While some property investors prefer a do-it-yourself approach, that may not always be a viable option for others. If you live near your rental property and are able to devote a large amount of your time to upkeep, then it seems smart to manage your property yourself. However, in many instances, this isn’t practical, especially if you are aiming at optimising your property portfolio.
With this in mind, you may be thinking, “If I’m not managing my property, who will?” This is where a property management company comes in. They offer a stress-free way to rent out your property, guaranteeing your rent, furnishing your home and finding professional tenants to look after it.
But when is it the right time to hire a property manager? Read our tips to help you decide if hiring a property manager in London is right for you.
1. You own property far away
When owning property that is located out of town or far away from where you reside, it’s challenging to manage or maintain. You won’t be around if and when the tenants face a problem and need your assistance. Luckily, property management companies operate in a large number of locations and are prepared to act swiftly when needed.
It will also save you from the hassle of dealing with countless issues that will be hard to resolve from afar, like maintenance, property inspections for move-in or move-out, and many other activities that require your presence on site.
2. You have limited time
Many property owners have jam-packed schedules, where they either work a full-time job or can’t step away from what they are doing for longer than a couple of hours.
Managing a property is not just a 1-hour-a-month kind of job, it involves countless hours of work, and adding more properties to your portfolio means even more time spent managing your investments.
If you don’t have the time needed to optimally supervise your properties, then hiring a property manager to deal with the day-to-day management of your rental property will benefit you greatly.
3. You are an investor who owns several rental properties
Managing numerous properties can turn into a ‘9 to 5’ job, and take up a lot of time. This will leave no room to do other work or other daily tasks. Therefore hiring a property management company, that focuses precisely on the roles of property management, will take pressure off you maximising your rental income.
There are many situations in which you can reap the benefits of hiring a professional property manager, over and above what we’ve mentioned. Having a physical presence on the ground, that can take care of the everyday tasks, will make your life much easier and your investment more profitable.
If the above mentioned relates to you, and you feel overwhelmed, it may be the right time for you to hire a property manager. Here at London Shared, we rent properties from landlords and provide accommodation to corporate and professional tenants. Our service maximises your property’s value through effective, ongoing management.
Let us be your dedicated property managers, and trust that your home is in good hands with us here at London Shared.
Find out more about our services at https://www.londonshared.co.uk