Having a single company in charge of your estate management can offer a wide range of benefits for landlords. Here we go over five of the biggest advantages so you can see for yourself how rewarding it is to work with an estate manager.
1) Reduction in legal disputes
There are a range of different issues that can arise when you let a property. This number increases dramatically the more properties you have. There are also several additional areas to think about if you are managing an estate. Legal disputes could take many different forms, including issues like rent collection, evictions, safety deposits or tenant screening. All of these can result in costly bills, but most of them can be avoided by working with the right estate management company.
2) Choosing the right tenants
Finding tenants in the first place can be difficult, and it is even more challenging when you need to narrow down the field to settle on the right ones. The best estate managers will know how to screen applicants and help you to choose the right ones. When done properly you should be left with happy tenants who will look after your property and want to stay for a good length of time. Working with an experienced company will also reduce your risk of falling for scams.
3) Reduced vacancies
An experienced provider will work hard to keep vacant times to a minimum because they know this is lost income for the landlord. They should keep track of when tenancies are set to end and many will already be working on getting new tenants in before this happens. Alongside this they will keep an eye on the property with regular inspections so they know in advance what work needs doing before a new tenant can move in; this reduces wait times.
4) Reduced expenses for repairs and maintenance
Arranging maintenance and repairs for properties can result in large costs for landlords. With the help of an estate manager you could save a great deal on these, especially if they already have their own established providers. Having the property manager take care of these things is also much more convenient than doing it yourself.
5) Better rent collection
Collecting rent efficiently is very important for successful estate managers. The process is crucial for landlords, as it can harm their cash flow if even a single payment is late, particularly if they need to cover mortgages and other costs. Professional providers will have systems in place to ensure rent is collected on time and will notify the landlord quickly if there are any issues. They also provide a buffer between the property owner and tenants so they don’t need to chase payments themselves.
If you’re a landlord and want a local company to provide estate management services in Hillingdon or anywhere else in London, we are a team of experienced specialists you can put your faith in. We have a wealth of experience and strive to offer the best value for our clients, both in terms of cost savings and the standard of service.