Property Management Companies
Which are the best property management companies in the UK? This is a question that frequently pops up on online forums, and unfortunately, there is no easy answer. Different people will have different opinions, based on their own experiences.
That being said, there are definitely some property management companies that stand out from the rest. In this blog post, we will take a look at 10 of the best property management companies in the UK, based on various factors such as customer satisfaction, services offered, and price.
Rentlondonflat.com offers a long-term Lettings & Management services for London. The team have a complete solution for house owners and landlords takes the hassle out of residential tenancy and property management.
4.4 Rating (based on 148 reviews)
Some of the services they offer include:
- Conduct Viewings & Negotiate Offers
- Tenant Referencing
- Rental Contract
- Online Support
- Rent Collection & Rent Statements
- Deposit Management
- Evidence for evictions
- Move In Tenants & Inventory Reporting
- Repairs & Maintenance
- Keys Management
- Cleaning Arrangements
- Move Out Tenants
- Snagging & Handover
- Certifications & Licensing Support
- Utility Bill Management
- Appliance Management
- Post Management
2. Dandara Living
Dandara Living is a Build-to-Rent property developer and operator located in the United Kingdom that was founded in 2016. Their objective is to provide “wonderful places to live in wonderful areas.”
Managing over 5,800 apartments in the UK, and they are proud of giving a comprehensive range of services and excellent customer service. According to verified resident comments, Dandara Living was chosen the No.1 National Management Company in the UK by a landslide.
4.8 Rating (based on 389 reviews)
3. Legal & General
Legal & General is a large international investor with operations in the United States, Europe, the Middle East, and Asia. Legal & General was established in 1836 and has invested over £19 million in direct investments including residential property, urban regeneration, clean energy, and small business finance.
4.66 Rating (based on 635 reviews)
4. Get Living
Get Living is a residential property management company that owns and manages over 32,000 homes for private rent across the UK. It was founded in 2009 and is headquartered in London. Get Living’s mission is to make lettings better by providing great homes, fair terms, and flexible contracts.
4.53 Rating (based on 680 reviews)
Greystar is the world’s largest provider of rental housing. Greystar has been in operation in the United States for over 29 years and now operates throughout the world, particularly The Netherlands, Germany, Spain, Ireland, and Madrid. With a number of purpose-built rental communities established around the world, it has also expanded to Europe and the United Kingdom.
4.36 Rating (based on 1773 reviews)
6. Simple Life Homes
Simple Life Homes offers new houses to rent, backed by the government and investment. People wanting to rent a home in previous years had a restricted selection of high-quality homes coupled with a professional service and long-term possibilities, particularly when looking to rent a house.
Simple Life Homes provide an ideal alternative for people seeking for rental housing.
4.25 Rating (based on 488 reviews)
Verus is part of the Canary Wharf Group, which is a group of businesses that specialize in property development, investment, and property management for landlords. It is solely engaged in the Canary Wharf Estate as a build-to-rent operator.
In addition to residential houses, it also manages office space, retail units, and leisure facilities. It is headquartered in London but has a strong presence in other major UK cities such as Birmingham and Manchester.
4.67 Rating (based on 112 reviews)
8. Way of Life
Way of Life is a residential property management company that has been in business since 2004. Managing properties on behalf of landlords, investors, and developers in London and the South East of England. They’ll manage contracts and billing, and do repairs and maintenance.
4.63 Rating (based on 353 reviews)
9. Essential Living
Essential Living is a London-based Build to Rent property developer. Its selling point are high-end flats in well-connected areas. Essential Living has a unique model in which it retains ownership of the flats it builds and manages them on behalf of its customers, who are guaranteed to pay no more than 30% of their income in rent.
4.59 Rating (based on 396 reviews)
10. Allsop Letting and Management
Allsop is an independent property consultancy that strives to have a people-focused methodology. Allsop has over 100 years of commercial and residential real estate consultancy, investment, and management expertise. Based in the United Kingdom, Allsop has over 400 employees in 11 offices located in key cities across England, Scotland, and Wales.
