Any person who has the leverage to invest has the first preference to invest in a property. Investing in a property is a long term security as it gives a liberty to rent or sell anytime the owner wishes to so as to earn some income or it can even act as a safety net for a rainy day.
Most people who invest in different properties like to give it for rent to tenants as not only does it help in earning a regular source of money but also assures that the property is being maintained without a burden to the owner.
However, in case the owner is not from the same city, it can be a bit of a hassle as regular check ins and maintenance can be a bit difficult. This is where hiring a property management company proves to be helpful.
A property management company is the source of property managers. They help the owners or even buyers in maintaining, renting and finding any appropriate property.
The point to be considered here should be that the owner or buyer must do a well read research before hiring a property management company. Most of these companies work on the basis of commission so once the buyer or owner pays them their share, the company often tries to free itself from all liabilities causing a big issue for the future for the owner/buyer.
The points to be considered while hiring a property management company are:
- Ask the local people about the most reliable company.
- When hiring a company make sure to enter into at least a verbal contract with them before making a final deal.
- Look for someone who has dealt with similar situations as yours before.
- Ask for references from the company or the person and cross check on the feedback.
There are various kinds of property managers around London like- Estate Agents, Property Managers, Council Owned Managers and sometimes the owners manage their own property too. All these kinds of management have different costs. For instance Estate Agents charge 20.4% as their let through fee.
But when hiring a property management company in London the owner/ buyer must consider the point that the prices for the same must not matter as sometimes in order to save some money, buyers/owners get duped by frauds as well. This is why, background check is also a must and payment should only be a secondary issue i.e. once the background check comes clear only then the cut off percentage should matter.
The best way to look around the best of London’s property management companies are to browse the following terms- ‘new developments’, ‘buildings’ ‘London Properties company directory’. Lastly, it is best to hire someone who is local as they know the whereabouts of the city and know the best places to explore for the owners and the buyers as they have been living there and are most familiar. It is smart to hire someone who is comfortable to be around as you have to deal with your property manager for a long term.