Owning rental property can be a profitable investment; however, it comes with many responsibilities. Between finding tenants, handling repairs, and ensuring you remain legal and compliant, being a landlord can be stressful and take a lot of time, particularly if you manage more than one rental property.
This is where property management companies come in. In this article, we'll explain the role of property management companies in London, detail their key responsibilities, and discuss the benefits they offer landlords.
Property Management Company’s Key Responsibilities
Property management companies play a crucial role in supporting London landlords. They take on various responsibilities associated with property ownership and tenant management. Here's a closer look at what they can do for you:
- Finding and Vetting Reliable Tenants
Attracting and securing high-quality tenants is essential for maximising your rental income. Property management companies conduct thorough tenant referencing processes that comply with industry best practices, including following guidelines for Safeagent (a leading UK accreditation scheme for letting agents). This includes credit checks, reference verification, securing guarantors if necessary, and ensuring you rent to responsible individuals. - Rent Collection and Management
Property management companies handle all rent collection, ensuring you receive your income on time and in full. They also manage tenant deposits securely, adhering to government-mandated deposit protection schemes. - Property Maintenance and Repairs
Whether it's a small leak or a boiler fault, property management companies take care of emergency repairs and routine maintenance checks. They employ qualified contractors and ensure your property is well-maintained, ensuring you remain compliant as a landlord and that tenants are happy. - Tenant Communication
Responsive communication between landlords and tenants is essential for creating positive relationships. Property managers act as a buffer between landlord and tenant. They can deal with tenant complaints professionally and efficiently, freeing up your time and handling potential conflicts. - Legal Compliance
Staying up-to-date with ever-changing tenancy laws and deposit protection schemes can take time and effort. Property management companies manage legal compliance on behalf of landlords, including adherence to tenancy laws, deposit protection schemes, and lease agreements. - Regular Property Inspections
Property management companies carry out regular inspections to ensure the property is looked after. This helps to identify maintenance issues, check tenant compliance with the lease agreement, address safety hazards, build rapport with tenants, and create a documented record of the property's condition.
Benefits of Using a Property Management Company
Many landlords in London opt to use a property management company simply because the market is complex, and managing all the elements can be extremely time-consuming.
A reputable agency will tend to have many years of experience and expertise, more resources than an individual landlord, and likely a team of property management experts to share the workload. They will also have accreditations and be members of regulatory bodies like the Property Ombudsman, which means you can relax knowing your property is taken care of, tenants are happy, and you're following all required laws.
Contact our team today to learn more about our landlord and property management services.