4.82 Rating (based on 283 reviews)
Why you should have a property management company?
If you’re a property owner or a landlord, you know that there’s a number of work that goes into keeping your property in good condition and maintaining it. But what if you didn’t have to do all of that work yourself? That’s where property management companies come in.
Property management companies can take care of all the day-to-day tasks associated with owning a house, from finding and screening clients to handling repairs and maintenance.
This can free up your time so that you can focus on other things, or simply enjoy your life without having to worry about your house.
In addition, property management companies are professional and have the experience and expertise to handle any problems that may come up with your house. They know how to deal with difficult clients, handle repairs quickly and efficiently, and keep your property in top condition.
What services are provided by property management companies?
The following is a list of tasks your agent or property managers typically undertake for homeowners and landlords. You may only require some of these services, and the companies you speak with may provide more or less than what’s stated here.
Property evaluation and rental rate research:
Before listing your rental property, a good property manager will do their homework. They’ll find out how much comparable properties are renting for in your area, and recommend a competitive rental rate to you.
Property marketing and viewings:
When it’s time to list your rental property, a good property management company will take care of all the advertising and marketing. They’ll also screen potential tenants, so you only have to interview the most promising candidates.
Lease negotiation and preparation:
Once you’ve found the right tenant, your property manager will help you negotiate the lease agreement. They’ll make sure that all the necessary clauses are included in the contract, such as the length of the lease, late payment penalties and rules regarding pets and smoking.
A good property manager will take care of all the paperwork and move-in procedures on your behalf. This includes collecting the security deposit, preparing a move-in checklist and giving the tenant the keys to the rental property.
One of the most important property management services is rent collection. Your property manager will make sure that the rent is paid on time, every month. They’ll also handle any late payment issues that may arise.
Maintenance and repair coordination:
Another key property management service is coordinating maintenance and repairs. When something needs to be fixed, your property manager will handle the call and make sure that the problem is taken care of in a timely manner.
When a tenant moves out, your property manager will inspect the rental unit and compile a list of any damages that need to be repaired. They’ll also handle the return of the security deposit and the preparation of any necessary legal documents.
As you can see, property management firms provide a wide range of services to homeowners and landlords. Be sure to discuss your specific needs with any potential property managers before making a decision.
How Much Does Property Management Cost?
The cost of property management varies depending on a few factors. The size and location of your property, the number of units, and the services you require will all affect the cost.
If you’re a first-time landlord and see a letting agency promising a 10% plus VAT discount, the monthly cost will be 10% of the rent plus VAT. Expect to pay between 10% and 20% each month in addition to any other costs.
For example, if you’re renting out a one-bedroom flat in London and your monthly rent is £1,500, the management fee would be £200 per month. If you have a portfolio of properties, you can negotiate a lower percentage rate.
There are also other costs to consider, such as inventory fees, check-in/out fees, and reference fees. These will all be outlined in the letting agency’s contract. To get an idea of how much it will cost to have your property managed, get in touch with a few different letting agencies and ask for quotes.
So, while the cost of property management may seem like a lot at first, it’s important to consider the value you’ll receive in return. When done right, property management can be a worthwhile investment that pays off in the long run.
What Are The Benefits And Drawbacks Of Rental Management?
Property management services, like anything else, have both benefits and disadvantages. For landlords and owners, having confidence in legal compliance is a big advantage.
Local landlords may be overwhelmed by the amount of laws that influence the house rental industry alone, with over 150 legal rules to consider. The assistance of professionals who are familiar with the ins and outs of the rental sector is quite beneficial.
The main drawback of using a property management company is the fees they charge. These fees can vary, but usually, they will take a percentage of the monthly rent. This can be a significant amount of money, especially if you have a high-end property.
Additionally, some companies may also charge for other services, such as marketing or repairs. Before signing up for any services, make sure you are aware of all the fees involved.
Another potential drawback is that you may not have as much control over your property as you would if you managed it yourself. This is because the management company will make most of the decisions regarding your property, such as who to rent to and how much to charge. While this can be seen as a positive, as it takes the stress off of you, it can also be a negative if you disagree with the management company’s decisions.
