5 Property Management Firms Nationwide
Property Management FAQ
What does a property management company do?
Among other things, property management companies arrange suitable tenants for a building, collect rent from the tenants, take care of any legal obligations that a landlord has to conform to in the UK, and conduct building maintenance and repair.
Why would a landlord use a property management company?
Many landlords have bought property as an investment, and are not interested in taking charge of the day-to-day affairs of dealing with tenants. Using a property management company can allow a landlord to simply receive the financial benefits of owning and renting out property, without any headaches from managing the property themselves.
What privacy benefits are there to using a property management company?
Renting out a property using a property management company has the benefit that the landlord rarely, if ever, is required to be in direct contact with tenants. This can make owning property to be let out very simple for landlords who are more interested in the financial benefits of letting out property as oppose to being hands-on landlords.
Why would a tenant choose a property management company over a private landlord?
The fact is, that in the UK, most let-out properties are handles by property management companies. This means that when a tenant looks for a new house or commercial building to occupy, the majority of properties will be in the hands of property management companies. Further to this, they can usually expect a higher level of professionalism from a property management company than going through a private landlord.
Does a property management company handle all the landlordâ€™s affairs?
This depends on the service that is chosen with the property management company. Service options can be as simple as a tenant finding service, where the property management company is tasked with finding suitable tenants but do not actually handle the day-to-day management of the property. As a middle ground the property management company can handle the day-to-day affairs but leave the choice of contractors for maintenance and repairs up to the landlord. At the higher end of the scale, property management can be a complete service, where the landlord simply gets a cheque in the mail each month, and has virtually no dealings with the tenants; even where there are complaints or problems with the property these are dealt with by the company.
Are there different types of property management companies for different buildings?
Apart from the larger chains or property management companies in small rural areas, property management companies tend to specialize in one type of property. This could, for example, be commercial property, or high-end residential property. When choosing a property management company, be aware that the type of company you choose will reflect the type of tenant you receive.
How much will a property management company charge?
The cost of a property management company can be a one-off fee for locating tenants, to an ongoing monthly fee up to 10 of the rent. Some letting companies will inflate the rent of the property to cover the cost of the management fees, so as a landlord the cost of using a property management company may not be as high as it first appears.