How To Choose Property Management London Companies

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There are thousands of properties in London for rent. Some are whole buildings while other are rented per unit. In order to manage these huge properties, most owners would hire property management London companies. Since the property management London industry is a huge industry, there are thousands of property management London companies offering their services. If you are not sure which property management company to choose, here are some tips you can use.

  1. Fees – You might be surprised that there are many different fees property management London companies can charge you. The basic is the management fees while there are others such as maintenance & repair or accounting fees. If your property management company is saying you only need to pay a single fee, check the contract thoroughly to avoid any hidden charges.
  2. Owner’s Income – Since property management companies will be handle collection of rent, check how the company will send the rent to you. Some will use checks or give the income right away to the owner while others will have the owner setup an account to deposit the rent.
  3. Tenants Deposit – Most rental properties will require deposit from the tenants, make sure you know where the deposit will be stored and if possible it should be in your account to avoid losing any money which tenants will ask as refund.
  4. Rent Setting & Collection – Since the property management company will look for quality tenants, they will also set and collect the rent. You need to know how they will set and collect the rent and if the rent is reasonable.
  5. Maintenance & Repairs – Some property management London companies will have their own crew to perform maintenance and repairs while others hire contractors. Ask how frequent they will perform maintenance & repairs and if they also allow tenants to do it themselves.
  6. Inspection – Tenants will inspect the unit first before they decide to move into the unit. Property management companies should conduct inspection once in a while in the unit but have to inform the tenants first to avoid any issues.
  7. Marketing & Retention – A property management company with a great marketing strategy to get new tenants as well as convince tenants to stay in the unit for a long time is important.
  8. Screening – Know how the property management company screen new tenants. Backgrounds and the ability to pay should be assess to avoid delay or any issues in the property.
  9. Credentials – Check the credential of the company as well as how many clients they have and whether their clients are satisfied with their services.
  10. Size & Staff – Check how many staff are working for the company and also the specific property manager they will be assigning to your property.
  11. Customer Service – In case you or the tenants have any issues, check if the company have a 24/7 customer service hotline.

Now you know how to choose among the property management London companies to hire.

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