Of course, there are also benefits to using a property management company. The most obvious advantage is that it frees up your time. If you manage your own property, you will have to handle everything from finding tenants and screening them to doing repairs and collecting rent. This can be very time-consuming, especially if you have multiple properties. With a property management company, you can simply sit back and relax while someone else takes care of everything for you.
Another advantage is that you will have peace of mind knowing that your property is in good hands. A good property management firm will have a team of experts who know how to take care of your property and tenants. This means that you can rest assured knowing that your property is in good hands and being well-cared for.
Overall, the decision of whether or not to use a property management company is a personal one. You will need to weigh the pros and cons to see what is best for you and your property. If you do decide to use a property management companies, make sure you do your research to find a reputable and reliable company.
What is property management?
Property management is the process of overseeing and regulating real estate properties such as apartments, office buildings, industrial complexes, and retail centers. A property manager is responsible for the overall operation of the property, including marketing vacant space, negotiating leases, overseeing maintenance and repair work, and enforcing rules and regulations.
Property management companies typically offer a wide range of services, from basic maintenance and repair work to full-service management such as property marketing, advertising and finding tenants, legal compliance, rent collection, and administration. Some property management companies also offer real estate brokerage services, which can help you buy or sell a property.
When choosing a property management company, it’s important to consider your needs and budget. Basic property management services may be sufficient for some landlords, while others may require the full range of services offered by a property management company.
What does property management include?
The services offered by property management companies can vary, but typically include:
Advertisements and marketing
Property management companies can help you market your vacant space to potential tenants. This may include creating and placing ads on websites, social media platforms and property portal, as well as showing the property to prospective tenants.
A property management company can coordinate and arrange property viewings with prospective tenants to see your property. Some letting agents allow remote viewings when prospective tenants can view a 360video of the property.
Tenant referencing is the process of verifying that a potential tenant is who they say they are, and that they will be a good tenant. This usually includes checking their credit score, employment history, and rental history. Tenant referencing can help landlords avoid problem tenants and protect their investment.
Tenant referencing is an important part of the rental process, and it can help landlords avoid problem tenants.
Once a tenant has been found and referencing checks have been completed, the property management company will help to draw up the tenancy agreement. They will also usually collect the first month’s rent and deposit from the tenant.
Property management companies can help landlords by collecting rent from tenants on their behalf. This can be done through direct debit, standing order, or online banking.
Rent collection can be a useful service for landlords who live far from their rental property, or who have difficulty collecting rent from their tenants.
Property management companies can also help landlords with the maintenance and repair of their rental house. This may include arranging for repairs to be carried out, coordinating with tradespeople, and chasing up tenants for payment of invoices.
Many property management companies will also have a 24-hour emergency helpline for tenants to call in case of an emergency repair.
Property management companies can carry out regular inspections of rental properties on behalf of landlords. These inspections can help to identify any maintenance issues, as well as check that the property is being kept in a good condition by the tenants.
Inspections can also be used to check that the tenancy agreement is being followed and that the property is being used in accordance with the terms of the agreement.
At the end of a tenancy, a property management company can carry out a check-out inspection of the property. This is to check that the house has been left in a good condition and that there is no damage.
The check-out inspection report can be used by the landlord to claim back any deposit owed by the tenant.
Some property management companies can also help landlords to obtain the necessary licenses and permissions for their rental house. This may include planning permission, building regulations approval, and a license from the local council.
These are just some of the services offered by property management companies. The specific services offered will vary from company to company, so it is important to check what is included in their service before hiring one.
Different types of property management services
Different types of property management services can offer different degrees of peace of mind for house owners and landlords. Here is a rundown of some of the most popular property management services available:
Management fees are charged as a percentage of monthly rent
Property managers who operate on a percentage basis are common with residential lettings. This implies that the fee is calculated as a percentage of the monthly rent. The typical fee ranges from 10 to 12 percent, but can be as high as 20 percent for very high-end properties.
