As a landlord, it can be difficult to manage properties that are more than 20 miles away. You may not have the time or resources to visit the property regularly and ensure that it is being well maintained. This is where a property management services can help in the form of managing agent. A Property managing agent can provide you with the support and expertise needed to make sure your property is running smoothly and efficiently, even when you are not there.
Benefits of Using a Property Management Company
Using a property management agent for properties more than 20 miles away has many benefits for landlords. Here are some of the main advantages:
- Professionalism – A managing agent will have professional experience in dealing with rental properties, which means they know how to handle any issues that arise quickly and effectively. They will also be able to provide advice on how best to manage your property and keep tenants happy.
- Time Savings – By using a managing agent, you can save yourself time as they will take care of all the day-to-day tasks associated with renting out your property such as collecting rent, dealing with maintenance issues and responding to tenant queries. This means you don’t have to worry about these things yourself and can focus on other aspects of your business.
- Cost Savings – As well as saving time, using a managing agent can also save you money in the long run as they will be able to negotiate better deals with suppliers and contractors on your behalf. This could result in lower costs for repairs or renovations, which could ultimately mean higher profits for you.
- Increased Tenant Satisfaction – By having someone on hand who is knowledgeable about rental properties, tenants are more likely to feel secure in their home and have their needs met quickly if any problems arise. This could lead to increased satisfaction levels among tenants which could result in longer tenancies and fewer void periods for landlords.
A property management agent is a person or specialist company that is appointed by the freeholder, landlord, right to manage company or the residents’ association of a block of flats to take care of the day-to-day management of the building and its occupants.
Property Management Company Responsibilities
Property managing agents handle various tasks to ensure smooth property management:
- Rent Collection: They collect rent from tenants, manage late payments, and ensure timely payment of rental income.
- Maintenance Requests: They promptly respond to tenant requests for repairs and maintenance, coordinating with contractors for efficient resolution.
- Tenant Placement: They find suitable tenants for vacant units through effective advertising, screening, lease negotiation, and adherence to legal requirements.
- Financial Management: They handle financial transactions like rent payments, utility bills, and insurance premiums, providing regular financial statements to landlords.
- Rule Enforcement: They enforce lease agreements, resolve tenant disputes, and ensure compliance with regulations and noise ordinances for orderly property management.
- Contract Negotiation: They negotiate contracts with vendors or contractors to secure favorable terms and pricing for services like repairs and maintenance.
- Property Inspections: They regularly inspect rental properties to ensure tenant compliance, proper maintenance, and timely repairs.
- Legal Matters: They address legal issues such as evictions and tenant disputes, ensuring adherence to relevant laws and regulations.
- Record Keeping: They maintain accurate records of financial transactions, inspections, and maintenance work to ensure regulatory compliance.
The UK Housing Market & Rental Market
The UK housing market has seen significant growth over recent years due to an increase in demand from buyers looking for homes outside of London. In 2020 alone, house prices rose by 8% according to figures from Nationwide Building Society (1). This trend looks set to continue into 2021 as people look for more affordable options outside of the capital city (2).
The rental market has also seen an increase in demand due to people’s reluctance or inability to buy their own homes due to rising house prices. According to data from Rightmove, rents across England & Wales rose by 2% between 2019-2020. With this trend expected to continue into 2021 (5), it is clear that now is an ideal time for landlords looking for long-term investments in the rental market.
UK Rental Market
The UK is home to some of the most vibrant and exciting cities in the world, making it a great place for buy-to-let investments. Here are some of the top rental metropolitan towns in the UK:
Manchester is one of the most popular cities in the UK for buy-to-let investments. It has a thriving economy, with plenty of job opportunities, and its property market is booming. The city also offers excellent transport links, making it easy to get around and explore all that Manchester has to offer.
Leeds is another great option for buy-to-let investors. It’s known for its vibrant culture and nightlife, as well as its strong economy and job market. Leeds also has excellent transport links, making it easy to get around and explore all that this city has to offer.
Birmingham is another great choice for buy-to-let investors looking to invest in the UK. It’s known for its diverse culture and bustling nightlife, as well as its strong economy and job market. Birmingham also offers excellent transport links, making it easy to get around and explore all that this city has to offer.
Brighton is a popular destination for buy-to-let investors due to its beautiful coastline and lively atmosphere. Brighton also boasts a strong economy and job market, as well as excellent transport links which make it easy to get around and explore all that this city has to offer.
These are just some of the top rental metropolitan towns in the UK that are great options for buy-to-let investments. With their vibrant cultures, strong economies, job markets, and excellent transport links, these cities offer plenty of potential for those looking to invest in property in the UK.
Rental properties owned in these cities are typically given to a property management company like Lux & Co Services.
Conclusion
As a landlord managing properties more than 20 miles away, it makes sense to use a Property management agent who can provide professional support and expertise when needed. Not only does this save time but it also saves money in the long run through better deals with suppliers and contractors as well as increased tenant satisfaction levels leading to potentially longer tenancies and fewer void periods. With both the UK housing market & rental market showing signs of growth over recent years, now is an ideal time for landlords looking for long-term investments in these markets so why not consider using a Property Management company like Lux & Co Services today?
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