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Written by: Renee Chambers
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How to Choose The Right Property Management Service for your Business

Delegate the Hassle. It is no secret that running your own business can be a time-consuming and challenging endeavour. If you have multiple properties to maintain, you’re constantly juggling the tasks of tenant and renter maintenance and upkeep, and business management.
Fortunately, the right property management service can help you keep your properties in tip-top shape. You can get the most out of your property investment by hiring a property management service to help you manage and maintain your properties.
In this post, we’ll cover the benefits of hiring a property management service and how to choose the best one for your needs.

What Does a Property Management Service do?

Property Management services are mandated to increase property owners’ income through short-term rental solutions doubly while cutting back on their workload. The workload referred to here includes but is not limited to online listing and advertising, professional housekeeping, guided check-in and check-out, pricing management, and guest communication.
Some of the platforms used for booking of listings are:
  • Booking.com
  • Trip advisor
  • Guestready
  • HomeAway
  • Homelike
  • The Plum Guide
The London Management Company allow a property owner to use their platform even if you are not listed in Airbnb.
It is important to note that not all platforms will be a good fit for your property, depending on the target audience, property’s location, price, and unique features.

Advantages of Property Management Services:

There are many advantages of using a property management service:

  • Payment and Pricing
  • Convenient Property Management Service Cost
  • Revenue Tracking
  • Property Safety
  • Listing and Price Optimization
  • Convenient and amicable contract termination.

Payment and Pricing

 

Property management services have comprehensive pricing strategies that reflect a myriad of factors such as the location of the property, competition pricing, city-wide occupancy rates, travel trends, and more.

Convenient Service Cost

 

The cost of most property management services is normally commission based i.e. a commission for every guest’s stay. Aspects of managing the property covered include management and ranking optimization, calendar management, listing creating, and 24/7 Guest communication.
It is important to note that commission and pricing vary from market to market, and new properties are subject to an onboarding fee.
The on-boarding fee is charged one time, depending on the property size, location, and availability. The fee is not charged upfront though, it is deducted from the first month’s income made in the property management service.

Revenue Tracking

 

You can’t afford to sleep on your interests. Property management services adopt a personalized Host dashboard where bookings, calendars, and revenue can be found. This dashboard is updated regularly in real-time with a comprehensive overview of your property and its income.
Payments are promptly processed by the last working day of the calendar month. Seasoned property management agents ensure that revenues are maximized throughout the year.

Property Safety and accessibility

Property management services take the worry away through guest vetting against bookings made. Canceled reservations are acceptable to keep your property safe.
Property management services have taken up insurance by a partner service provider. In the unlikely event that guests damage or steals from the property, the property owner is covered, with no loss to the property owner.
Property management services have dashboards that allow property owners to block and unblock dates at their discretion. The property will be clean and ready at the owner’s check-in. however, a cleaning fee may be imposed.

Convenient and Amicable Contract Termination

Property management services require specific documents to list your property depending on the market. It is however expected that the property is fully compliant with all local health and safety regulations.
This includes any regulations from the government. It is diligent to contact gas and electricity suppliers for an up-to-date safety inspection and ensure fire and carbon monoxide alarms are operational.

Some of the Property management services available are:

  • Investment Property
  • Savills Property Management
  • Knight frank Property Management
  • Marsh and Parsons Property Management
  • Happy Tenant Property Management
  • Devon property Management services
  • Haart property management Services.