There are a range of reasons that you might need to enquire with a property management company. Obviously, you need some assistance with property management. What falls under this umbrella is broad.
Ranging from individual properties to a portfolio of properties, property management companies provide services such as:
Students are a particularly interesting demographic to house due to their unique demands. They require housing around 10 months of the year due to term time, are not required to pay council tax and can come from a variety of backgrounds.
Housing for students has departed from the odd landlord renting out to students as they have lower expectations than typical tenants. In the current market, there is a high demand for purpose built student accommodation.
A property management company can be of use with purpose built student accommodation management in all aspects. When designing, they can ensure that facilities and layouts can be optimised to minimise management costs. During building, developers need to be informed and marketing should begin as soon as possible. Once the accommodation is built, property management companies can work with local agents to ensure the highest occupancy rate.
Not all properties are built with the conventional idea of a couple moving in and living there with two children and a pet. There is an emerging and growing market for properties that are purposely built to house tenants with a lifestyle in mind. Property management companies are in touch with what these new styles of tenants want.
The lifestyle concept is the idea that tenants want to be provided with work, exercise and relaxation spaces within their complex. Online tech can ease the move in processes. A personal touch can be provided to new tenants to make them comfortable, such as setting up utilities. Concierge services are becoming more popular too.
Property management companies are key with commercial properties due to the legalities surrounding leases and drafting leases.
Lease negotiations and extensions can become complex when it comes to ensuring that there is limited conflict and maximisation of long term income. This is particularly important for mixed use properties where accountability can be vague. It is best to leave it to experts who are familiar with these processes.
Fire risk assessments are required as part of the The Regulatory Reform (Fire Safety) Order 2005 at regular intervals.
Property management companies can handle the entire process of gaining a Fire Risk Assessment from finding a risk assessor to producing a fire risk assessment report.
Property management companies are typically specialised in the type of properties they manage. Therefore you should look for a residential property management company with a specialist management team
It is important to have an excellent management team as residential property management is such a sensitive area. You’re dealing with people’s living conditions and homes. The people handling your customer (the tenant) must have excellent communication skills, due diligence and a certain level of care towards your property and the tenants.
Managing your facilities correctly, whether being a commercial or residential property, can increase the profitability and customer satisfaction from your properties so that you can focus on your core services.
A property management company can focus on their core services, in this case providing the following facilities management services:
Depending on how you built your portfolio, it will be a variety of properties that all have specific individual needs. Once size becomes a factor in your portfolio, it may be time you employ a property management company.
A property management company can provide value by doing your financial reporting such as asset value change and reporting any changes in the relevant markets or legislations.
Proper portfolio management can also maximise your buying power. When there is a management company assessing the long term sustainability of your portfolio, you’ll be able to stay ahead of the curve by knowing the long term viability of your portfolio.
Building up a portfolio of properties on your own is a challenge in itself. Going a step further and developing or expanding your portfolio is a whole different game. This is where a property management company can be beneficial.
Property management companies can advise on the most practical potential uses of current buildings. Whether that be redesigning or refurbishment, specialised companies can source experts where necessary to facilitate the end goal of a project.
Expanding your portfolio, once it reaches a certain level, can be complicated. Bringing in experts to bring your vision and plans into fruition can speed up the entire process while saving you capital.