial and industrial properties such as shopping centres and offices.
What's included?
What's included?
In the residential world, a property manager will typically set and collect rent, screen tenants, maintain the property, set and manage the budget for the property and maintain rental property records.
In addition, they must understand legislation when screening tenants to ensure they do not fall foul of anti-discrimination legislation and several other pieces of law, including deposits, evictions, lease terminations and making sure the property meets all safety standards.
Benefits of Property Management
Employing a property manager or agent removes a lot of stress from renting your property. It allows you to focus your time less on managing your properties and tenants and more on making your money work for you. These are some of the reasons why using a professional property management company/agent can help you:
- Good quality tenants – A good property management company can screen prospective tenants by thoroughly checking their financial and rental history. Often a laborious process for landlords, expert property managers can quickly use their expertise to raise potential red flags.
- Long-term tenants – Good long-term tenants are a dream for landlords. Knowing the rent will arrive on time every time provides you with security, and a happy tenant can often become a long-term tenant. Property managers can help you build that relationship with your tenant by ensuring any repairs are undertaken quickly and efficiently and dealing with any queries the tenant may have.
- Rent collection – It can be awkward having to chase up late rental payments, especially if your tenant is a serial late payer. A property management company can act as a buffer between you and your tenant, chasing up collections and applying additional fees if necessary. Should the worst-case scenario arise, they can also handle evictions using the letter of the law. More importantly we have found that managed property stock is less likely to suffer late payments.
- Maintenance and repairs – As well as handling all maintenance and repairs to the property, a professional property management company will have a list of fully licensed and insured contractors who can undertake the repairs when needed. This provides you with peace of mind that reputable contractors work on your property. They will often offer excellent pricing deals due to the historical working relationship saving you money.
- Increase the property value – Using the expertise provided by a property management company can save your money and potentially increase your property value. They will undertake regular inspections of your property, looking for potential faults and taking early preventative action, when required, to stop issues from turning into problems.
Choosing the Right Agency
Once you’ve decided that using a property management company is right for you, it is essential to find one that will provide you with the best possible service.
If you have friends with a property portfolio that they have professionally managed, it is worth asking them for recommendations. It is equally worthwhile asking any tenants you know that deal with a property management company for their thoughts.
Have a look at online reviews and find an agency with positive reviews from landlords and tenants alike.
Once you’ve shortlisted a few companies, have a deeper dive into their reputation. See if you can find out about any properties they’re currently managing to see if they’re in good repair. Find out what their fees are. Do they charge a percentage of the monthly rent or a flat fee? What do they charge if the property is empty or some rooms are vacant in an HMO (House of Multiple Occupancy)?
Find out how long they’ve been working as a property management company and what type of properties they have managed. Perhaps most importantly, get an idea of their communication levels. Do they respond quickly to your queries, and is their communication clear?
Professional Property Management at Regal Estates
Regal Estates is based in Willesden Green and has 25 years of expertise in property management services covering the NW10, NW2 and NW6 postcodes.
We currently manage hundreds of properties for various clients ranging from single property investors and accidental landlords to portfolio investors, ex-pat landlords with property in London as well as property developers.
Through My Property File, we manage all communications with you, the landlord, and the tenant with complete transparency. This enables you to report issues, access rental statements, track payments and invoices, follow up on maintenance work and review your tenancy agreement.
We are currently members of ARLA Propertymark and SafeAgent and have an experienced team of in-house property managers waiting to help you now.
If you’re looking for an exceptional property management service in North West London, call our expert team today on 020 8459 2530?or email lettings@regalestate.co.uk.
Property Management FAQs
Is property management right for me?
Is property management expensive?
What is the difference between property management and block management?
Can you get an HMO (House of Multiple Occupancy) property professionally managed?
Can a portfolio of properties be managed by the same company?
What are people saying about us?
4.97
/5
based on 457 independently verified reviews provided by Google Reviews.
Jose Luis Ramirez
SK B
Hirani Alpesh
alejiah prasmo
Megan Dyer
Danilo Azzolina
Harold Little
Tatanisha Stevens
Really nice team and know exactly what they are doing.
Jose Luis Ramirez
Exceptional company. Regal have been letting and managing my portfolio for years. I would highly recommend them
SK B
Further to some recent transactions taking place with Regal Estates, the service levels and experience received are to be applauded. From Ramesh P, Arun J to Pritesh V, they all play a part in the process, start to finish and execute with great precision. Always on hand to provide guidance and advise, whichever stages of the transactions taking place, and put simply, are a great team to work with.
