At IP Global, we often get asked whether using a property management service is worth it. We've helped thousands of international landlords, and we know it can be tough when real estate giants offer soaring management fees or when local agencies aren't fully equipped to handle the needs of global investors. So, how do you find the balance – the right lettings and management partner for you? And what are our top 5 picks?
There's a common misconception that opting for cheaper options will result in higher investment returns. However, in reality, this approach often leads to potential costly mistakes, such as inadequate tenant screening. While finding a tenant may not be challenging in many UK markets due to the housing supply shortage, ensuring they are a good fit is essential.
Dealing with problematic tenants can be complex and time-consuming, resulting in periods of rental income loss due to legal proceedings. Therefore, it's important to choose a reputable property management agency that can protect your investment. Additionally, small-scale agents may lack the necessary tools for efficient management services, resulting in increased workload for you.
To help you navigate the ever-changing market, we've put together a list of the top property management firms in the UK right now.
1. Complete Prime Residential Ltd
Shelling out more than 20% of your rental income to a lettings and management agency isn't always essential for accessing essential tools, good tenant networks, and 24/7 client support which is why Complete are our first choice.
Complete Prime Residential specialises in property management and lettings, focusing primarily on international landlords while also serving domestic ones. With a large client base and over 600 positive reviews on Google, they have established a strong reputation. Their team includes multilingual staff, enabling effective communication with clients from various backgrounds.
They often manage entire property blocks, allowing them to build relationships with developers, contractors, and suppliers, resulting in cost savings for their clients. When rigorously assessing the fee structure at 10 major property management companies across London and other UK regional cities they came out on top in terms of pricing for clients.
Their services span across prominent markets in the UK, Germany, and Portugal, encompassing consultations, assistance with handovers, snagging, furniture packs, marketing and expert lettings and management. Additionally, they provide useful tools that enable landlords to manage and track tenant profiles, streamline compliance processes, facilitate efficient digital documentation for expedited tenant onboarding, and offer a platform for reporting and resolving maintenance issues around the clock to ensure tenant satisfaction.
With a real estate management portfolio worth $0.9 billion, Complete has a proven track record in letting units for international clients including securing pre-lets, resulting in high occupancy rates and minimal arrears. They offer attractive monthly rates for lettings and management services, with a London fee of 16.8% (inc VAT) and a 12% fee (inc VAT) for other UK cities. The monthly cost for a 1-bedroom apartment in London, leased at £2,000 per month, ranges from £335 to £395. This figure stands notably below the rates of other comparable lettings and management agencies, many of whom fall within the monthly fee of £415 and above category.
Find out more information or request a callback here.
2. Savills
Savills understands the significance of real estate, spanning from the comfort of your home to broader market opportunities. Whether you're buying, selling, or renting, Savills offers unparalleled expertise that is grounded in trust. With over 40,000 professionals across 70+ countries, they have a presence in most global markets. They listen to your needs, offering tailored solutions for your goals. While their services may come at a higher cost, their global reputation speaks for itself. Notably, their lettings and management fee is set at 20.4% of the monthly rent, with a tenant finder's fee of £840. For instance, leasing a 1-bedroom flat at £2,000, would cost around £436 per month, excluding renewal or check-in/check-out charges.
Visit their website for more information here.
3. Knight Frank
For over 125 years, Knight Frank has understood the significance of decisions that involve your property. Whether you're buying, selling, or letting, they ensure they make their clients feel confident and informed about their next property move.
Knight Frank's research team provides helpful insights into global property markets, distilling complex trends, forecasts, expert commentary, and opinions into easily digestible information. Whether you're curious about your current home's value or ready to put it on the market, their reliable property valuations aid you in making informed decisions.
Knight Frank leverages technology to secure comparable prices for your property at the best time, guided by the latest market trends and thorough analysis, they help guide their clients throughout their property journey. They offer similar property management fees to Savills with a fully managed property fee of 20.4% of monthly rent (inc VAT). We have worked out that if you charge £1,000 rent per month, your monthly property management fee will be £207.
To find out more about their services, visit their website here.
source: Circa London
4. Circa London
Circa London has expertise in residential properties in prime central London. As a trusted, independent agency, they blend traditional values with modern expertise, ensuring exceptional outcomes for each client.
Operating in two London offices and boasting partnerships in Hong Kong, Singapore, Malaysia, and Shanghai, Circa London offers local knowledge coupled with a global network. This unique positioning provides clients with comprehensive services and valuable international exposure for their assets.
Beyond geographical reach, Circa London prioritises personalised service, treating each client with professionalism and care. Whether navigating the market as a first-time investor or seeking seamless management solutions for busy schedules, clients receive ongoing guidance and unwavering support. Their commitment to fulfilling expectations is reflected in their consistent track record of leaving clients happy in online reviews.
Circa London offers competitive pricing leaning toward Savills and Knight Frank with a management and lettings fee of 19.2%. When factoring in additional fees, the monthly cost for a 1-bedroom flat rented out at £2,000 pm amounts to approximately £450.
Explore their service offerings further on their website here.
5. MyLondonHome
Established in 2002, MyLondonHome has carved a distinctive space within the heart of London's real estate and lettings landscape. They have maintained reliability, trust, and exceptional customer service across residential sales, lettings, and new homes sectors for over 2 decades. Their commitment to the highest standards is evident through memberships with Propertymark Association of Residential Letting Agents (ARLA) and National Association of Estate Agents (NAEA).
MyLondonHome achieved an impressive 98.5% customer satisfaction score at the 2023 ESTAS awards – which is a testament to their resolute dedication to client satisfaction. Whether navigating the intricacies of buying, selling, renting, or letting, they support you with strategic insights and innovative technology to guide you through the journey.
When assessing MyLondonHome's fees, the calculation for the monthly cost of renting a 1-bedroom flat at £2,000 per month totals around £395, exclusive from certain fees like their £360 renewal fee.
Discover more about MyLondonHome here.
6. Reside
Reside operates out of their Manchester and Stockport offices. They provide a top-tier property management service encompassing all aspects, ranging from identifying suitable tenants to the day-to-day maintenance of the property. Additionally, Reside ensures good service for tenants, giving landlords the peace of mind that their investment is being professionally managed and maintained.
Reside’s experienced lettings managers start off by giving their landlords a complimentary market appraisal. From there, they offer a marketing strategy which includes professional photography, an appealing description, and essential reports shared with a vast applicant database and major property portals to secure suitable tenants. Reside provides support throughout the rental process, including drawing up agreements, managing viewings, and overseeing essential property management tasks such as rent collection, lease renewals, and routine maintenance.
Reside, Manchester, offers reasonable prices relative to their development locations with a 12% full management fee and a tenant finder’s fee of £600. Without this tenant finder’s fee included, the monthly charge for a fully managed 1-bedroom apartment, rented out for £2000 per month will amount to £340.
Find out more about Reside’s services and fees here.
