It's one of the biggest choices an owner (landlord) will make in the course of letting their property: whether to handover the management of their asset to a professional management company.
There are the obvious benefits, like not having to respond to emergencies at all hours, no more holiday disruptions, and no more staying on top of regulations and maintenance like it's a full time job.
In short, you get your time and peace of mind back.
But often there are a lot of worries involved in the handover. Will the management company really care like you do? Will they be responsive to your residents (tenants)? And will you be left in the dark until problems really start to pile up?
You might also worry about having your money spent unnecessarily on call outs, because that's the easiest response for a managing agent.
The call comes in, a contractor gets sent out - job done. Next.
If you're reading this and you already have Paramount Asset Management (what we call property management), then you know that when it comes to responsiveness, care, and quality maintenance, we've got things covered.
But you might not know about the money you're saving in contractor call out costs. We don't talk about it very much (though we should!), and it's something that really does make a difference for our owners.
Our residents report any maintenance issues that pop up through an easy portal called fixflo. The first thing fixflo does is help troubleshoot common issues.
In the last 4 months, 36% of 647 reported maintenance issues were resolved through this troubleshooting.
That means no call out was required, and there was no charge to the owner.
With the cost of a general maintenance call out at £80 +VAT, and £90 +VAT for plumbing and gas, these are significant savings.
What does this mean in practical terms?
Just under £20K in call out costs were saved by our owners in 4 months. That's roughly £60K a year!
Not only that, if our system can't troubleshoot an issue, the Asset Manager (property manager) on our team who looks after that property will get in touch with the residents. They take the time to also help troubleshoot the problem, before booking a callout.
This extra level of care helps residents fix the problem quicker, and saves further on call out costs. If your property is managed by someone else, are they doing all they can to help you save?
We're the trusted choice of owners (landlords) all over London, so whether your property is in West Hampstead, Wimbledon, Westminster, or Woolwich - you're in safe hands with Paramount.
Not already with us? Give us a call today on 020 7644 2313 to take advantage of our introductory offer.
It'll be the best property management you've experienced, and those aren't just our words! Check out our 1100+ reviews on Google to see what other owners are saying.