06 Dec Why use a managing agent?
Property is a significant investment, and as with any investment it needs to be managed and maintained properly in order to retain, and increase, its value.
Although often seen as a relatively passive investment, keeping property portfolios looked after can be a demanding job – jobs such as organising maintenance and repairs, groundskeeping, and administering leasehold transfers [among other things] require daily attention and can be equivalent to multiple full-time jobs.
If your property portfolio is spread across the country, these routine tasks become even more daunting to arrange and keep track of.
One of the most common solutions to this problem is to outsource these management tasks to a professional property management company, who will take on the full-time management and administration of your properties on your behalf.
Some investors may be understandably reluctant to take this more hands off approach with their investments, but placing the day to day necessities in the hands of specialist management companies carries a number of benefits.
Professional Property Management
Any professional property management company will have a number of experienced staff – often with many years in the industry, these staff will have accumulated an in-depth understanding of the legal and regulatory needs involved in looking after residential properties.
Although it is often possible to manage your portfolio yourself, the reality is it’s very difficult to gain the years [sometimes decades] of management experience and knowledge that most professional managing agents can count among their employees.
This expertise is vital not just to ensure that your portfolio doesn’t fall foul of the law, but is also key to keeping your properties well managed and maintained, with operations running smoothly.
Additionally, any tenants or leaseholders paying service charges towards such services are much more likely to be content and cooperative where a prompt, professional range of services are being provided.
Property maintenance services
It goes without saying that properties need regular repairs and maintenance to keep them in top condition, and although overseeing this might be easy for very small portfolios of simple properties, larger and more complex ones will require serious attention.
This is undoubtedly one of the areas where dedicated management companies come into their own. Full time property management companies have the experience and staff to take on the demands of keeping large properties and developments in good repair, and will also have the knowledge and connections needed to source the most economical quotes for work.
This should keep costs to your tenants and leaseholders low, whilst ensuring they get maximum value for money.
Large properties with multiple residents will also need to conform to building codes, fire safety regulations, and other important standards/regulations, something that full-time management company will be aware of.
Although primarily focused on the upkeep of building structures, most management companies are also adept at looking after any grounds or gardens that are present as well.
This can even be the case for large housing developments that are made up of freehold properties, where the residents take care of their own homes.
In looking after any shared green spaces, a professional managing agent brings the same benefits of experience and expertise listed above, as well as the possibility that they may well have their own equipment, driving down costs to residents further.
Outdoor spaces are obviously the first impression a visitor gets when arriving at a property or development, and these can easily look unruly – so full-time attention from a dedicated management company is a great way to ensure your investment doesn’t look neglected.
Are you looking for a dedicated management company for your properties? Contact our friendly team for a no obligation chat today