London rental property management: what does the future look like for landlords?
In a recent study conducted by Hamptons International, London house prices are predicted to rise by an overall 2.5% for 2020, but to fall again by 1% in 2021.
“London’s market rebounded quickly after the easing of the first UK lockdown earlier this year, buoyed by pent-up demand over the last few years and an increase in the number of people bringing forward a decision to move,” Hamptons said in the study.
This is good news for existing landlords. We are hopeful for a strong start to 2021 and the market stabilising over time.
Rental property management: what landlords should know
When it comes to choosing a property management company to assist with renting out your home, you want someone who’s been in the business for some time. You also want a company that is agile and ready to deal with the remnants of a traumatic 2020.
Here are a few tips for landlords on how to choose a property manager that works for you.
Property management: what services are included?
Know what you sign up for and what responsibilities your property manager will cover.
Property management: how are tenants vetted?
You want a tenant vetting system that is thorough and transparent. No one wants to be stuck with an unwanted tenant in their property.
Property management: how many properties do they manage?
It’s worth asking about their existing properties, which will give you an idea of the scope of their work and how reputable they are. London Shared has a few case studies available for landlords to browse through. This gives you an idea of the type of clients we deal with.
Property management: which Tenancy Deposit Protection (TDP) scheme is used?
You are required to put tenants’ deposits into government-backed tenancy deposit schemes within 30 days of occupancy and to give tenants a copy of the certificate.
The three government-approved schemes are: Mydeposits, Deposit Protection Service and Tenancy Deposit Scheme. For a complete list of legal requirements, read our landlord safety checklist.
Property management: how is rent collected?
This is a biggie – for obvious reasons. Stay in the loop of how your property manager handles the rent, so you know when the money will reflect in your account.
Property management: what makes London Shared different?
London Shared signs a fixed term commercial contract with you, usually for three to five years, to take charge of your property.
We pay you a guaranteed rent, every month, regardless of the property’s occupancy. We become your tenant, in a manner of speaking. And we believe we make pretty good tenants.
We also find and check references for our corporate and professional tenants that we place in your home, and keep them happy while living there.
Our day-to-day services include: collecting rent, sorting out bills, and taking full responsibility for the tenants during the contract period.
Our aim is long-term relationships with landlords as well as with the tenants we place in your home.
Interested to know more? Have a look at our complete list of services offered to landlords.
Image credit: Photo by Lina Kivaka from Pexels.