Property Managers are tremendously helpful for landlords who are extremely busy and cannot keep up with the paperwork necessary for renting their property. A London Property Manager is a person who is hired by a third party to supervise and manage the day to day tasks of a property. They particularly serve as an association between the owner of a property and the tenants of the property. Hiring a good property manager also depends on your needs, expectations, or level of commitment.
Responsibilities of a Property Manager
An efficient property manager would be able to take these responsibilities, which are as follows:
- To maintain financial records of the property: It is supposed to be the duty of Property Manager to collect and adjust rent for the residing tenants.
- Deals with the tenants: A good property manager knows how to handle nearly every detail of running a rental property, as from finding tenants to collecting rent.
- To ensure the integrity of property: For repair and maintenance, the Property Manager is solely held responsible.
- Overseeing General Operations: General operations of all sorts are supervised by them.
Requirements for an efficient Property Manager in London
In order to choose an appropriate property manager, they must have these set of skills:
- Excellent communication skills
- Organization skills are a must-have
- Knows about Tenant/ landlord laws
- Customer service orientation
- Marketing skills
- Technical property knowledge
- Investor Mindset
- Knowledge about modern technology
- Have a solid Property Management Marketing plan and strategies
- Available and dependable
Services Provided by Agencies: Nowadays, as everything is going digital and technology-based thus many companies are offering to handle your problems related to the hiring of a good property manager. Services included are:
- Residential property management
- Contractor accreditation scheme
- Online services
- Concierge services
- Company secretarial
- Health and safety
- Building survey
- Housebuilders and developers
- Modern payment methods
- Document storage
How much does it cost?
Tenant-find only fees: This fee is charged as either flat fee which is equal to one month’s rent or as an estimate of the entire contract. For instance, If you’ve approved a six-month contract with your tenant then you have to give 6-8% of the period’s rent to the letting agency as their fee. It may be higher in London.
Always read terms and conditions before signing up–so that if a tenant is staying longer than the agreed time than you need to know about agency commission.
Tenant find and rent collection fees: It costs landlords around 8-12% of the monthly rent, which may be higher in London.
Full management fees: This costs landlords around 10-15% of monthly rent. This can be higher in London. Sometimes, when the contract time is much longer then you may expect a discount on price from the agency.
To summarize it all: You can easily find a good property manager through online agencies. Their main focus is to give the best possible services which help to take out the stress from daily management of your property. It is always better to go through online reviews about agencies’ performance and their relation with customers.
Another way of finding the best fees is by asking a few agencies to provide a Management Agreement. Most Letting Agents are not aware of all the fees from the Management Agreement but if read thoroughly, you will find out about all the fees incurred when hiring a Property Manager. After a thorough analysis of several agreements, you can find the best deal.
How then do you choose the perfect Property Manager in London?
Here are a few places you can start looking for a Property Manager:
- Ask Around: This seems trite. However, there’s a whole lot of smartness in it. Ask people around for recommendations. Doing this would most likely lead you to a property manager in your locality. His local experience is valuable and can be a life-saver when needed.
- Online Research: Searching the Internet is another viable step. Google is a world of useful information and you can use that to your advantage. You can always check out some real estate websites for some good property management companies in London. Property management companies in London charge between 10-15% of the monthly rent collected. Hence, this online research would also help choose the company with the best price for you.
- One-On-One session: This helps you to look past the website and online PR outlook of a Property Manager. Don’t be surprised that some might not exactly be a perfect replica of their online presence. Here, you would also be able to ascertain their compliance with the Landlord and Tenants Act of 1985. Hence, having a one-on-one session with a representative from the company increases your chances of choosing the right person.
If you would like to know more about our services and fees, feel free to ask us to provide you with our standard Management Agreement and we will happily forward you a copy. You can also find some Property Management Agreement here. If you have a look at these agreements, you will have a deeper understanding about what an agency can offer you and how they charge their fees.
Alternatively, if your Tenancy Agreement with your current tenant is coming to an end and you are not sure what to do, you can read this article about A Property Manager’s view in reviewing your tenancy agreement.