As Landlords, you will have a whole range of worries and concerns with regards to your buy to let property and associated tenancy and perhaps not enough time to dedicate to it. This is why it is so important to work with a professional property management firm, that will enable you to rent out your property securely and ensure the new tenant settle in fast and comfortably, for the best possible return with minimal fuss for you.

Choosing to go down the route of a property management company is a big decision and may not be for everyone. But if you decide that this is for you, then it is important to do your homework and appoint the property management firm that is the right fit for you.

Here are some benefits of hiring a property management company:

Identifying good quality tenants

According to a survey by The Lettings Hub, 10% of landlords felt they needed more comprehensive referencing checks for tenants. 

A good property management will screen any potential tenants thoroughly ensuring that credit checks and references are all fine. They would likely ensure that the tenant is minimal hassle from their management perspective too, and thus will choose tenants that are mutually beneficial.

Safety and Legislative Requirements

There are a number of safety regulations that need to be met before a property can be let such as, the periodical electrical inspection (EICR), energy performance certificate (EPC), landlord gas safety inspection, legionella risk assessment and the correct number of carbon monoxide and smoke/heat detectors.

A property management company will advise you on all current safety regulations that you need to abide by and can arrange the necessary checks to be carried out to ensure that your property is fully compliant. They can also coordinate any maintenance work required to resolve any issues that are found, thus saving you time and keeping your costs to a minimum over the long run.

In addition to this, from 4th May, the Debt Respite Scheme needs to be taken into consideration. It will give someone with debt and mental health issue problems, the right to legal protections from creditor action and grant the person ‘breathing space.’ 

A survey by The Lettings Hub found that 40% of landlords said they would like more information from their agent on legislative and tax changes and this will only increase over time with new rules and regulations. 

 Optimal Rentals

Experienced Property Managers will understand and keep a close eye on market conditions and property demands in your local area. They will quickly be able to establish the current rental value of your property. They can also offer advice on easy ways to maximise your rental income and can even arrange tradespeople to carry out this work for you.

Outsourcing issue management 

When there is a problem in your property, a solution and remedy is often needed quickly and as a landlord you may not be able to dedicate any free time to it or want to deal with any hassles that may arise. You may also consciously want to be disassociated with your tenant.

A good property management firm will have access to a black book of fully qualified tradespeople they have screened and know there are qualified certificates and insurance policies in place. Also, knowing the quality of work and little to no 2nd call outs for the same job are paramount. 

A top property manager will take on the task of liaising with the tenants and agree a suitable time when the property can be accessed in order to carry out the repairs. They will also carry out periodic inspections and inventory checks to ensure that the general standard of your property is being maintained throughout the length of the tenancy. 

Robust Tenancy Agreements

A tenancy agreement is a contract between landlord and tenants and is required by law. It protects your property, sets out your obligations and that of your tenants and prevents potential disputes happening in the future.

A property management firm can help you draw up a tenancy agreement for your property. It will contain standard items such as the start date of the tenancy, when the rent is due, the notice period etc. but it can also contain items pertinent to your particular property e.g. whether pets are permitted and insurance policy clauses so not to bring it into disripute.

This document will protect you in the event that there are any issues such as non-payment of rent or damage to the property.

If you are looking to buy an investment property or are a landlord looking to outsource your property management we would be delighted to assist and help you with a ready made team. Call direct on + 44 (0) 207 993 4081 or simply send an email for a fast response.