Property Management in Putney
020 3637 7968
Bricks and mortar have long been a staple asset in UK investment portfolios and for good reason: property has consistently appreciated in value since the 70s, (unless something significant and unforeseen happens), and every indication is that it will continue to do so. For the most part, property ownership is deemed to be a secure and dependable investment opportunity, but there are a few pitfalls to be aware of.
When developing a property portfolio, the priority is always to achieve the maximum ROI over the determined period of ownership, whether this is pre-planned or open ended. Yet, achieving this isn’t always as simple as it seems.
When projecting the likely future value of your investment there is the obvious potential for annual growth, (which naturally varies by location), the annual rental yield, plus the potential for building works such as an extension or future development of your building. The income is relatively easy to evaluate, the challenge comes with the output required to support this.
Property rental, whether private or commercial, has many aspects that need to be considered and managed that aren’t always apparent at the outset, and which can become a hindrance over time – unless managed efficiently.
Finding and maintaining tenants
For most landlords and property owners, the biggest concern is ensuring that your property is let, that rent is paid consistently and that tenants stay for as long as possible. High turnover of tenants or non-paying tenants cost dear, so finding quality long term occupants is key.
Property management is more about people than buildings
Property management and maintenance
Alongside finding a reliable tenant is finding people who will treat your property with respect and who aren’t making demands for repairs every 5 minutes! Part of having a professional property management service is to assess and pre-empt this kind of issue by ensuring that your property is in a good state of repair and dealing with the requests of tenants in a timely and fair manner. MIH Property Management have years of experience in this field and can negotiate the ins and outs in a cost effective and constructive way.
Leaseholds and legislation
Tenants and Landlords are protected by legislation designed to ensure quality of living and fair play, however it can appear to lean on the side of the tenant, and Landlords can sometimes find themselves stuck in a loop with a difficult tenant. We are experts when it comes to negotiating tenancies and navigating leases, to establish a good starting point, to smooth out any difficulties along the way and achieve the best possible outcomes. We can take the potential pain away.
To achieve optimum return on your investment you may look to add enhancements to your building to increase the quality of your offering and therefore the rental value, whilst also maintaining your overall investment.
Obvious enhancements for residential properties are kitchens and bathrooms which require renewal on a 10 – 20 year basis depending upon the quality of the original. These are prime areas for wear and tear, subject to changes in interior fashion and important to the tenant’s decision making processes.
For commercial property, the same applies, public spaces and facilities must be maintained to a good standard to ensure ongoing letting potential. Fascias, hallways, technology and electricals, washrooms and kitchens/cafeterias all need to be considered.
We spend your money as carefully as we would spend our own.
Should any building work or remodelling be required, we can advise, support and manage these processes. Again, our skill set means that we bring experience and knowledge to the table to ensure success with minimum disruption.
(See our 3 top Tips for a Smooth Running Major Works Project)
(See Making Changes to your Property)
Taxation and accounting
Tax rules can be complicated for buy-to-let property owners and the more properties owned, the more these increase in complexity. Staying on top of taxation and accounting is vital to protect your investment. Record keeping needs to be accurate and up-to-date, and a watertight short or long term strategy is essential – which is precisely why hiring a professional property management specialist could save you a significant amount of money …and effort.
We get it, and that’s why we’re completely focused on making your life easier!
It’s worth the investment
Despite the hurdles that need to be overcome, property as an asset still provides excellent long-term growth for investors. Property rental continues to boom in the capital, greater London and the South East and MIH Property Management are here to provide the vital services that make managing your portfolio and maximising your investment easy.