Renting out a house is no easy task, and it’s important to consider whether property management is the right solution for you. In this guide, we’ll delve into the pros and cons of property management, property management fees, and how Marsh & Parsons can simplify the process. We’ll also address the new legislation that applies to landlords to help avoid unintentional legal violations.
What is property management?
Property management involves hiring a qualified professional to oversee various aspects of your rental property, such as finding tenants, handling repairs and maintenance, and ensuring legal compliance. Property managers act as an intermediary between landlords and tenants, streamlining the rental process.
Pros of property management:
Up-to-date with legal requirements:
Keeping up with ever-changing legislation can be a challenge for landlords. Property managers are well-versed in the latest regulations, ensuring your property meets legal standards, including gas certificates, new landlord legislation and compliance with Houses in Multiple Occupation (HMO) requirements.
Tenant database:
Property managers maintain a comprehensive tenant database, making it easier to find suitable occupants for your property. They handle tenant vetting processes, ensuring you find reliable tenants who meet your criteria.
Dealing with repairs and issues:
Property managers handle repairs and maintenance, saving you time and effort. They have established relationships with trusted contractors, ensuring prompt resolution of any issues and maintaining the condition of your property.
Reducing time and stress:
Managing a rental property can be time-consuming and stressful. Property managers take care of rent collection, lease agreements, property inspections, and other day-to-day responsibilities, allowing you to focus on other priorities and enjoy peace of mind.
Cons of property management:
Expense:
Property management services come at a cost, which can include lettings fees. However, considering the value of your time and the convenience property managers offer, the investment can be worthwhile. Rental property management fees vary, so it’s essential to evaluate the services provided, their associated costs and how this will affect your rental yield as a result.
Choosing an unreliable management company:
While property management services offer numerous benefits, it’s essential to choose a reputable and experienced property management company. Poor property management can lead to ineffective tenant screening, delayed repairs, and unsatisfactory customer service.
At Marsh & Parsons, we’re one of the largest property management companies in London, managing 1,500 properties in London at any one time. We pride ourselves on excellent service, going above and beyond to make sure any issues that arise are dealt with quickly and efficiently. If your property is managed by us, both you and your tenants will have 24/7 access to our manned emergency line should the unexpected occur. When something needs to be done, we have a database of vetted, reputable contractors on hand, many of which have worked with us for several years.
Making the right choice:
If you’re wondering whether enlisting a property management company is right for you, it’s important to consider various factors and make an informed decision. Assess your ability to handle stress, the number of properties you own, your experience with maintenance and repairs, and your proficiency in accounting and record-keeping. Additionally, reflect on your willingness to address tenant issues if necessary and your understanding of housing laws.
Property management services offer numerous benefits, from ensuring legal compliance to reducing stress and saving time. Despite associated costs, the convenience and expertise property managers provide make them a valuable resource.It couldn’t be easier to switch to Marsh & Parsons’ lettings service, whether you have one property to manage or a whole portfolio. Contact us today to learn how our property management services can simplify your life and provide peace of mind.
If you’re interested in letting your property with us, click here for a free, no-obligation valuation.
If you’d like to know more about our lettings process, click here.
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