Property Management Company: 7 Reasons Why Hire For Your Residential Block/ Communal Areas Property Management Services
Firstly, many leaseholders, freeholders and tenants will ask, why do you need property management company? The simple answer is: to manage day to day demands like maintenance, cleaning etc on your residential block, estate or development. If you are wealthy building developer or inexperienced first time landlord you might want to hire one.
Once and for all in regards to hassle of taking on with weekend cleaning or emergency maintenance calls, hiring a property management company to take assist of your residential block and your tenants can be the best decision you ever made.
Here are 7 ultimate reasons why you need property management company to deal with your residential block or development.
1. Property Management Company Offers: Better screening of tenants
Never count on first impression when you meet someone new. This could be slightly deceptive. From our experience even the most professional, honest looking people can prove to be very stubborn and tough tenants. That is why property management company will take comprehensive screening of future renters seriously. Professional property management or letting agent will good carry out credit checks. Also they will evaluate references. They will make certain to increase the chances of taking on responsible, reliable good quality tenants. After all, everyone looking for a good tenant. Paying rent on time, taking care of your property, upkeeping it clean etc It is good for you but in other sense is less hassle for property management company.
2. Property Management Company: Ensuring legal safety requirements are met
There are many safety regulations needing meeting. Here it comes the importance why do you need property management company. Number of paramount safety regulations that needing achieving too. The such of:
- full electrical inspection (EICR)
- energy performance certificate (EPC)
- landlord gas safety inspection
- legionella risk assessment
- correct number of carbon monoxide and smoke/heat detectors.
- Covid-19 risk assessment
Professionally run property management company will advise on all necessary safety regulations your residential block needs. The company will be assisting with all compulsory checks needing to be performing. This will ensure that your property is fully compliant. But in case a any faults are discovered management should coordinate any repair work to be carry out.
3. Property Management Company: Ensuring smooth transition when tenancy agreement end.
It is the responsibility of a property management company to assist and organise you achieve quick return on investment. To receive all of this management need to ensure that your property has quality tenants in place, paying their rental fees always on time. They will organise and provide advertising on many popular rental platforms. To confirm that all of the above is professionally provided, at the very end of the tenancy agreement a expert property management company will also have a set of processes in place. Making sure to check tenants out of a property promptly and efficiently, ensuring that premises are left in neat condition. In case that fails they must be ready to react fast to correct expected standard quickly. This is to make certain and get the property read for the next tenants to move in.
4. Property Management Company: Keep up prices to the current rental market
Experienced Letting agents know how and read the current rental market easy. They will keep a close eye on market fluctuations and specific property demands. Experts in their filed they will quickly be able to establish the current rental value of your house or apartment. They can also offer advice on easy ways to maximise your rental income e.g. updating the look, or partial freshening up, decorating of some rooms, replacing tired and dull carpets or worn out wooden/vinyl flooring. They will have the sources to hire painters, decorators, cleaners or carpet fitters to carry out this work for you.
5. Property Management Company: Professional maintenance of your property
If problem arise within your property like washing machine brakes down or boiler isn’t working, property management must react swiftly. When there is a problem in your property e.g. the heating stops working or the washing machine breaks down, action is needed quickly. The good thing is that a property management company will have access to a network of fully checked, qualified contractors they can get in touch with to resolve any faults. They will also negotiate with current tenants to agree a suitable time and repairs to be carried out. when the property can be accessed in order to carry out. They provide a scheduled inspections to check that the general standard of your property is being met and kept throughout the period of the rental agreement.
6. Property Management Company : Has offers benefits
Having a property manager appointed to deal with day to day chores and tenants issues can bring down the stress for many landlords. Given the chance to sit back and relax, landlords or freeholders can find a peace of mind. Their business duties are swiftly covering from experienced property management teams.
7. Property Management Company: Offers signing professional tenancy agreement
A tenancy agreement is essential part when someone is renting out premises. The contract will protect your property, its assists, will point out your compulsory obligations and that of your tenants. It will also minimize future potential arguments and disputes. A property management company will assist all the way and design a tenancy agreement for your house/apartment.
What Other Obligations Property Management Company Offer?
Furthermore, many businesses are ARLA accredited. They specialise in letting and managing property throughout London. To be on the safe side you can always ask for more information about their landlord services. Hers some other services included within property management of residential block/communal areas.
- Preparation of operating budgets.
- Collection of ground rent and service charges.
- Preparation of annual service charge accounts.
- Hiring of Block Cleaning Contractors
- Booking of Decorating Contractors
- Appointment of Gardening Contractors
- Appoints of maintenance contractor.
- Supervision of all works carried out.
- Prioritising Landlord’s repairs and maintenance.
- Dealing with repairs and maintenance in efficient manner.
- Advising on compliance with any statutory obligations and state and government legislation.
- Serving of statutory notices on behalf of Landlord’s.
- Formation of new management companies.
- Advising on RTM formation and RMC companies.
- Assist with freehold acquisitions.
- Help with lease extensions
What is Lease& Estate Management?
Firstly, property management company offer wide spectrum of services in the Statutory and Facilities Management. They concentrating their work towards of leasehold flats, private residential estates and business or commercial properties.
Secondly, many of them offer their service with professional and modern approach. To find reliable UK’s leading Leasehold and Estate Management providers you must perform through search.
Some of the companies have principle activity like Leasehold and Estate Management. They are acting on behalf of private Landlord’s and residential Block Management Companies.
Thirdly, they gaining experience throughout the years. But also they offer for some of their Facilities Management, also Health and Safety and Building Management control of private schools, retail and some leisure facilities.
Usually facilities management are offering their service for commercial and private residential sector. Mainly specialising in building and contract management of services within car parks, common parts, corridors, lobbies and other communal areas, serving gated estates, residential blocks of flats and commercial properties.
In addition they offer full account management. This include the collection of service charges, tenants rents, preparation of annual budgets, preparation of contractors budget, major works programme and reserve funds and forecasts. Also regular income and expenditure reports must be available throughout the year.
Some companies use lease management software features:
- track key lease data
- analytics and insight
- improve operations
Conclusion: Every residential property strictly needs a property management company at some point. The property managers will take care of everything your block needs. Contact us to hire our cleaning company, which provides gardeners and handyman, they are all trained, certified and has enormous experience to run it for you.