London has always been a popular location for buy to let investors, with more and more professionals and students looking to rent a home in the busy capital. When it comes to finding great rental properties to invest in, there are various different options to consider in London whether you want your main income to come from your investment properties or are looking for something that will make you some additional money on the side. One of the first steps in the process of renting out your London property is to find a good property manager. A property management company is recommended to all London landlords to help you find the right tenants, advertise your property, make sure that rental payments are collected on time and keep the property in good condition. Here are some of the main things to look for when choosing a property manager.
What Do the Best Property Management Companies in London Offer?
The role of a property manager is to act as a third party between landlords and tenants. They work with landlords to ensure that their properties are well-maintained and kept at a high standard. Property managers fulfil a range of different roles including pre-tenancy requirements to organising repairs and maintenance on the property. The best property managers can be trusted to deal with any requests and issues that you have and will be the first point of contact for both landlords and tenants when it comes to anything property-related. Landlords can trust a good property manager to give them peace of mind by dealing with everything that is needed including handling tenant questions, complaints, collecting rent, making repairs and keeping the property maintained, and everything else.
Best Property Management in London – What to Look Out For
If you have purchased a property or are considering investing in a home to let in London, there are several things that you should look out for when choosing the right property manager for you. It can be quite daunting to find a company that you trust to hand the keys to your property over to, so it’s worth spending time researching and looking out for a property management company with the following qualities:
Good Customer Service: Property managers need to have a lot of patience and good customer service skills to ensure that both landlords and tenants are satisfied with the service that they provide. Property managers may deal with people who can test their patience at times, such as tenants who are not paying rent on time or investors who need to lower their expectations. One sign of a good property manager is that they have great communication skills and are a good listener, even when they are under pressure.
Experience: The amount of experience that they have is one of the main things for landlords to look out for when choosing a property management company. Ask plenty of questions to help you determine the level of experience that the property management company is bringing to the table such as how many properties they are currently managing or how many they have managed in the past. It’s a good idea to check that they have experience in managing the type of property that you’re investing in, such as HMOs.
Professionalism: When looking for a good property manager, it’s important to ensure that you find somebody who is professional at all times. A good property manager is somebody with a kind but firm manner who treats everybody that they meet with respect. This is important as even when you are dealing with sensitive matters, it’s important that your property manager is somebody that both you and your tenants are able to get along with.
Where to Start with Looking for a London Property Manager
Property investment is booming in London, so it’s no surprise that finding the right property management company for your needs is not always an easy task with lots of options to consider. The choice of property management company that you make is going to have a direct impact on your success as a London landlord, and how satisfied your tenants are with their homes, so it’s important to choose wisely. Getting professional recommendations is one of the best ways to find the ideal property management company for your needs. Ask in your network to see which property management companies tend to come up more often than the others to get an idea of which ones have the best reputation.
If you know other London landlords, ask them about the property managers that they have used in the past to find out more about their experience and which ones they would be happy to recommend to others. Once you’ve done this, you can also go online to search for the best property managers in London and read reviews to get a better idea of what they do and how satisfied their customers are. It’s also worth reading reviews that are written from the tenant’s point of view, since tenants that are happy and satisfied with their home are more likely to look after it and stick around for longer, which is always good for you.
Other Key Things to Consider When Finding a Property Manager in London
Once you have a shortlist of potentially suitable property management companies to consider, it’s time to think about which of these companies is likely to be the best option for you. Along with the reputation of the company, there are various factors to consider that might have an impact on your final decision. Contact each of your potential property management companies to ask them some questions that will help you decide whether or not they are right for you. Some of the most important factors to consider when you are choosing a property management company include:
Fees: For many landlords, how much they are going to pay for the services of a property management companies is one of the most important questions to get answered. While it’s always worth paying for peace of mind knowing that your property is being managed well, you do want to maximise your profits. Find out how the fees are collected and whether or not they will still be charged if the property is empty.
Current Properties: It is a wise idea to take a look at some of the current properties that are being managed by the company. This will give you a better idea of what to expect if you were to sign up with them. Ask to see photographs or videos of the properties that they are currently managing or to visit the properties in person if possible.
Communication: You should find out when and how the property management company will communicate with you when it comes to maintenance requirements for the property or issues. Of course, this will depend on you as some landlords might prefer to be kept in the loop while others prefer forgetting about it and simply letting the property management company do their job.
Services: Be sure to ask about the full range of services that the property management company offers to clients, and make sure that the type of services you are looking for are available.
Contractors: Find out which contractors the property management company uses for making repairs or for preparing properties for tenants. Make sure that they use reputable and trustworthy contractors who you are happy to allow to work on your property. Wherever possible, ask to see examples of the past work of the contractors that the company uses.
Tenant Screening: Finding the right tenants for your property is one of the main services that a property management company can help with. While you will want to get your property filled as soon as possible, one of the most important things is to ensure that you have tenants you can trust. Enquire about the tenant screening methods that are in place to ensure that you find good tenants.
Experience: Ask questions about how long the property management company has been in operation, how many properties they have managed in London and which type of properties they have the most experience with managing. The longer the property management company has been in business, the better.
References: Finally, ask for references from other clients before you sign a contract with a property management company. You should be able to get contact numbers or email addresses from other landlords who you can speak to about the property management company.
The Benefits of Good Property Management
Spending the time to find the right property management company as a London landlord is worth it, with a wide range of benefits for your efforts. Finding the right property management company will help ensure that your property investment journey runs smoothly. A good company will maintain your property, help find ideal tenants, and provide you with peace of mind.
If you have invested in or want to invest in property in London, finding the right property manager is the first step to success.