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Effective and Important Component for Property Management

by londonproperty

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The critical components in property management are administration and risk management. You have the privilege to hire many outsourced estate management services to run the administration of properties and estates seamlessly. Such real estate management services focus on delivering more value with less in-house resource.

As part of London Property Services, many landlords and corporate occupiers are outsourcing estate management activities to reduce costs, harness skills and resources, improve operational efficiency and minimise risk.

By taking care of the operational estate, they help in mitigating the problems of landlords, tenant servicing, rent collection and service charge payments. They proactively identify and manage lease events and negotiate rents and lease terms providing operational flexibility and deliver financial incentives.

How It Works?

Property management systems are managed through web portal providing accurate, property, financial and occupational data. The dashboards will give 24/7 visibility of portfolio data, querying and reporting with caseload tracking. The activities are always undertaken in the most tax efficient manner to reduce the liabilities on the balance sheet

Record Keeping

Despite hiring the service of property agents, there is a need for better recorded keeping. In the case of managing marketing and financial function's expenditure records pertaining to income, tax records, advertising invoices have to be maintained systematically.

Tenant Management

Tenant management requires maintaining records of all

• Rental requests

• Payment history

• Rule violations

• Facility maintenance

• Repairs

• Maintenance schedules

• Repair records for warranty

• Employee and subcontractor personnel record.

Risk management

Risk management assumes importance as disasters can threaten the survival of a property economically. Therefore maintaining records are an important part of it as legal action by others can be thwarted only if detailed records are there to refute the claims.

A part of risk management is risk versus reward. For example if there is a hot tub or swimming pool on the property, the effort must be to balance the value of the pool proportionate to the risks incurred.

Tackling Risk

When you feel that a risk is present there are three ways to tackle it

Avoidance - Remove the hot tub or pool if the additional rental income does not justify the cost of insurance and other risks involved.

Control: Retaining the hot tub with a coded lock and fence to keep out younger children.

Risk Transfer: The practical way of dealing with risk is to purchase insurance and transfer the risk to the insurer.

The bottom line is that a successful property manager must plan for problems, keep excellent files and records of activities to continually assess these functions and determine if change is imperative.

London Property Management is a top property management company with expert Property Agents that provide you complete property letting services through its expertise property management agents.

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