Date Published 01 August 2016
At John Wilcox we have an extensive understanding of the lettings market in Kensington and Chelsea, Holland Park and Notting Hill, and we have put together a five-part guide to the process which we hope will give you a good idea of the how to get the most from your property.
Part V: Property Management
In this fifth and final instalment of our Lettings Game series, we explore the surprising benefits of professional property management, explain what you should expect from such a service and discuss the elements that should be considered when choosing a property management firm.
Why should you invest in property management services?
If you thought that property management was merely a matter of convenience, then it may be time to re-adjust your thinking. Far from offering only fewer headaches and less on your landlord ‘To-Do' list, high quality property management can actually help you secure higher rents and better quality tenants.
We've consistently found that high calibre tenants value 24/7 service and hassle free accommodation – the last thing they want are issues that may go unresolved when it comes to maintenance (particularly when the property is a premium one).
The benefits of property management – in a nutshell
Fewer void periods – tenants have a positive experience in your property and want to stay there longer
An improved tenant retention rate
Higher quality tenants
Potential for higher rental yields
Less potential for time and cost consuming legal issues
A reduction in occurrence and cost of damage and repair
An investment that is protected
Minimised stress, far more freedom
What should you expect from a Property management service?
A lettings agent should provide you with a dedicated team who are committed to ensuring that your property is looked after, well-maintained and achieving its potential when it comes to rental yield.
Most specifically you should expect the following services as part of a property management package:
A property inspection – complete with photographs and recommendations that may improve your property and its potential rental yield;
The organisation (from start to finish) of any maintenance and emergency repairs;
The provision of a 24 hour emergency helpline – for complete peace of mind for your tenant;
The administration of any insurance claims on your behalf;
Maintenance undertaken by professional, trusted contractors;
Management of the property during periods when it is tenant free;
Advise on suitable Loss of Rent Insurance which covers your rental payments – even if the tenant falls into arrears.
How should you choose a property management firm?
The array of services that are included in a property maintenance package should serve as a leading influence on your decision. Whilst John Wilcox provides each of the services listed in the above section as standard, it is worthwhile noting that letting agents do differ, and not all will offer as comprehensive a suite of services.
Further considerations should also be whether the company in question can handle both lettings and property management; whether they are known in the area with a high quality reputation and whether they go beyond a basic level of service, to advise, guide and consult with you as to how you can maximise your earnings.
John Wilcox have built up a trusted reputation in the industry for lettings and property management in Prime Central London, including Kensington and Chelsea, Holland Park,