Owners of commercial property, (including commercial properties with residential upper parts), have many reasons for engaging a professional management service. We’ve listed some of the most common below.
Take a look. If this all sounds too close to home, it’s worth a conversation to see how we can help.
You Feel Overwhelmed
If you have properties with multiple tenants, you will probably have retained maintenance and statutory responsibilities for the common areas. This can make a lot of work as well as generate queries and sometimes unreasonable demands from tenants, who may not be familiar with property law and conventions. This can be time consuming and maybe you can just live without the distraction.
Uncertain About your Responsibilities
The legal obligations placed upon landlords are extensive and can be complex, including matters such as health and fire safety, asbestos management, compliance with MEES legislation, insurance and VAT. These may also be subject to periodic change though new legislation or case law, that you might not be aware of unless you deal with these issues all the time. This creates risk.
Rent Collection Can Be a Slog
Missed rental, insurance and service charge payments need to be dealt with swiftly, appropriately and purposefully before they snowball. If you feel that you’re forever chasing tenants for payment it might be that you need a better collection process.
Not Sure What Your Tenants Are Up To
If your properties aren’t close to where you live or you’re very busy, it may be hard to find time for regular visits to check the condition of the property and that tenants are acting in accordance with their lease terms. In extreme circumstances you could even have a liability under the Proceeds of Crime Act if your tenants carry out illegal or unlicensed activities from your property.
Tenants Expect too Much of You
It may be that you live too close to the properties you own or you know the tenants too well, such that the they ignore what the lease expects of them, in the belief that the personal relationship will protect them. You might also feel it hard to say no. In such circumstances a managing agent can provide the arms length distance required and help avoid awkward conversations.
A property manager will save you time, give you peace of mind and provide objectivity. Moreover in employing Chartered Surveyors like Hicks Baker you have the comfort of knowing that your money is protected and that your professional standards will be maintained.
Contact Giles Blagden: 07785 763986 / g.blagden@hicksbaker.co.uk
