The rental real estate market is developing dynamically, increasing its volume. A huge number of people are considering buying real estate from the point of view of investment attractiveness because an apartment can be rented out to get a return on the investment and receive a stable income.
We will tell you about the methods of renting out an apartment or house and how the owner can protect himself as well as his property.
Some citizens prefer to look for tenants on their own. Generally, In the USA or EU countries, the task of renting an apartment is delegated to a management company, whose representatives solve all current issues. Hiring personalised Airbnb management company will assure you of managing all your properties in the best possible way.
There are pronounced mentality differences, as many domestic owners are very careful in their apartments. They want to control the process on their own from communication with neighbors to performing routine repairs.
Some people rent apartments in which they have lived for a long time, which is due to the excitement about the state of real estate or due to the vacant space they have.
Being engaged in independent search and control of tenants, the owners have the opportunity to always keep their finger on the pulse of events. The desire to control everything is associated with the following experiences: –
- distrust, both to management companies and tenants.
- fear of damage to property conflicts with neighbors.
Many owners believe that doing the work on their own will provide the highest quality result. Another important reason for refusing the services of professionals is the desire to save money. Renting an apartment on your own has a number of significant drawbacks, consider them:
- it takes a lot of time to find and control tenants.
- defective control if the owner rents an apartment in one city or region but lives in another.
- the need to quickly solve current problems, for example, to repair a leaking pipe or buy a burnt-out kettle.
The owner will have to independently check the meters, pay bills, visit the facility at least once a month this is inconvenient both for him and for people who temporarily live in the apartment.
Contacting the Management Company
Cooperation with the management company will help save time because its representatives will answer calls, organize views, and exercise control.
Of course, the service is not provided free of charge, but this disadvantage negates the absolute comfort of the owner.
The property management company in London will prepare and provide an agreement that will protect the owner of the apartment from problems: dishonest tenants, late payment, damage to property, etc.
When choosing a company or property manager, it is recommended to immediately clarify what services they provide. It is important to have legal support to help resolve any conflict situations.
Cooperation with a management company is not a sublease. The latter is relevant in the case of daily renting of housing, for example, to people who came to the city to solve workplace issues. When contacting the management company, the lease agreement is concluded between the owner and the tenants, however, a professional manager communicates with the tenants. These companies help tenants and homeowners both with the help software, check here for leasing management software that these companies use.
How Much Do the Services of the Management Company Cost?
Verification is carried out with an eye on the rental cost: the owner will have to pay about 8-10%. In the high-end real estate rental market, a service associated with complex support is gaining popularity from the search for tenants to the termination/expiration of the contract.
The set of additional services included in the service is different, which depends on the selected tariff. For example, a base rate might include:
- maintenance of the facility without the obligatory presence of the owner.
- checking the condition of the apartment within the agreed time frame, which is convenient for owners living in another region or country.
A wider list of services is provided in advanced tariffs:
- legal support even if the interests of the owner need to be represented in court. Such support has similar features to insurance, so the services of a lawyer do not have to pay extra.
- checking and paying bills for housing and communal services.
- communication with the management company of the residential complex in which the apartment is located.
- assistance in real estate insurance, as well as obtaining insurance.
Clients of management companies can choose non-standard service packages based on their requirements.
Popular search for solvent and reliable tenants, cleaning, dry cleaning. Please note that there are several types of damage:
- natural wear and tear, the elimination of which falls on the shoulders of the owner.
- accidental or deliberate damage to property, which is reimbursed by tenants.
However, it is the tenant who is responsible for the condition of the apartment; in case of problems, he must immediately report them either to the owner or to the representative of the management company.
Recommendations for Choosing a Company
In the London real estate market, real estate management services have not yet gained due popularity, so there are not too many trusted agencies.
The dominant number of companies provide a small package of services, for example, ordering cleaning, paying bills – something that can be done remotely.
When choosing a company, be sure to ask about the volume of services. The priority of the tasks is to
- the maintenance of the facility.
- control of tenants and regular inspection of the apartment.
- assistance in collecting funds (for an insured event).
- protection of the owner’s interests in court.
With the help of Property management companies not only renting but maintenance and management of property also become easy and convenient.
We can say that the independent renting of an apartment loses to the services of the management company. By giving 8-10%, the owner distances himself from all the problems and troubles associated with the apartment.
He can work, travel and not worry that the property will be damaged, and utility bills are not paid.
To achieve such results, it is necessary to choose a property management company in London with a good reputation and a large list of both basic and additional services including for renting your house.