Why Tenants Prefer to Rent Managed Properties
Letting out your property can sometimes feel like a balancing act. Landlords want the best tenants, and tenants want the best from their landlords. Unfortunately, however, this doesn’t always go according to plan. Landlords can have a tough time finding tenants that will pay rent on time and keep the premises in good order, while tenants want a landlord that will be communicative and address issues quickly.
This is where property management services come in, since they help both the landlord and the tenant.
But do tenants prefer to live in managed properties?
According to many UK-based surveys, over 70% of tenants choose to rent property that is professionally managed instead of property let by a private landlord.
Read on to discover why.
Changes in Rent
Rent is the backbone of all tenant-landlord relationships, and it is also a massive point of contention because tenants feel that rent should be fair and charged reasonably. When tenants know how much rent is going to cost and for how long, they plan their lives around it, which is essential.
Sometimes the rent will need to increase after a tenant moves in, which can create tricky situations between tenants and landlords. It’s often the lack of explanation behind the rent increase that poses the problem. This is where property management firms can help, their experience and expertise dealing with tenants can make the whole process a lot easier. They will take away the stress of the situation from the landlord and clearly explain why the rent has increased, answering any questions the tenant may have.
Some management firms also offer guaranteed rent schemes, whereby the agency guarantees monthly rent to the landlord. This is handy if for instance the tenant cannot pay their rent or if the property is vacant. The agency will also fully manage the property for the landlord.
As far as problems in a landlord-tenant relationship go, maintenance isn’t far behind rent as a point of contention. Property management firms are organized and facilitate maintenance quickly and efficiently. In contrast, private landlords often don’t have the time to sort issues out as quickly. Property management firms also make sure houses are routinely checked, cleaned and any issues are rooted out and fixed before a new tenant moves in, something that a private landlord might not have the time to do.
Property management firms offer better service because of their size. They can respond to complaints and concerns that tenants have much faster than a single landlord can. A management firm can organise their various agents and assign them to different tasks so that tenants have a guaranteed twenty-four-hour service. It is also their job to provide consistent communication with the tenant, helping circumvent any problems that may arise.
Are you a landlord in North West London?
At Regal Portfolio Management, we offer a Guaranteed Rent service for landlords across Willesden, Dollis Hill, Neasden, Brent and the surrounding North West London areas. Our service includes full property management and guaranteed monthly rent – even if your property is vacant! For more details on our service, please contact us today on 020 8459 2530 or email firstname.lastname@example.org.