Congratulations on your new purchase! You must be very excited about the whole deal and you should be, as you have purchased a home in one of the most vibrant cities in the World. However, you have to know that if you are looking to rent your place out, then there are some other fees on top of it all, such as Property management fees. You can opt out of these charges but do consider it closely. Having a property management can save you a lot of time and if you don’t live in London then having this particular service will save you that commute. Here are some advantages for you to consider. I hope they are useful.
- Maintaining your property: This can be a troublesome task, especially if you have a large amount of property. One of the most important aspects to consider when having a house that is for rent is keeping it fully functional throughout the lease. As a property owner, I like to keep my tenants as happy as I can, and most of that effort comes from having my property as sharp as possible. A property manager will be able to respond quickly and effectively to your tenants needs.
- Advertising your property: Your property manager will advertise your property and they will show the house to potential tenants. They will also see to the inventory, collect the references from your tenants and they will give the keys to them once they are ready to move in. Besides putting your property on the market, they will make sure that the business with your tenants is fully protected and it goes as smoothly as possible. Once the tenants terminate the contract, your property management will immediately put it back on the market so that you get a new contract as soon as possible.
- Managing the finances: A property finder will cover all of the aspects that have to do with the finances of your property. They will set up the tenancy agreement; they will collect the rent from your tenants every month and make sure it reaches you; and they will even deal with any legal issues, from missing rental fees to problems with squatters.
- Which agent should I choose? The best way to find a property manager is through a London Property Consultant, they will point you to an agent that will see to all of your needs and is within your budget. This why hiring this a consultant is the best option when trying to find an agent that manages your property.
These are just a few tasks that your property buying agent will handle for you. They will usually take 5 to 10% from your gross tenancy income for a basic service and 15% if you’d like for them to provide you with a more complete service. As an international landlord, I think is worth considering having someone that provides this service for you. However, my situation is particular, so consider your own and see if you are interested in it or you can just do it yourself.