If you’ve bought a property to let to tenants, but are unsure if you can commit the time and energy to fully serve their needs, you may wish to look into private property management. A private property management company can provide you with a number of different services ranging from assessing the rent, setting up the property for letting, furnishings, decoration and, in some cases, even renovations.
Generally speaking there are three different levels of service provided by most private property management companies, the cost of which varies dependant on the level of service.
Letting only service
A letting only service is most suitable for experienced landlords who need a specialist letting agent to source and select a tenant, negotiate the best terms on their behalf and provide up-to-date advice on the rental market. In this case, once the tenants are in the property, the owner of the property will take over all the responsibilities of the landlord and will need to be fully covered for all eventualities by having insurance for landlords in place. The Swinton Commercial website is the ideal place to find more information on landlords insurance.
Letting only plus service
Again, this will apply to an experienced landlord who wants a specialist agent to take care of the above issues, in addition to handling the deposit, registering it with a Government approved scheme, checking the tenant in and out of the property and agreeing the inventory and schedule of condition.
Full property management service
A full property management service will take over all the jobs that are typically the responsibility of the landlord. When letting property, half the battle can be arranging suitable tenants, ensuring the rent is paid on time and the property is adequately protected. Once the tenants are in, however, the work doesn’t stop. In the current rental market, tenants can be quite demanding expecting the full value of their rental. With this in mind you can be sure any tenant will want a swift repair of any problem in the house whether it’s a failing fridge or a leaking shower. They will expect this regardless of how inconvenient it may be for you as landlord. With a full private property management service in place you can rest assured that all of this will be taken care of by the management company.
With full private property management, it won’t just be day to day jobs of the landlord that will be taken care of, they’ll also provide various services which deal with income yield and capital appreciation by concentrating on various factors such as marketing and presentation and regular maintenance. In relation to ensuring the proper maintenance of the property, they’ll often conduct regular inspections of the property to ensure the tenants are treating it as specified under their contract, so you have the comfort of knowing that everything is being taken care of.
