Property is a tricky subject. While it is indeed lovely to have a fortune for yourself, effective management of the same requires both time and attention. Property management in Glasgow or even in any other part of the world can be difficult, and this is why hiring a professional management company could mean a one-stop solution for all your needs.
Before you invest in any of the options, you must learn more about what property management is and how the cost can vary depending on your requirements.
Common Property Management Price Structure
The property management costs in Glasgow and several other areas tend to follow a similar framework. However, the actual numbers can vary depending on how big your property is and the kind of management is required for the same. Some of the primary categories that you need to be aware of are:
- Only Tenant Finding Service
As the name suggests, this is a fairly straightforward and temporary kind of service. It will primarily include marketing about the property, conducting viewers, and even vetting those who seem to be potential clients.
Once a tenant is secured, the landlord assumes responsibility for further management. The Fees for let-only services are usually a one-time charge. The basics can range anywhere between £300 to £600 or more.
- Fully Managed Services
The next category of service is much more holistic, and it deals with various paradigms. This is the category of fully managed services. Some of the most common areas that any fully managed services encompass are rent collection, property maintenance, and handling tenant issues.
Usually, the fees will typically include a letting fee and along with that, there is a monthly management fee. The ultimate percentage depends on how much of the total agreed-upon amount has been. Usually, it is around 10% to 15% in most cases.
- Partially Managed Services
For those who need assistance with only the basics, the partially managed services are a great option. Some agencies have excelled in finding this middle ground. This is where landlords can choose to select specific services like rent collection or even management of the property.
Usually, the fees for partially managed services are highly variable, and every service provider will have a different option. You can choose this option if you have a budget crunch or you want a very basic and minimalistic approach.
- Potential Hidden Fees and Costs
There are a lot of agencies that believe in maintaining complete clarity with the clients and giving them a deep insight. However, not all of them can achieve this quality of service. Some of the major areas of hidden fees and costs that you need to be aware of are:
- Maintenance and Repair Markups
There are a lot of agencies that tend to spike the costs and then cite maintenance and repair charges as the major reason. Usually, there are possibilities that they add surcharges as well to the costs, further spiking the rates. This can lead to a potential hidden charge.
- Void Period Charge
The next type of hidden charges that you might not be aware of are the void period charges. These are usually quite high. Some agencies tend to charge when they are not occupied, it is kind of a maintenance fee. You have to ask the agency in advance about what these charge rates are and if, at all, they levy such a kind of charge on the clients. Usually, the void period charges should be avoided if you want to get rid of the pile-up.
- Service Charge
If you are someone who owns a flat, there are high chances that you will be incurring the service charge. This is usually for the maintenance of communal areas like gymnasiums, swimming pools, or even the lobby area. The service charge for every society is different, and usually the percentage is fixed.
Tips For Navigating Property Management Fees
If you do not have much idea about how to take care of your property and not spend tons of money on it, then there are a few tips that can help you. These are:
1. Request a detailed breakdown
Because you do not belong in this field, there are high chances that you will not be able to make sense of explanations in most cases. You can choose to request the service provider for a detailed breakdown of each of the elements and how it can impact. This will give you a complete idea of the costs.
2. Compare agencies
When it comes to property management, it goes without saying that there are too many options you can consider. If you want a clearer picture of how much it can cost you, the best thing to do is compare the agency options available. This can help you to understand what a fair price is and how you can bargain for better deals.
3. Stay ahead of legal changes
You will notice that property-related issues are such that there are always chances of change in finances due to legal implications. You have to be aware of the same as well. Make sure that you stay updated about what the implications are and how much it can cost you.
4. Seek for transparency
And finally, you need to find out those agencies that are transparent. Make sure that they always provide more priority to effective communication and complete insight into what the fee structure is.
Conclusion
The management costs in Glasgow can be dependent on quite a few factors, and the only thing that you need to do is research the market enough. One of the best options that you can consider for effective services is Chalmers Properties. We are a top letting service provider based in Glasgow.
We offer professional services at an affordable price range. With years of experience and proficiency in letting services in Glasgow, you get complete efficiency and grip on your property. All you need to do is get in touch with us today and explain what your needs are. Rest assured, your property will be in the safe and best hands.
