More and more businesses whose property portfolios are critical, but not core to their fundamental business proposition, are outsourcing some or all of the management of their estates to companies like The Sure Group Limited, that substitute entirely, or support their Estates / Property department.
Many investors in property, from high-net-worth individuals to the multi-nationals and SMEs want to outsource their property management to a professional real estate firm.
By hiring a management firm to manage their existing properties, owners and developers are freed up to concentrate on their core businesses. Owning property is running a business in its own right, and having professionals run it for you has a number of benefits.
By outsourcing, you (and other stakeholders such as tenants, customers or the communities you operate within) can enjoy increased efficiencies that come from hiring experts who have been managing properties for years. If you need resource to quickly to take care of property-management tasks, outsourcing providers can deliver a highly trained, competent, experienced, and skilled worker or team – even on short notice.
If you are currently managing properties internally, outsourcing helps to cut down on the costs of your employees, freeing them up to focus on other tasks. Reducing labour costs associated with property management results in a more profitable, lower-risk investment.
You can maximise rental yields by outsourcing the property management of your investments to a property manager, allowing professionals to handle your rentals. With management fees built into a tenants lease, costs are tempered and predictable. And equally importantly, property owners should find that management fees are more affordable than paying salaries and covering the cost of maintaining other benefits (such as Private Health Care, Company Cars and Pension Contributions etc) for in-house personnel.
Property managers are also potentially more likely to generate greater earned income for you on properties, as they know local properties, know when it’s feasible to charge higher rents, fill vacant units more quickly, and can leverage any special deals they may have as professionals for maintenance and other costs such as advertising.
A property management company with local knowledge can prove an incredible asset for you as a property owner, saving you time and money, in addition to providing the kind of real estate knowledge that mitigate risks and ensures compliancy – helping your company steer clear of legal pitfalls or failure to comply with new legislation.
While, for the single office, storage unit, or flat, some owners handle the management of single properties themselves – although professional knowledge and experience also come into play here- managing larger properties, like multi-story buildings, commercial properties on the high street or industrial parks, or even your entire portfolio of properties, by one or two internal property managers, can be challenging, to say the least.
That is why many building owners choose to outsource their commercial property management, as a way of relieving themselves from some of the daily tasks which consume so much full attention and bespoke processes and systems.
