Whether you are a seasoned property landlord or just starting out in the property rental market there are always going to be problems and issues that you will have to sort out. If your rental properties are in a large city you could find that the magnitude of those problems can be too much to cope with.
For one there is the sheer size and geography of big cities which, if you have several properties dotted around, can make it difficult to keep up with them. Add to this the demographics of tenants which make up most large cities and the cultural and language differences they bring and it is easy to see why many landlords just don’t have the wherewithal to keep on top of any issues that arise.
Getting the Right Tenants
Problems can start from the very beginning if you fail to take extra care when advertising for tenants. It is essential to vet potential tenants properly to ensure they a) have the means to pay all deposits and monthly rental payments and b) understand the rules on how to take care of the property and contribute to keeping it in good order. That is a simplification of the screening and checking process that has to be carried out before you allow a tenant to move in to your property. Checking tenants’ references and previous rental history, if they have one, is something that should be done with the utmost care and it takes time.
Communicating with Tenants
Before and after your tenants move into the property they will more than likely have lots of questions and queries. They may have issues with the state of the property which they expect you to come and deal with personally and immediately. Sometimes though this may not be possible; if you are busy working, for example, or you live outside the area.
Let a Property Management Team Take the Strain
Both of these issues mentioned above are ones which are likely to take up a lot of your time; time that you may not be able to spare. Getting the right tenant and keeping open the lines of communication with them can be difficult for one person to achieve so the best option is quite often to use the services of an experienced property management London specialist. These are people who are well versed in the processes involved in pre-checking prospective tenants. They know how to gather information on a tenant’s employment and financial situation. They perform the necessary credit checks and collect references where possible and they do these things every day.
A good property management team will deal with your tenant by fielding telephone calls and answering emails on your behalf, thereby taking the stress out of managing your rental properties. And they can manage repair and maintenance issues for you too.
A further complication in the field of property rental and management concerns the properties themselves. In order to find good tenants you have to be able to offer the best properties. These don’t necessarily have to be the most expensive properties in the most expensive areas but they do have to be ones which people want to live in. in the case of commercial properties they have to be at the very least fit for purpose. So again the issue is time – how much of your precious time can you afford to spend on preparing your property for lease and then maintaining it in a good state of repair so that not only is the property fit for habitation it complies with all current property law.
With all this in mind, it’s no wonder many people refuse to put themselves through the stress of managing a property when a property management company already have the necessary tools and expertise for the job.
