Here at Chawton Hill we have some good experience of working with Property Management company’s and owning income property.
Whilst it can be very rewarding and often tempting to retain all of that rental income, property management requires a pretty large commitment of effort and time in the process. Here are some tasks to consider when deciding to go it alone or employ a property management firm.
Setting good rental rates
Whilst you can search through the online sites to see what other landlords charge for similar properties, a good property management company will give you a wider and often more achievable view. A good market study balanced with their experience will allow you to achieve a balance between a monthly income and a low vacancy rate.
Collecting and depositing your monthly payments on time
If you ever had the chance to work in a billing department, then you know that securing payments from clients can be pretty hard at times, not to mention being a little awkward. Property management companies tend to be much more focused on their efficiency and ability to collect rent and maintain on time payments. You may well find this very useful when you have a number of properties and you need to collect multiple payments to maintain the cash flow.
Marketing and advertising the property
Through long experience, a property manager will have a clear understanding of where you need to market your property and to create effect advertising content. A significant advantage when you need to avoid long vacancies.
Finding the right tenants
Experienced property managers will be experts at finding good tenants. They can also carry out security checks, criminal background checks, running credit reports, references and so much more if you tap into their range of services.
Managing your tenants
Apart from finding good tenants, a property management company will be able to handle all aspects of the tenant to landlord relationship. The property manager will be able to assist you in emergencies and routine maintenance, as well as offer their advice to prevent any situations where conflict could arise.
Managing vendor relationships
Property management companies will have relationships with tried and trusted tradesmen, suppliers, vendors, maintenance workers etc. Not only will they manage a professional job on time but do so at a price that an individual often can’t match.
Being in compliance with housing regulations and laws
There are many laws and regulations relating to renting your property. A good property manager will help you avoid potential legal issues by keeping your property compliant within the law.
Chawton Hill offer a range of services to property managers and landlords including;
- Initial inspection of the premises
- Condition reports
- Preparation of a full specification of works
- Planned maintenance schedule
- Invitation of tenders from a selected list of contractors
- Evaluation of the tenders leading to our recommendation for acceptance
We can also provide full Contract Administration and Project Management services through to the completion of any works.