Owning and renting out a property as a landlord is an extremely smart financial move. Many see owning property as the most guaranteed way of making a reliable income.
Even as house prices fluctuate and the future of the UK housing market remains uncertain, property will always be in demand, and having a good-quality property up for a rent is almost certain to attract interest.
However, managing property can be stressful and time-consuming. Not only do you need to take care of financial responsibilities, such as collecting rent and paying for repairs, but you also need to ensure your property is in line with all property laws. If you have never managed property as a landlord, it can be a steep learning curve, and you may find yourself dedicating far more time to this endeavour than first imagined.
For this reason, it can be well worth your time to invest in a reliable property management company.
To explain this point further and look more into what a property management company does, A&S Properties has put together this helpful guide on property management.
What is a property management company?
A property management company helps manage properties on behalf of landlords. They will handle everything from collecting rent to finding suitable tenants for the property.
Although a property manager handles the day to day running of the property, the landlord still has the final say over any decisions. A property management company will charge a monthly or yearly fee for their services.
Although this cost will be an extra overhead for the landlord, the cost-to-value is well worth it for most. Not only will hiring a property management company free up a landlord's time, but it will also ensure that the rental property is running smoothly and correctly at all times.
Let us go into more detail to find out what a good property manager does.
What does a property management company do?
A property management company acts as the middleman between the landlord and the tenant. They handle all aspects of rental property management, including:
- Marketing the property
- Finding and vetting prospective tenants
- Collect rent
- Deal with and resolve any tenant disputes, complaints or issues
- Arrange all property repairs and maintenance
- Ensure the rental property is in accordance with UK Property Law
- Pursue evictions (if needed)
A good property manager will keep the landlord in the loop with all property and tenant dealings. Of course, the level of involvement the landlord has is up to themselves. Some landlords like to have a say on every decision, whereas others are happy to leave the majority of decisions up to the property agency.
At A&S Properties, we find that a healthy middle point works best. Landlords should always have a level of say in the choice of tenants and how the property is managed, but being involved in every minor decision negates the purpose of property management services.
Our property management team provide regular reports and updates to our landlords to ensure long-lasting satisfaction and a high level of transparency. We always work in the best interests of both the landlord and the tenant to create a sustainable, healthy relationship.
Please find out more about our property management services by leaving an online inquiry or by contacting us directly on 01382 250034.
Is a property manager the same as a letting agency?
No, a property management company is not the same as a lettings agent as it provides a more comprehensive property management service.
Lettings agents are only responsible for marketing the property and finding prospective tenants, offering property management as a secondary service.
However, a property management company handles all aspects of rental management and is committed to maintaining and growing your investment properties. A letting agent is more of a one-stop service, whereas a property manager is a partner in your property management business.
How much does a property manager cost per month?
The cost of a property manager will vary depending on the company, the location and the type of property being managed.
Most property management agencies use a similar system to estate agents, taking a percentage of the profit generated through the rent of the property. In the UK, property owners can expect to pay anywhere between 10-40% of the monthly rent to their property manager.
Contact A&S Properties to get a more accurate idea of what you will pay each month if you choose to take advantage of our property management services.
What are the benefits of using property management companies?
Good property management companies make the lives of landlords a whole lot easier. Dealing with everything from legal services to maintenance, landlords are free to sit back, relax and enjoy seeing rental payments come in on time each month.
The main benefits of property management services for property owners are:
- More in-depth screening of tenants
- Ensure compliance with all legal responsibilities
- Quick and easy property maintenance
- Accurate rental evaluations
- No need to deal with complex tenant issues
- Ensure rent is paid on time and in full each month
- Proper and accurate tenancy agreement
- Quicker turnover time between tenants
- More time for landlords to focus on personal interests and other business ventures
Whether you own a commercial or residential property, we can help grow your investment and create a sustainable, well-regulated property that generates a steady income for years to come.
Invest in a property management agency
Working with a reliable property management company, such as A&S Properties, is an extremely worthwhile investment for property owners looking to create profitable rental properties.
Our team is highly experienced in the full management and marketing of a wide range of property types in locations throughout Scotland. We have dedicated property offices in Perth, Glasgow and Dundee, helping landlords level-up their property rental business in some of the most popular renting cities in Scotland.
Find out more information on the best tactics for renting out property in Glasgow.
Whether it's a small studio apartment or an enormous three-bedroom house, we will follow the best practices to ensure the long-term success and development of the property.
Contact A&S Properties today to turn your rental property into a profitable business.