The London lettings market has seen a lot of changes of late, and with major reform like the Renters Reform Bill on the horizon, combined with a steady rise in interest rates, many landlords are deciding to sell up. For those wishing to stay the course, however, hiring a property manager to oversee your portfolio is becoming an increasingly popular way of navigating the market, plus any new legislation being brought forth, whilst being able to find reliable and creditworthy tenants. Put simply, the best thing about a property manager is they can do all the worrying for you…
Getting Maintenance Right
Recent surveys say that landlords are considering a managed service primarily to help them tackle maintenance costs, offer sound legal knowledge, find good tenants and provide up-to-date market knowledge. For instance, when it comes to maintenance costs, it’s about hiring the right tradesmen for the job and only when they’re needed so as to resolve issues before they become bigger and more expensive. In the midst of a cost-of-living crisis, the right advice about maintenance can mean making a real saving. Over the course of the last few years, the price of materials, furnishings and services have all increased, but a good property manager will have a strategy that’ll mean protecting your bottom line.
Keeping Your Property Compliant
As legislation changes, it’s natural for landlords to worry there’s something important they might have missed. For instance, the Renters Reform Bill remains a much discussed topic at the moment, and whilst many of the details are yet to be finalised, there’s no question a series of comprehensive changes are on their way. For every property rented there are up to 150 laws to be aware of, but these are subject to regular modifications, making it hard to keep abreast of everything that’s happening week-by-week. Again, a property manager will effectively track the law on your behalf, ensuring you’re always compliant without having to spend your own time following every detail proposed or altered by your local council.
Finding the Right Tenants
A landlord’s property is an extremely important and personal enterprise, perhaps forming the cornerstone of a retirement plan or else it might be a long-held family home. Regardless, finding good tenants who treat the property with respect is, of course, crucial, but you don’t want to see a property stand empty for an unnecessary amount of time after a previous tenant moves out. Research shows that tenants who have a good relationship with their landlord are far more likely to extend their tenancy and accept a reasonable increase in the monthly rent they pay. A skilled property manager inspires a long-term commitment by ensuring your tenants are legitimate and responsible, making your life all the easier going forwards.
Successfully Navigating a Changeable Market
London is a hugely dynamic city that’s constantly evolving and, as such, a high level of market knowledge is an undeniable advantage. Keeping up with the changes that affect you is crucial, from lettings policy, the cost of goods and services to tenant expectations. New data shows that landlords who are considering employing a property manager are doing so to gain that all important market insight. By having someone doing the essential research for you, it’s about being able to accurately forecast changes in the market that might impact you and your property. By having a trusted partner who has your interests at heart, you’ll be able to successfully navigate a changing landscape, whilst always staying ahead of the curve.
Making the Most of Your Investment
A property manager has the resources and expertise to manage the day-to-day running of every aspect of your property. They’ll also have a keen insight into all the ways you can make the absolute most from your investment. Key services include marketing dexterity, attracting the right tenants and creating a cost-effective maintenance schedule. By sourcing a provider with a wide-ranging set of skills, you’re pretty much certain to save time and money in the long run. Managing your own portfolio can become an expensive and time-consuming endeavour, but working with a property manager means your investment being properly looked after, leaving you free to enjoy the returns with as little stress as possible.
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