When you are looking to let out your property, one of the first questions asked by your chosen agent will be whether you would like your property managed by them. A competent property manager can add significant value to your investment, which is why many seasoned property investors will tell you that a good management company is worth their weight in gold. A managing agent will give you the best advice possible to maximise your revenue when preparing your property for let. Whether it's a cosmetic change or simply a shuffle of furniture, attention to detail is crucial in the fast paced London market as competition is fierce, and every tenant is looking to get the most out of their money. What you will find is more often than not, tenants will dismiss properties that aren't fully managed, especially corporate tenants where everything is done on a more stringent basis with more security on rent being paid on time and also maintenance of the property, they are highly sought after as tenants by most landlords. Tenants need to know that they have security within their contract. If there is a maintenance issue within the property, tenants have more faith in an agent dealing with the issue in a more efficient and timely manner and find that the agents can be more approachable. Furthermore, when regulated by ARLA, NALS or Safeagent tenants know that their deposit will be registered on time within a government bond, otherwise the agent risks serious recourse. This means that the tenants deposit is safe guarded and are entitled to receive all or part of it back at the end of that tenancy, and actually get it. A check in/inventory is carried out usually by a 3rd party on the day of move in; this ensures that when the tenants check out, the property is left in the same condition as it was upon their arrival.. Both tenant and landlord need to sign the inventory, so when the tenant does move out of the property, they will only be billed for damage they have actually caused. This can save a lot of time and potentially money in legal fees. Inspections are then carried out quarterly by the managing agent to warrant that the maintenance of the property is kept up to a high standard, and make sure that there are no underlying problems caused by the tenant which the agent/landlord hasn't yet been notified of. Landlords will get assistance with their taxes by receiving monthly and yearly statements; this can save a lot of time and hassle with paperwork. "With competitive rates and small margins, the service that you get ultimately pays for itself" The personal benefits of using a managing agent are that there is less stress for the landlord. You avoid having to deal with middle of the night emergencies, chasing rents and all of the negative aspects of letting a property, but still reap the rewards. Time is money, and for many landlords, their time can be more profitably spent in areas other than servicing their properties, so why not let the experts manage for you? With competitive rates and small margins, the service that you get ultimately pays for itself. For information about our property management service, please contact us on 020 7613 5550 or shoreditch@butlerandstag.com.
