What are the benefits of using a property management company in London?

London has the best-performing rental market, compared to anywhere else in the UK, where average rents exceed the national average by almost 100%. Driven by high rental demand and limited housing supply, savvy investors worldwide consider investing in a buy-to-let (BTL) property in the capital a wise choice.

Though high rental yields and attractive capital growth are sought-after benefits of investing in London properties, achieving these desired results requires local knowledge, expertise and on-ground presence. From legal compliances to other lettings and property-related requirements such as maintenance, repair works, furnishing or even tenant disputes, the services of a one-stop property management company cover everything.

What does a property management company do?

A seasoned property management company knows every detail involved in effectively running a property for its owner or landlord. Their job includes everything from finding the right tenant, coordinating all the legal and compliance requirements to rent a property, and even holding tenant deposits in an approved scheme.

Renting a property in London is subject to several safety certificates, such as gas, fire, electricity, etc., which such companies efficiently handle. They will also market your property on listing websites and advise you on the best practices to maximise returns.

Key benefits of using a property management company in London

Tenant rights in the UK are well-guarded by law, and for a city like London, where rents are steep, tenants expect the highest quality service from their landlords. Here’s how you can benefit from the services of a reliable property management company.

i. Tenant screening and background checks

Vetting potential tenants for previous misdemeanours or payment lapses is crucial to avoid a bad experience, and management companies provide this key service.

ii. Timely maintenance and repairs

Whether fixing a broken tap, busted boiler, or any other maintenance issue, the company will promptly address all repair works. Additionally, since they regularly work with trusted contractors and technicians, you can be assured of superior work quality and cost-effective outcomes.

iii. Local market insights

As local property specialists, these companies conduct thorough rent analyses. They can guide you on the most cost-effective ways to maximise rental yield and negotiate with potential tenants.

iv. Rent collection and support

Timely rent collection and tenant support are essential for a successful lettings experience. Most leading management companies offer 24/7 support to address any tenant-related issues.

How property managers improve tenant relationships

Well-paying tenants in affluent London neighbourhoods expect top-notch service from their landlords. Whether it is a minor repair or a serious dispute, a leading property management company will ensure round-the-clock support for tenants. This promptness in addressing issues and communicating regularly with tenants helps build trust, resulting in longer tenancies and more stable rental income.

When should you consider hiring a property manager?

Instructing a property management company is helpful when you have invested in a BTL property and want to earn consistent returns. Here are some situations where engaging a property manager is advisable

i. First-time landlord

You will require much direction and guidance to navigate the whole process if this is your first time as a landlord.

ii. Overseas landlord

Properties rented by landlords residing outside London may need a local expert to manage all property requirements.

iii. Portfolio management

Landlords with multiple properties require professional assistance managing various tenant requirements.

iv. Maximise rental yield

Whether updating the layout or adding new furniture, you will get expert advice and support to increase rental yield.

Choosing the right property management company in London

Picking the right one in a city with thousands of property management companies can be tricky. While the service cost is a genuine consideration, you should also consider the company’s legacy, client reviews and the range of services it offers before deciding. Speaking with different companies to understand their best offerings is advisable.

At Benham and Reeves, we offer a full management service that covers everything from pre-tenancy preparations to vacant property management, tax return services and much more. Our reasonable fee structure covers all the lettings tasks we carry out on your behalf. Backed by an experienced management team, our 21 branches across London ensure you get all the necessary guidance and support. Contact us to learn more about property buying and lettings in London.