If you’re a landlord or property investor with a lot on your plate, the likelihood is that you won’t have the time or resources to manage your full portfolio of properties yourself.
Instead, if often makes more financial sense to enlist the help of a professional property manager, but at what cost? We find out how much a property manager costs and whether hiring professional help is really worth it.
Are estate agents fees the same as property management fees?
The difference between estate agent fees and property management fees is that estate agent fees tend to be a one-off fee for a let-only service. Property management fees, on the other hand, refer to an ongoing arrangement that requires monthly payments to maintain the level of service from month to month. Confusion can arise between the two terms as estate agents often provide property management services, too.
How do property management fees work?
For a fully managed service, property management fees are often taken as a percentage of the rent or are charged as a flat fee to the landlord. When taken as a percentage of the rent, these costs tend be 10 to 15 per cent of the rent and are typically paid by the landlord in monthly instalments. Depending on the type of property management services on offer, the payment method will differ.
How much does a property manager cost?
While there is no fixed rate for a property manager, according to word-leading services marketplace, Bark, the average price for property management per month can be anywhere between £40-£120 – with the average costs for property management services coming out at £60.
However, it’s worth bearing in mind that this figure will vary according to the level of service you require and the rental price of the property being managed.
Is hiring a property manager worth the cost?
In many cases, hiring a property manager is worth the cost for the sheer number of duties they perform. Often, property managers will set the rental price of the property, handle rent collection and carry out any necessary maintenance, but their responsibilities can extend much further than these key duties to also include responsibilities relating to the day-to-day running of the property.
From screening potential tenants (ensuring they are suitable tenants for the property) and conducting thorough checks (credit history and background checks according to UK rental law) to handling any tenant issues or complaints, property managers can make the landlord’s life much simpler. The main aim of property managers is to ensure the property is occupied by responsible tenants with limited void periods.
Not to mention, property managers are also able to prepare vacant units and advertise rental vacancies with expertise and ease thanks to their in-depth industry knowledge. As a result, property managers are equally popular with both new landlords and property investors with an impressive portfolio of properties.
For amateur landlords, property managers provide expert industry knowledge that they typically lack as newcomers to the industry, while landlords with a number of different properties are able to benefit from the effort and time-saving services that a property manager can offer.
Ultimately, however, the landlord will need to decide whether the cost of hiring a property manager is worth it for their let properties.
What do you need from the property manager?
To determine which responsibilities you want a property manager to take on, you’ll need to determine how much time and effort you are able to dedicate to the duties of a property manager. Some landlords prefer a hands-on approach to managing their properties, while others leave every aspect of the day-to-day running of their properties to a property manager.
No matter the agreement you come to with the estate agent, the duties of the property manager should be clearly outlined in the contract with the landlord. If you need help figuring out which property management services are best left with the experts and which are commonly taken on by landlords, please don’t hesitate to reach out to our experienced estate agent team at Mistoria Estate Agents Worsley.
How to find a property management company
Heading online is one of the easiest (and quickest!) ways to find a property management company or estate agent in your local area. Regardless of whether you reach out to your online network for recommendations or use Google to highlight the closest companies to your property, it provides you with countless options, but which one is best?
In order to pick the right property management company for you, it’s important to do your research. From conducting interviews to exploring reviews and their current portfolio, gathering this information before you commit to just one property management company can help you to pinpoint a reliable and competent estate agent.
We also recommend checking for relevant licences and certifications and even visiting properties under their management to get an idea of the kind of service you can expect to receive. At Mistoria Estate Agents, for example, we pride ourselves on our unparalleled customer service, ensuring all our professional estate agency services are conducted hassle-free.
Property management at Mistoria Estate Agents
For professional property management services across the Manchester area and further afield, don’t hesitate to get in touch with our Worsley branch.
Covering a wide range of locations including Worsley, Monton, Eccles, Swinton, Walkden, Boothstown, Ellesmere Park, Mosely Common, Roe Green, Tyldesley, Ellenbrook and Clifton, we offer our high-quality property management services to properties across Manchester.
With more than 200 years of collective experience in the property industry, our friendly team of Worsley estate agents can provide expert property management advice and guidance.
To find out how we can support your property investment aspirations, please don’t hesitate to give us a call on 0161 790 3999. Alternatively, you can also get in contact by sending your enquiry to email@example.com.
You can also get in touch with our team by submitting your enquiry using our handy online contact form. Remember to include your basic contact details as well as your enquiry, and we’ll ensure an experienced member of staff gets in touch shortly to discuss your property management requirements in further detail.