If you’re a landlord that owns the property, whether you’re new to the world of renting or you’re an old hand, a property management company can make a world of difference. Particularly when it comes to the level of input and day-to-day management you have to put into a rented-out property. Want to know more about what property management companies do, or are you looking to find out how to switch to someone new? We’ve got all the details. Read on to find out more.
What does a property management company do?
Property management companies essentially act as a service for landlords by taking on the bulk of responsibilities that are legally required for anyone renting out a property in the UK. Typically, a property management service will do anything from marketing and checking out tenants before renting, through to handling all repairs and maintenance directly. Depending on the specific company, things like evictions and ongoing disputes will also be covered by your property management company. For landlords, this means the majority of the hard parts of the role are being placed in expert hands.
How can I change property management companies?
If you’ve already got an existing service in place with a property management company, or even if you inherited a company when buying a property, there’s always the option to change if that’s what you want. While many landlords are happy sticking with the same property management service for years, for others, change is the ideal option. Once you’ve decided to make the switch, the first thing to check is your rights. For leaseholders in blocks of flats all managed by one company, for example, requires everyone to want to make the switch together. However, for single houses or solo properties, this can be as easy as giving your notice and making the switch on your terms.
What do property management companies usually charge?
The exact fees and costs for a property management company can vary according to all kinds of different stipulations and requirements. In typical situations, property management fees can range from 10-15% of the rent you take each month. However, it’s always worth checking the fine print as other fees may apply for specific services. Depending on the level of responsibility and input you’d like a property management company to have, this rate may vary. For vacant or commercial properties, a flat fee usually applies as opposed to a percentage of the rent.
How can I find a great property management company?
The best way to find a great property management company near you is by talking to other landlords and property owners in the local area. Word of mouth can ensure you’re getting the full story about a service you’re considering using, and can help you get the best deal for your money. Looking at online reviews is also a great way to gain insight into which property management company is best for you, as well as taking your time to investigate a range of options in your local area.
For some, property management companies are the ideal way to reduce the stress of managing tenants, while still bringing in that much-needed rent. Whether you own several properties or a single house, opting to pass the responsibility onto the professionals may be the best choice for you.