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The role of a Property Management Company

Whether you are thinking about renting your current property out or taking the plunge and investing in a buy to let, you may be wondering whether you should manage renting the property out yourself or choosing a local property management company to do this for you.

Here we look at why using a trusted property management company could save you time and money.

What do they do?shutterstock_1055722118

A property management company will take over the renting of your property which will include all kinds of responsibilities such as ensuring the property is safe, finding the right tenants and even undertaking maintenance work when needed. Most property management companies like County Property Management will offer a range of services from a fully managed service to just a letting service.

Marketing Your Property

A good property company will already have a base of trusted tenants that they will be able to market your property to. You may also find that they use online marketing companies like Zoopla (https://www.zoopla.co.uk/to-rent/) and Rightmove (http://www.rightmove.co.uk/property-to-rent.html)  to give your property as much exposure as possible. Placing good tenants in your property will give you assurance that your property will be well looked after. As most companies work on a commission basis they will also try to get the best rental amount for you.

Finding the right tenant!

Not only will they market your property for you, but they will also make sure the right tenant is selected for your property. They will ensure that they are vetted, and references taken. They will draw up contracts and agreements and ensure they are signed and understood.

Contracts and Paperwork

Trusted property management companies will be up to date on all legal responsibilities and requirements of renting your property out. Landlord responsibilities do change, and having someone who is up to date on the legalities will ensure you and your property are fully compliant, saving you time and money and in the worse case expensive legal fees.

Collecting Rentshutterstock_342154160

If you have opted for a full rental service, your property rental company will deal with all the financial responsibilities. They will deal with the initial deposit and will ensure that it is paid into a protected account. They will negotiate the rental amount and payment terms. If your tenant falls into arrears they will chase for the outstanding payments. They will also deal with all legal aspects if your tenant needs to be taken to court for eviction or for any other financial reason.

Time is money

Of course, professional services such as these do not come for free, but when you weigh up the time and effort you would have to spend doing all of the above tasks you may find that using a reputable property management company will not only save you time and money but will also reduce your stress levels!

The Government website has lots of information and further advice for people looking to rent their properties out. Find out more by visiting their website here:

https://www.gov.uk/government/publications/how-to-rent/how-to-rent-the-checklist-for-renting-in-england