The Pros and Cons of Using a Property Management Company

Having a property management company is a valuable asset for any landlord. They take care of all the tasks involved in running a property, from marketing and tenant screening to maintenance and collecting rent payments. This frees up time and reduces stress, especially for busy landlords or those who own multiple properties. But paying for a professional property manager comes at a cost, and landlords should carefully weigh the pros and cons of this service before making a decision.

While it is not a legal requirement to work with a London property management company, doing so is recommended for anyone who wants to maximize their return on investment. The best property management companies are experienced in the local market, have access to a network of trusted and cost-efficient contractors, and offer a range of services that cater to each individual property owner’s needs.

The main task of a property manager is to act as the landlord’s representative, ensuring that a property meets industry standards and fulfils all necessary paperwork. They are also responsible for coordinating repairs and maintenance using their extensive network of qualified contractors, as well as communicating with the landlord on a regular basis about any issues or concerns.

They also manage tenant handovers and tenancy renewals, as well as carrying out bi-annual inspections to ensure that the property is in good condition. Additionally, they handle collection of rent and other fees, and provide reports on a quarterly basis.property management london