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Saturday, September 13, 2014

Is property management easier with a smaller home?

Property management tips
Location of small properties is a significant factor in their management
By Andrew Reilly

When it comes to property management, it can seem like there is a million and one tasks to carry out to make sure that everything is in place. If you don’t know where to begin with property management, it makes sense to call on the services of experts that do it professional and who understand what needs to be done to ensure a property and client is being well looked after. Reliable property management firms will have checklists in place which will ensure that they know what needs to be done to ensure that a property is well maintained and looked after.

Of course, no two properties are 100% alike and even if they have been built from the same design plans, they may not have been finished or fitted to the same standard. This means that there needs to be a bespoke approach to every property that is in the portfolio of a property management firm. This means that some properties may be easy to manage and other properties may be very troubling and a drain on resources. This is why some homes and properties may be of greater benefit to a property management firm than others.

There are arguments for and against over property management firms using small properties

This raises the argument over whether a smaller property is more attractive for a property management firm to look after than a big property. Some arguments for the smaller property being of greater benefit include:
  • Less space to cover
  • Less likelihood of things going wrong
  • More realistic client expectations
However, it may be that a larger firm is of greater benefit to a property management firm due to:
  • More income being brought in
  • Similarities with other properties
  • Greater likelihood of property being part of a portfolio
  • Greater chance to develop a reputation
There are arguments for and against property sizes being of significance to a property management firm but with a number of smaller firms coming on to the market, it may be that property management firms need to develop their skills with respect to small properties.

If some people are looking to get onto the property market or are looking to make money from letting out a property, there is a lot to be said for buying anything you can in a good area, and this may mean that smaller properties are all that can be afforded.

An Islington property resets the bar for small properties in London

One property in Islington, which is so compact that the property owner has to sleep on a shelf that is placed above their kitchen has recently been added to the market at a price of £275,000. The property is located in Richmond Avenue in Islington and it has been described as the smallest house in London, clocking in at just 188 square feet. The property firm responsible for selling the property has referred to it as a “pied-a-terre”, which is clearly another cute term being used to take away from the fact that the property seems so small. While you would think that this sort of property is not suitable for a happy and healthy home life, it is likely that there will be someone willing to snap it up. This could provide a rental goldmine for someone because there will always be someone looking to stay in a great area and who only wants a place where they can enjoy the basics of life.

If you are working for most of the day and then like enjoying what London has to offer in the rest of your time, you only really need a secure place to sleep, wash, eat and store your belongings. It wouldn’t be suitable for many people but there will be some people that find this Islington property to be perfect for their needs and it could also be a property that a property management firm would love to have on their books.

The fact that it is a one-room house which has a toilet and shower, but no sink, will limit the amount of work that a property management firm has to do to maintain it, but there will always be a number of administrative tasks that have to be carried out, regardless of the size of the property, and this is where the real work of a property management firm will take place for a small property.

About the author: Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 8 years but has been writing for as long as he can care to remember. When Andrew isn't sat behind a laptop or researching a story, he will be found watching a gig or a game of football.