Investing in buy-to-let properties is only the start. Effective management of those properties is key to good returns and a successful investment. This is certainly true if you invest in a block of flats, not just the one flat, and you need to appoint a professional managing agent to manage and effectively run the block on your behalf.
Managing a block of flats must be approached with a high degree of professionalism. It’s a business, and like any business, management needs to be organised, structured and personalised. By ‘personalised’ we mean that the managing agent must be understanding to the needs and wishes of those who are living in the flats. If you have a good managing agent, you can place all responsibility for the day to day running of the block and any problems which may arise in their hands.
A managing agent will take care of any administration and the care and maintenance of the block itself. The agent will deal with any problems which may come to light, oversee, inspect and supervise any repair or maintenance work required, and collect relevant funds.
Knowledge of health and safety regulations are required, as is thorough knowledge of tenant law and landlord law. A managing agent should also know about general building regulations and construction, leases, and the latest legislation relevant to the property industry.
A managing agent should have good administrative and organisational skills as they might need to do anything from collection of service charges to staff management. They should also have sound communication skills, as they will have to liaise with residents, and anyone carrying out repair or redecoration work, and may have to resolve any disputes which may arise.
Decide what services you want the agent to offer and what function you want them to perform. Seek recommendations, references and testimonials from other lessees. Then book in informal meetings or interviews with possible candidates. Qualifications are important, and make sure a managing agent has the experience and expertise to carry out what you need them to.
If you’re looking to let property in the Barons Court, West Kensington area, get in touch today.