Most landlords who decide to invest in rental properties also decide to use the service of the property management Company in London. It must be said that rental management is a task that presents a certain degree of complexity and it requires a lot of time. The manager, through his experience, can accomplish it and relieve you of this energy-intensive task. However, it is necessary to choose the professional to whom to entrust the task at the risk of having unpleasant surprises. How to find a good manager? You need to recognize him through his experience, his qualities, his mode of intervention, and the prices he offers. Here is some information that might help you locate the ideal provider.
WHAT ARE PROPERTY MANAGEMENT COMPANIES PRICES
The fees imposed by the property manager in London are among the criteria to be taken into account when choosing the service provider to hire. They vary according to the type of property to be rented, the number of rooms that compose it, its geographical location, and its various assets such as the proximity of transport. Professionals also take into account the number of properties as well as the rent and charges.
To know the price that the property management company will charge you, ask for the estimate from the company. In order to find the ideal service provider, it is recommended to make several requests for quotes and compare the offers. Note that it is possible to negotiate the price with the professional according to your budget and requirements. Warning! It is necessary to check the amount appearing in the estimate and confirm if it is a sum excluding tax or all tax included.
Be aware that a rental management fee rate of 7% excluding VAT can rise to 8.4% after the application of VAT. It is necessary to pay attention before signing the management mandate, pay attention to the fees listed in the contract. It should correspond to those values that are presented in the estimate.
WHAT DO PROPERTY MANAGEMENT FEES INCLUDE
To find a good property manager, you must have an idea of the expenses generated by hiring this professional property management company in order to avoid scams. Note that they do not only concern rental management fees. They have various elements.
- Rental management fees
In the event that the manager takes care of the rental of the property, he will also be entitled to rental management fees. The cost may vary from company to company and on the basis of services, you will need. HouseManage is one of the best property management companies that charge only a 5% monthly management fee.
- Unpaid rent insurance
The real obsession of the owners is to fall into bad debtors. This is why the property manager takes out unpaid rent insurance. It covers the default of payment of the tenant and the damage committed by this one. Thanks to this insurance contract, the investor can benefit from better protection. The premium rate varies between 2% and 2.5% for unpaid rents ranging from 70,000 to 90,000 euros.
This insurance is not compulsory. Moreover, if you are targeting students and young workers with guarantors, I advise you not to choose this option.
MAKE SURE OF YOUR PROFESSIONAL SKILLS
When choosing a property manager, it is just as essential to take an interest in his professional skills and there are many of them.
- A strong experience
With in-depth knowledge, he should optimize his effectiveness. He will also be able to master the administrative and tax procedures to be carried out and the arrangements to be made in the event of a problem.
- A manager with the makings of an investor
This is another skill to have in order to effectively manage a rental property. A manager with the mentality of a good investor has the vision of optimizing your profitability and growing your investment. A professional property manager will know how to find the best tenant for you.
- Strong communication skills
The ability to communicate both orally and in writing is essential when you want to be a good building manager. This allows him to send you the right information and to clearly express his opinions with each of his interlocutors.
In addition, the manager must know how to manage financial resources effectively. Obviously, the professional must have great know-how in property management.
SELECT YOUR MANAGER WITH THE RIGHT CRITERIA
The objective, as a reminder, is to find a property manager who offers excellent service at the best price. So, when interviewing the provider, there are a few questions to ask. First of all, you have to find out about the services it offers and its address. Its availability is another point to mention. You should ask if they offer 24/7 emergency service.
It is then necessary to inquire about his experience, and the guarantees that he allocates. Don’t hesitate to ask him about his other current clients. It is even advisable to find out if he has long-standing customers, which is a sign of reliability and notoriety.
The next question concerns the mode of intervention of the manager, especially in the event of concern such as unpaid rent or damage to the accommodation.
In short, looking for the ideal service provider is like a procedure for hiring employees. You have to take the time to get to know each selected candidate well in order to find the most qualified one.
SOME CHECKS TO DO
What you should not forget is that once the property manager has been recruited, the management of your assets will be entrusted to him entirely. This is a huge risk because even if the provider hired is reliable, it could make errors or omissions.
To prevent problems, it is essential to contact a property manager who has taken out civil liability insurance for the administration of the property of others. For your peace of mind, you must also ensure that the service provider is operating legally.
Before trusting him, you have to check his legal background. You have the right to check everything about him. Checking the training and experience of the professional is also necessary. You should not only satisfied with his words. However, the property management company in which your property manager work hires professional ones legally.
For more information, regarding property management services, you can contact us freely.