Hirani Alpesh
really happy with the service.
alejiah prasmo
First time renter and everyone has been so amazing especially Hannah Rosie and both Charlottes who have been so kind and always checked up on me through to process to make sure nothing was worrying me! such a calm pleasant experience highly recommend!
Megan Dyer
I have changes few houses in my 5 years in London, and I can tell that this agency is one of the best. Especially Pritesh, the agent taking care of our case. He is so professional and ready to do the extra mile for the tenant, always polite and ready to answer at your questions. Happy with my experience.
Danilo Azzolina
Thanks for a great service Regal. I would highly recommend their property management services.
Harold Little
Professional and do what they say.
Tatanisha Stevens
I called Regal Estates the other day and was put through to Sunil. I was impressed with the advice I was given by him and he understood what I was trying to achieve and advised accordingly. My tenant is staying for another year however I will be using their services for my property next year.
Pritpal Gossain
Hugo Loureiro
Megan was so helpful in finding a property which was suitable for our preferences.
The whole team supported me in questions I was unsure on with the application process and would always respond to an email efficiently and would always answer the phone if needed.
I’ve been with a lot of Lettings in Canterbury this one was by far the most suitable for professionals and were overall so helpful.
Jessica Rose
Regal Estates were really efficient in dealing with my property. Sunil was a pleasure to deal with as was Pritesh – extremely helpful. They made the whole process easy.
Robert Shipsey
Randall Mercier
Mark Zielinski
Heather Gatt
Scarlett Franklin
Ash Muhaj
Zayed & Aadil
Suraj Lalvani
I’ve been with Regal Estates for almost 20 years. I can recommend them without hesitation – they’ve been brilliant for me. Not just finding good tenants, but dealing with maintenance issues and repairs quickly and always at a good price. They’ve just overseen a total refurbishment of one of my flats and managed every aspect of it. Finished on time and on budget – and zero stress for me! They’re nice people too. Always easy to get hold of and up to speed on what’s happening with my properties. A genuinely lovely company to deal with.
David Murray
I have had a long standing relationship with Regal Estates for nearly 20 years now, and I have always been provided with professional service over these years, I have procured properties they’ve recommended as investments and their knowledge and expertise of lettings and property management is of a very high standard, and my tenants and I have always been satisfied with services provided and any queries have always been satisfactorily dealt with. I would not hesitate to recommend them.
Navin Varsani
S S
I have had dealings with Regal Estate over many years, covering all aspects of their services. During this time I have dealt mainly with the highly knowledgeable and experienced Sunil Sharma and Ramesh Pindoria, but have found the whole team to be professional, friendly, reliable and trustworthy. I would thoroughly recommend these agents to anyone looking to rent or sell or for property management.
Sandra Swan
Had an absolutely great experience with this agency! Sunil helped me a lot throughout the year and was always available. Thank you so much, hope I’ll have the chance to be with you again in the next years!
sylvia
I’ve used Regal more for Consultancy over the years and know the team well – one employee I’ve used in particular, is Sunil Sharma. Since meetings, and subsequent discussions with the Management, I have continued to develop my property portfolio, with full support and assistance. I highly recommend Regal Estates and am grateful for their hard work and dedication over the years! Thank you
Thomas Davies
Excellent service provided by the whole team at Regal Estates who have handled the refurbishing of my property and its letting with great efficiency and professionalism.
I would happily recommend them to other landlords.
Muriel Dahan
I have had dealings with Regal Estate over many years, covering all aspects of their services. During this time I have dealt mainly with the highly knowledgeable and experienced Sunil Sharma and Ramesh Pindoria, but have found the whole team to be professional, friendly, reliable and trustworthy. I would thoroughly recommend these agents to anyone looking to rent or sell or for property management.
Sandra Swan
I have had a long standing relationship with Regal Estates for nearly 20 years now, and I have always been provided with professional service over these years, I have procured properties they’ve recommended as investments and their knowledge and expertise of lettings and property management is of a very high standard, and my tenants and I have always been satisfied with services provided and any queries have always been satisfactorily dealt with. I would not hesitate to recommend them.
Navin Varsani
I’ve been with Regal Estates for almost 20 years. I can recommend them without hesitation – they’ve been brilliant for me. Not just finding good tenants, but dealing with maintenance issues and repairs quickly and always at a good price. They’ve just overseen a total refurbishment of one of my flats and managed every aspect of it. Finished on time and on budget – and zero stress for me!
They’re nice people too. Always easy to get hold of and up to speed on what’s happening with my properties. A genuinely lovely company to deal with.
David Murray
Get in touch
If you’re looking to buy, sell, let or rent property in Willesden Green or the surrounding North West London area, get in touch with our friendly team today who will be happy to help.