London has a complex rental property market. As a first-time landlord, you may not know the best rental rates to charge to attract tenants while getting the high returns you want. If you have a large property portfolio, it could be overwhelming to deal with all tenants’ needs – conflicts, repairs, and renovations among other requests. Additionally, you can get in trouble with the law if you don’t adhere to all regulations.
So, how do you navigate the complex terrain of management in London? The answer is simple, work with professional Property Management London companies. Here are the top reasons their services are essential:
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Help You Adhere to All Legal Requirements
London’s rental market is governed by regulations that you are expected to adhere to. For instance, you must conduct safety inspections on time – you require Gas Safety Certificates, Electrical Safety Inspections, and ensure proper smoke alarms are in place. These regulations keep changing, with failure to keep up with them attracting fines as high as £20,000. You shouldn’t get in trouble because you overlooked a regulation.
The best management companies help you to adhere to all the regulations. You’ll have it all from house in multiple occupation (HMO) licence to energy efficiency certificates (EPC). You won’t need to keep up with legal changes if you work with a reputable company. While at it, you enjoy peace of mind as you’re sure your property is in safe hands.
Aggressive Tenant Acquisition and Screening
A vacant property means you lose revenue. If this goes on for a long time, you begin to struggle financially. Fortunately, you can use the power of aggressive marketing property managers come with to minimise vacancy periods. Moreover, these companies prepare properties quickly for new tenants and set the right rental prices to attract quality tenants – without under-pricing the property, you can maximise income from the property.
These companies don’t just accept any tenant – they don’t want you to experience issues such as late rent, property damage, or illegal activities. So, they help you vet potential tenants before signing the tenancy agreement. Proper tenant screening involves more than just checking for sufficient income. It also includes background checks, employment verification, previous rental history, and even credit checks. Consequently, you can have reliable tenants all year round.
Efficient Maintenance and Repairs
Your property must always be in top shape to enhance the comfort of the existing tenants and entice new ones to occupy it – property maintenance and repair are necessary for this. The service providers schedule regular inspections and preventive maintenance. So, they can identify and rectify property fixture issues before they turn into expensive repairs that threaten your income. Besides, the companies have proficient experts to handle urgent repair issues including a burst pipe at 3 a.m. or a boiler failure in the middle of winter. You can have happy tenants as the property is always in optimal condition without being directly involved – hassle-free management, right?
Prompt Rent Collection and Financial Management
Collecting rent and managing finances can be problematic tasks, especially if you don’t have enough experience in these areas. Reputable companies can help you handle everything in this space. Apart from rent collection, they can deal with responsibilities such as:
- Chasing arrears
- Handling eviction proceedings
- Preparing detailed financial reports
Take Advantage of Property Management in Lewisham
The property you have in London can yield high returns without stressing you. Management companies can help you adhere to regulations, source, and screen tenants, and handle maintenance issues. Besides, they deal with the finance side like rent collection. At Denhan International, we provide the best management services.
