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Growing a multi-property portfolio is a great way to strengthen your net worth and achieve financial stability. However, it can also be a complex and time-consuming endeavour – especially if you decide to have your properties rented out for profit.
The truth is that your property portfolio will naturally grow as the value of your properties appreciates. But the faster way to achieve growth is through letting strategies.
For multi-property owners, this can be challenging. Whether your properties are occupied by long-term residents or short-term guests, it takes a lot of effort to manage multiple properties and the needs of the occupants.
This is why you need to get the help of a property management company. They can help you with tenant management, property maintenance and even legal compliance. They have the expertise to ensure that your property’s rental income and occupancy rate are maximised.
So if you want to make your rental properties thrive in the competitive rental market, keep reading.
In this article, you’ll discover the 5 reasons why you should get a property management company. You’ll also learn why they are important and how they can give your multi-property portfolio a boost.
5 Reasons to Get a Property Management Company
Managing one rental property is tedious. Imagine doing it for multiple properties. It can be overwhelming to market the property, vet guests or residents, schedule maintenance and repairs, collect rental payments and many more.
If you work with a property management company, you can benefit from their experience and expertise. They will take care of the various responsibilities that come with managing rental properties and leave you with well-maintained properties and rental returns.
Take a look at 5 reasons to consider hiring a property management company for your multiple rental properties.
Expert marketing and tenant management
Property management companies know how to market rental properties to attract high-quality guests and residents. They have accounts in major letting platforms like Airbnb, Zoopla, Rightmove and Booking.com where they can market your properties. They have the manpower to deal with inquiries and can provide 24/7 communication if necessary.
Property management companies also have systems in place to deal with guests and residents. This includes screening and vetting potential occupants, handling the check-in and check-out, collecting rent and satisfying guest or resident expectations.
Streamlined operations
As experts in rental property management, these companies have streamlined operations manned by competent and experienced individuals. You don’t have to worry about the daily operations that include guest/resident communications, lease agreements, maintenance requests, etc. The company will assign someone to handle all issues and only escalate to you the important issues.
This frees your time and allows you to focus on growing your multi-property portfolio and investments. You’ll have the peace of mind to take risks because you know your existing properties are generating income securely.
Increased revenue potential
Thanks to their experience and expertise, property management companies are in a better position to increase the revenue potential of your property. They use dynamic pricing strategies to take advantage of peak seasons and discount schemes or marketing campaigns for off-peak seasons.
They also have experts monitoring the rental property market to spot local trends. This is necessary to adjust prices and keep rental properties competitive. As a result, you’ll get maximum rental income and investment returns. You can enjoy significant growth in your property portfolio because it’s easier to get the funds to expand it.
Property maintenance and repairs
Properties require regular maintenance to ensure it’s safe for occupancy. It’s also necessary to keep the premium quality of the property. This is not only in compliance with housing laws, it’s also to protect your investment and the property’s value.
The challenge with a multi-property portfolio is ensuring that maintenance and repairs are not overlooked. There are certain checks required every year, quarter, monthly, etc. You want to keep up with all these so the property is well-maintained.
A property management company won’t have a problem doing this for multi-property owners. City Relay, for instance, uses a smart proprietary platform to track all properties and monitor scheduled maintenance and repairs. They also have a network of contractors and service providers who can handle emergency repairs and perform routine maintenance checks. This ensures that no property is overlooked and everything is repaired before it compromises the property and the occupants.
Legal compliance and risk management
Finally, a property management company can help multi-property owners navigate the complex rules and regulations of the housing sector – specifically the rental property market. Just like they monitor market trends, they also familiarise themselves with housing laws affecting rental properties. They keep an eye on new laws and revisions to existing ones.
They’ll ensure that your property is compliant with relevant laws to avoid unnecessary risks, penalties and fees. Whether it’s the planning permission, 90-day limit or even energy and fire checks – you’ll feel confident because your property will comply with all these.
Property management companies can also manage documents like lease agreements, eviction notices and other disputes. They will make sure you’re legally compliant with everything to avoid risks.
How Property Managers Boost Property Portfolios
Property management companies offer various services to help multi-property owners with their rental properties. With the right help, it’s easier to maximise the rental returns from every property investment.
However, it’s important to understand how these services boost property portfolios. Here are 4 ways property management companies help with the growth of multi-property portfolios.
Better property ratings
Due to the competitive nature of the rental property market, it’s important to pay attention to property ratings. The higher the rating, the more chances of getting bookings for short-term rentals. This can also help with vacancy rates.
To get great ratings on rental properties, you need to take care of the concerns of guests or residents. Make sure they are satisfied with the property and any requests or issues will be handled well.
A property management company can help with this. They have the manpower and the experience to handle guests and residents so they’ll have a positive experience in your property. This leads to better property ratings and a great reputation in the rental property market.
Higher occupancy rates
When you get good property ratings, you enjoy high occupancy rates. After all, people love reading reviews before making a buying decision. This includes choosing rental properties – especially short-term ones. Guests will read reviews of previous occupants so they’ll know if the information in the property listing is authentic.
If the reviews can boost occupancy rates, this will reduce vacancies. For long-term rentals, this will reduce tenant turnover. The higher the occupancy rate, the greater returns you’ll enjoy.
Maximum rental income
Thanks to the higher property ratings and occupancy rates, multi-properties can enjoy maximum rental income. However, that’s not all. Property management companies use dynamic pricing strategies. They can optimise rental rates to take advantage of peak seasons. Their expertise also allows them to read the market conditions so they can switch to the right letting strategy that generates the highest investment returns.
Improved property condition
Part of a property management company’s job is to maintain the property’s condition. This ensures that it’s habitable, compliant and ready for occupancy.
This involves regular maintenance, timely repairs and strategic upgrades. This does not only improve a rental property’s condition – it also elevates its value. As rental properties appreciate, so will the multi-property portfolio.
Find the Best Property Management Company in London
Partnering with a property management company is the secret to growing a multi-property portfolio. They have the expertise to market and position your rental properties to thrive in the competitive rental market. They also have the manpower to deal with tenancy management, operations and maintenance. Finally, they know the legalities of renting a property in London – so you can rest assured that your properties will be fully compliant.
These property experts can maximise your rental income and help you maintain a high occupancy rate. They have a network of contractors and service providers to maintain your property and keep it in top condition.
If you want to expand your multi-property portfolio, choose a reputable property management company like City Relay. We offer end-to-end property management services to give you a stress-free experience. As one of the leading property management experts in London, we have a well-trained team and a reliable network of partners to ensure your properties are managed efficiently and maintained well. Our streamlined processes are backed by technology – making us effective in what we do. We use a smart proprietary platform to manage and monitor all properties – and you’ll get access to this so you can stay on top of the performance of your multiple rental properties.
Let City Relay help grow your multi-property portfolio by allowing us to manage your rental properties. Get in touch with us so we can share how we can support your property investment journey.