Management by fixed fees
Some landlords prefer to work with an agent or property managers who charges a fixed monthly fee. This type of arrangement can offer predictability and control when it comes to budgeting for property management costs.
Rent-to-rent property management
This type of property management service is also known as rent to own. In this arrangement, the property manager actually rents the property from the landlord and then sublets it to tenants. This can be a good option for landlords who want to free up some cash flow or who live in another city or state.
Lease management is a type of property management service that focuses on the lease agreement between the landlord and tenant. This can include negotiating renewals, collecting rent, and handling repair and maintenance issues.
Commercial property management
Commercial property management is a broad term that can encompass anything from office buildings to retail centers. Property managers who specialize in commercial properties typically have experience with the unique challenges that come with managing these types of properties.
Is it necessary to hire a property management company?
It is important to have a well thought out plan before choosing management services. Think about your budget and what needs solving; then match that up with the property manager’s offer accordingly.
The following are some key factors to consider when making your decision:
– Does the company have experience with my type of property?
– What services does the company include in their management package?
– How much will the company charge me for their services?
– What is the company’s reputation like?
– How well does the company communicate?
– What is the company’s policy on repair and maintenance?
The answer to this question depends on a number of factors, such as the type of property you own, your budget, and your needs.
For example, if you own a rental property that you live far away from, it may be necessary to hire a property management company to handle, manage and support the day-to-day operations.
On the other hand, if you own a small units of residential property that you live near, you may be able to manage it yourself with the help of a good software program.
The bottom line is that there is no one-size-fits-all answer to this question. You will need to weigh your options and make the best decision for your particular situation.
Things to keep in mind when comparing property management companies
As a landlord, you have several options when it comes to property management. You can choose to manage the property yourself, hire an on-site manager, or contract with a professional property management company. There are pros and cons to each option, and the best choice for you will depend on your individual needs and circumstances.
Here are a few things to keep in mind when comparing property management companies:
1. Your financial situation
First, think about your budget. What fee can you comfortably afford when calculating the anticipated rental income? Consider whether doing these things yourself would be less expensive and easier than hiring an expert to assist you.
Make a list of the services you truly require and compare prices from at least five different companies or agents.
2. The company’s experience and expertise
Does the company have extensive experience in managing properties like yours? Do they understand the local market and laws affecting your type of property? Are they up to date on industry trends?
You’ll want to choose a company that has a good understanding of the business and can provide the services you need.
3. The company’s reputation
Once you’ve narrowed down your choices, take some time to read online reviews and talk to other landlords who have used the services of each company you’re considering.
Get first-hand insights into their level of customer service, communication, and overall effectiveness.
4. The quality of the team
When you’re entrusting your property to someone else, you want to be sure that they have a good team in place. Ask about the qualifications and experience of the staff members who will be working on your account.
Inquire about their availability and how they handle after-hours emergencies.
5. The company’s policies
Before making your final decision, be sure to review the company’s policies on things like repair and maintenance, rent collection, evictions, and dealing with problem tenants.
Make sure that their policies are in line with your own expectations and that you’re comfortable with their procedures.
Taking the time to do your research and compare different property management companies will help you find the best fit for your needs. With so many choices available, you’re sure to find a company that can provide the services you need at a price you’re comfortable with.
What are the advantages and disadvantages of property management?
There are both advantages and disadvantages to working with a property management company. On the plus side, property managers can save you time and money by handling the day-to-day tasks associated with owning a rental property. They also have the experience and knowledge necessary to deal with difficult tenants or situations. And in some cases, using a property management company can actually increase the value of your investment.
However, there are also some potential downsides to consider. For one thing, property management companies typically charge a percentage of the monthly rent as their fee, so you may end up paying more in the long run. Additionally, some property managers may not have your best interests at heart and may make decisions that are not in line with your goals for the property. Finally, you will need to give up some control over your investment when you work with a property management company.
Overall, the decision of whether or not to use a property management company is one that should be made on a case-by-case basis. Weigh the pros and cons carefully before making a decision. And be sure to do your research to find a reputable and experienced property management company if you do decide to go this route.