What do property management companies do?

You may be the owner of a property, whether it be an apartment, house or bungalow, and sat there wondering how you’re going to balance work, life, family and your property (properties, maybe) all at the same time. Fair enough, you may not be, and simply looking for the best option for managing your property whilst you’re jetting off around the world or something. Whichever scenario you’re in, you’ve probably heard of property management companies, but you may not be clued up on what they actually do. Here we’ll explain everything you need to know about property management companies, like DerBnB, a property management company based in Derby.

What is property management?

Put simply, property management is the day-to-day oversight and upkeep of a property. Looking after your own house could be seen as property management, as you want to ensure that everything is in working order, clean and presentable (hopefully, anyway). Generally, when talking about property management, it is related to a third-party company that is given the responsibility to keep the property in good shape, and not the owner, as this takes the hassle that can come with property upkeep away from them. The daily operations involved in property management can include collecting rent, marketing properties, handling maintenance, dealing with complaints, conducting inspections and finding tenants, alongside many more day-to-day tasks that may go unseen.

What do property management companies do?

Property management companies offer a service that means they can oversee and control all aspects of property management, this offers complete peace of mind to the landlord, so they can concentrate on further business developments, or whatever else they want to do with their time.

Property management companies employ dedicated property managers that carry out key property management responsibilities, this can include meeting with both the tenants of the property and the landlords to ensure that both are satisfied with the property and the service being offered. In other words, they act as sort of a middle man between the landlord and the tenant. There are many legalities involved with renting out a property, and property managers ensure that all regulations are fulfilled, including extensive paperwork, to a correct standard, so the landlord doesn’t have to worry about them.

Property managers carry out all the daily operations associated with property management, but must also go the extra mile for the landlord and ensure they’re satisfied with the full property management service, as hiring a property management company is all about ease and efficiency, otherwise the landlord may as well do it themself!

Why should you use a property management company?

If you own a residential property, and are looking to create a smooth-flowing income stream from it, but also want very little responsibility surrounding the property, then hiring a property management company is your ideal solution. Managing a property yourself can be very time consuming, not to mention all the paperwork that comes with it, and frankly, you have much better things to do with your time.

Property management companies are experts at making residential properties more appealing (hopefully, we know we are), which in turn boosts the value of the property from a rental point of view, creating happier tenants and more cash for your pocket. This also ensures that tenants stay in your property for longer, creating fewer void periods, saving you and your property manager time and money.

Lastly, we’ve all heard stories of nightmare tenants not paying rent on time or being messy. Property management companies reduce the risk of this being detrimental by having clear communication pathways between the tenants, property managers and landlords, allowing issues to be resolved quickly.

Other types of property management

Although property management for residential properties is the most common, and what DerBnB specialise in, there are several other different types of property out there, meaning there are several different types of property management. These include; Commercial property management for public accommodations like hotels or retail properties, Industrial property management for warehouses and factories and special-purpose property management for buildings such as theatres, stadiums and schools. Each of these types of property require specialised property management, as they’re often owned by by larger companies who need to outsource their property management, as their employees aren’t trained to do it themselves, or they don’t have the resources to.

Serviced accommodation and property management Derby

DerBnB offer a highly efficient, smooth-running serviced accommodation and property management service in Derby, including Airbnb management if you happen to be in that market. We have a team of property managers that have years of experience working with landlords and tenants, and due to the fact we ensure we’re local to the landlords we work with, can offer those who do a completely personalised and special experience with their property management.

We work across websites such as booking.com, airbnb and our own dedicated booking system to provide tenants with the best possible experience as we understand the power of reputation, and want to ensure every property we manage is operating at the highest standard.

We truly believe we’re one of the best property management companies in Derby and the surrounding areas, don’t just take our word for it, you can see all of our fantastic reviews on our instagram @DerBnB or on Google.

To find out more about our expert property management services and our property management fees, you can contact us today. You can also contact us if you want to learn more about investment opportunities through DerBnB.