Being a landlord is not simply limited to owning properties and giving them out on rent. Being a landlord means maintaining properties, screening potential tenants, collecting rent, dealing with repairs and so much more. For some, this may seem easy. For others, finding the balance could be rather difficult. Regardless of whether you are a new landlord with one property or an investor with multiple properties under your portfolio, it is always a good idea to hire a property management company. Here are 6 reasons why landlords need property management services in the UK.
1. Easy management
Landlords who have multiple properties under their portfolio may find it difficult to manage and oversee everything. From small repairs to a whole new paint job, there is a lot that landlords need to take care of when their property is rented out. A property management company will essentially take over the management of the property and the tenant, which makes life much easier for a landlord. For instance, a Leicester property management company will be able to deal with local tenants easily, especially if the landlord is not in the same city. The property management company will deal with rent collection, fixing repairs, safety compliances, tenant-related issues and so on, making management and oversight much easier.
2. They are experts in their field
Property management companies hire experts and the services that they provide are excellent. A property management service will deal with things such as screening potential tenants, handling tenant emergencies, collecting monthly rent and handling evictions when required. A property management service will take care of everything for the landlord using their expertise so that the landlord does not have to worry or stress. These experts can deal with difficult tenants, they know how to handle an eviction process and they always ensure that the property is well maintained. Even things like safety compliances, legalities and basic licences are handled by the company.
3. Lower tenant turnover
Property management companies may work for the landlord, but they certainly work towards tenant betterment. These companies work to make the tenant happy by dealing with issues such as repairs and maintenance while allowing easy communication. If a tenant is happy and feels that their issues are heard, then what reason will they have to leave? A good property management company will ultimately reduce tenant turnover; this saves the landlord the hassle of putting their rental property on the market, finding new tenants, screening potential tenants, negotiating the rent and so on.
4. An easy point of contact for tenants
If you are a landlord with 10 different properties on the rental market, dealing with tenants can be tiresome. From small repairs to broken appliances, tenants get in touch with landlords for almost everything. If a landlord has a property management service, then the tenant will use them as their point of contact. So, if the landlord happens to be travelling or out of town, or if he or she is just simply unavailable, tenants will always have a point of contact who can deal with the matter swiftly. Essentially, a property management company will reduce your burden.
5. Rent collection and tenant screening
One thing that landlords have to deal with is collecting rent every month. Sometimes it can be difficult to get timely rent; for instance, during the Covid-19 pandemic, many tenants were unable to pay their rent on time. A property management company takes over the rent collection which means one less hassle for the landlord. Such a company will also have the expertise to deal with tenants who tend to pay the rent late or default on their rent payments. A property management service will also help landlords screen tenants by going through their applications and pointing out any red flags, which helps them find reliable, responsible and good tenants.
6. Peace of mind
One of the biggest advantages of hiring a property management company is having peace of mind. Any landlord who is working with a property management company knows that he or she does not have to deal with everyday tenant issues. Also, knowing that their property is being handled by experts gives landlords a sense of relief. By having peace of mind, landlords can focus on expanding their business, investing in additional rental properties and growing their portfolio without having to worry about the small stuff.