Benefits of using a Property Management Company
Published: 25th May 2023
When owning property, the use of a commercial property management company may seem like an unnecessary additional cost. Why instruct a company to do something you could do yourself? It’s only a matter of collecting rent, isn’t it?
There’s far more to property management than collecting rent, and this is where the expertise of a property management company comes to the fore.
Reason to use a property management company
Of course, the rent has to be collected
The collection of service charges (if applicable)
Arranging proactive and reactive maintenance
Managing landlord and tenant relations
Ensuring each property is health and safety compliant with all necessary certificates and documents
Insuring the property
Dealing with utilities and more
Property management companies use specialised property management software, which allows for efficient rent collection, including automated invoices sent via email or post in advance of the rent payment dates. Each factor can be personalised to individual tenants based on the varying lease terms found in commercial agreements.
If your property has a service charge provision, a property management company can not only collect the monies due but can also implement functional service charge budgets whilst ensuring compliance with the RICS Service Charges in Commercial Property. This includes calculating relevant budgeted costs for each element that makes up a service charge and doing so by retrieving competitive quotes from component contractors.
Keeping your property maintained with local tradesmen
Property management companies have an effective source of contractors and tradesmen. They can ensure they have all the relevant compliance and certification in order to carry out the required works. Property managers can then retrieve quotes to ensure the works are carried out at a competitive price for either the tenant or landlord (depending on responsibility), arrange when the works can be carried out between the contractor and tenant, arrange any access requirements and ensure work is carried out to a satisfactory standard in a timely fashion.
Benefits for Tenants
Through the instruction of a property management company, tenants have a point of contact available throughout the working week and out of hours if necessary. Allowing property owners to carry on with their own lives without the stress and responsibility of having to deal with tenants’ issues.
When arrears may arise, rather than having a potentially awkward conversation with the tenant that may impact the relationship between landlord and tenant, a managing agent will have these conversations for you. This separates the responsibility and allows the credit control team within the management company to collect the rent on your behalf.
Management companies work closely with brokers for both insurance and utilities. A timely and potentially costly factor of property ownership that often goes overlooked, the use of brokers means both landlord and tenant are sufficiently covered at the best rates possible for the property.
Property owners can save time and money with the use of a property management company. The responsibility of management is left in the hands of industry experts, ensuring a beneficial landlord and tenant relationship.
Here at Barnsdales, we offer a complete property management product dealing with all the aspects above and more where required. We can accommodate all sizes of instruction, and manage property for regional, national and international clients. Our commercial property management department would be happy to discuss your needs for effective commercial property management of your property.
Call us today on 01302 323 453