How Much Should You Pay for High-Value Property Management Services?
Tenants in exclusive locations have high expectations from their landlords, with many owners delegating day-to-day maintenance tasks to professional property management companies, adding value to the rental experience and ensuring that all necessary services are available on demand.
We often hear from portfolio landlords looking for efficient property managers yet who need to understand the costs and fees involved in a comprehensive management contract.
Let’s look at the essential aspects of managing rental properties to the highest standards, maintaining superb tenant relationships and what you might expect to pay for expert property management.
The Benefit of Professional Property Management Services
Rental property ownership in some of the best West Sussex postcodes can be a viable, long-term investment strategy, attracting residential tenants looking for stable, quality accommodation in key locations.
However, property management is often one of the concerns for owners, who may not have the time to deal with maintenance callouts, regular upkeep and compliance with tenant documentation.
Tod Anstee’s property services are led by accomplished colleagues with decades of expertise in maintaining every property to exceptional standards, providing responsive, positive communications, and assuring each property owner that their rental home is in good hands.
There are also different considerations depending on the location and value of your property asset, as residents living in luxury properties will naturally expect a higher standard of property management.
Property Managers for Premium Rental Homes
Full-service property management involves far more than dealing with building repair work or ensuring that complaints are handled swiftly on your behalf.
Landlords can choose between varying management services depending on their requirements:
- Applicant selection and vetting: your property manager will market your rental property to target prospective groups in select areas and arrange private viewings. On application, the property management team checks references and draws up formal paperwork.
- A more active service involves all the above, plus collecting rent, with deposits stored according to tenancy deposit protection regulations and any queries or late payments addressed directly.
- Fully managed services provide complete rental management, comprising the above alongside property inspections, day-to-day management tasks, appointing contractors to complete repairs, and ensuring the residence is maintained to the expectations of you, as the owner, and your tenants.
Comprehensive management provides multiple benefits, not least addressing the time burdens of responding to requests, liaising with repair professionals, and managing tenants’ finance agreements.
It also means that tenants deal directly with a proficient property management company and are confident that their accommodation is proactively managed, with a consistent point of contact.
What to Look for in a Capable Property Manager
Property owners are advised to conduct due diligence before contracting any property management companies to manage their residential property assets. Several skills and abilities are crucial to being a responsible property management team.
Local knowledge is key, not solely to establish reliable networks of property management tradespeople, but to understand how to market a premium rental asset or development site to the correct demographic.
For example, upscale real estate close to sailing clubs and country parks is in extremely high demand, with professionals who may base much of their time in London. Marketing this type of rare rental opportunity commands an understanding of client expectations, needs and priorities.
Other factors that we suggest owners look for include the following:
- Experience – wherever the property in question is, you require a reliable property manager who can independently handle residential property repairs, communicate on your behalf, and take on all the responsibilities associated with strong tenant support.
- Services – we provide the full spectrum of property management, including assessing your property to determine the optimal rental premium, collecting payments, arranging maintenance, delivering rent increases and providing emergency liaison 24/7.
- Transparency – our property managers often work with clients disappointed with previous services due to unexpected charges, fluctuating rental property costs, and delays in meeting requests. As a respected leader in West Sussex real estate, our property managers keep you fully in control and provide a clear fee structure upfront to ensure you make informed choices about your rental business assets.
The aptitude of your appointed property company is even more important for higher value residences, creating a flawless level of service, and mitigating the potential for vacant periods.
How to Compare Property Management Company Fee Structures
We endeavour to cater to the needs of every owner we represent and will always discuss your requirements before providing advice about the right property management services for you.
Much depends on your level of involvement and whether you would like to retain responsibility for particular tasks, such as day-to-day management, liaising with rental clients who are in arrears or selecting from prospective new renters based on our background checks.
From there, your property management costs will vary depending on the scope of the work you would like us to conduct and how you prefer to engage with your tenants.
In many cases, the most effective charging structure is based on a percentage of rental income, clarifying how much your property management services will cost and ensuring that you have a professional manager on hand as and when you need them to handle an issue or rectify a maintenance problem.
Experienced landlords and property owners often opt for a tenant introduction service, where they take over the management of their rental properties once the tenancy agreement documentation is in place. However, a fully managed service may be more suitable if you prefer a less hands-on approach.
When comparing UK management quotations, we suggest you examine pricing carefully to establish variances and potential extra costs, such as:
- Authorisation policies for recommended repair work.
- Early termination charges if you opt to discontinue the property management contract.
For more guidance around management services for high-end rental accommodation or to discuss our fee structures and the services available, please contact Tod Anstee at your convenience.
Alternatively, our Residential Property Management page details the options you may wish to choose from.