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 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.
