In the current economic climate, and with the UK property market being what it is, there is no doubt that this is the era of property management firms. Even if you have had no personal experience of these firms yet, it is likely that you will be aware of the term and that they can provide their clients with a great deal of benefits and expertise. There are a number of key roles and services provided by property management firms, but these are likely to rank very highly:
- Collection of rent
- Inspection of property
- Renewing contracts and administrating leases
- Arranging for quotes and the management of repairs
- Being a point of contact for tenants
- Advising on legislation and landlord responsibilities
It is easy to focus on the collection of rent and think that this is the most important factor for any property management firm. After all, if a property owner is employing the services of a property management firm, it is likely that they are doing so with the hope of earning income, which is why the collection of rent becomes so important. Not everyone is comfortable with handling money and there can sometimes be a difficulty in getting property owners to pay up. In these instances, having a property management firm act as the liaison point in collecting rent will always be of benefit to any property owner.
When it comes to making sure a property is in great condition, it is often best to call on the experts. While most people will be able to look at a property and give a reasonable appraisal of the property condition, not everyone is capable of seeing everything that needs to be examined. There can be a number of issues and problems that don’t immediately come to light or which need to be examined in greater detail. If you don’t believe that you have the skills or expertise to carry out a property inspection, it makes sense to call on the experts that can.
Sorting out contracts is a big role
There is no doubt that renewing contracts is a crucial part of the property management service and again, if you have no experience or expertise in this role, you may find yourself out of your depth. The importance of contracts means that they should only be drawn up by people who know what they are doing. This is why if you are uncertain or have no clue as to what you are doing; leaving this task to the experts will be of tremendous benefit to all parties. In fact, any administrative work needs to be carried out by the professionals because the consequences of having incorrect or unsatisfactory agreements in place could cause a significant amount of trouble for a firm. This is why working with professionals will always be a smart idea.
A property management firm or professional should also act as the go-between when it comes to arranging for repair work to be carried out. This means obtaining quotes from professionals and then choosing the firm which offers the best level of service that will provide value for money. It is important that a property management professional doesn’t only think of the bottom line, they need to think about the overall level of value that a professional will provide. Skimping on money in the short term can often cause a big problem in the long term, and this is something that all good property managers are aware of.
There is also a lot to be said for the fact that the property management professional will act as a buffer or the “middle man” when it comes to maintaining a property or the relationship between landlord and tenant. This is something that is often overlooked but it is often the most important element in the landlord and tenant relationship. A good property management professional will ensure that problems are dealt with in a professional manner and those personal feelings or issues are not brought into the argument.
There is also a lot to be said for the advice that a professional firm will provide when it comes to dealing with clients and ensuring that the legislation is being met. This is why many people choose to hire the services of a property management firm in at least an advisory capacity.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 8 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.