Building inspections are the most in-demand property management service in London, SBA Property Management has found.
This is likely a consequence of wider reforms to building health and safety, which recommend that landlords RMCs and other ‘responsible persons’ conduct more regular inspections of their properties.
Over the previous three years, searches for ‘building inspections’ in London rose by an average rate of 19.67% year on year.
Tim Darwall-Smith, director at SBA Property Management, said: “The property management industry is fast-moving, with constant shifts in demand from customers. Recent updates to safety regulations have led to increased demand for site inspections and repair work, so it’s no surprise to see these being two of the most highly sought-after services in 2024.
“Strong rental demand in London looks set to drive an increase in demand for tenant screening services, while the recovery of the construction industry and high demand for fire safety remediation work will continue to have a big impact on the industry this year.
“To gain a competitive edge and continue to grow their portfolios, property managers must keep their service offering relevant and flexible this year.”
Maintenance and repairs is the second most in-demand service, followed by tenant screening.
In London demand for ‘building maintenance’ up by an average of 19.33% year on year between 2020 and 2023, making it the second fastest-growing service area for searches.
Maintenance is distinguished from major works in that it refers to smaller-scale tasks like landscaping, communal cleaning and corrective repairs for things like boilers and plumbing systems. In a market as competitive as London’s, high-quality maintenance work is key to client retention and can help property managers stand out among the competition.
Over the last three years, searches for ‘tenant screening’ had an average year-on-year growth of 13% in London, putting the service area as the third fastest-growing within the property management field.
With London rental prices expected to continue rising in 2024, it seems more landlords will be turning to tenant screening services to reduce the risk of late payments and ensure their properties deliver the best returns.
