Expert Property Management
Who are property managers?
A property manager is an individual who acts as a third party between the landlord and tenant. They will make sure the property is maintained to a high standard and that the tenancy runs smoothly. The property manager is the primary contact for the landlord and tenant, dealing with all tenant related issues, starting from interviewing tenants to managing all administrative tasks.
Some landlords prefer to be hands-on with the daily running of their properties: they enjoy being actively involved in finding tenants, interviewing them and managing any queries. Yet, the majority of landlords would rather let a professional company deal with managing the tenancy. This may be due to various reasons such as wanting to ensure the entire tenancy management process is handled efficiently, or they may have multiple properties and managing them all at the same time can be overwhelming. Some private landlords may treat rental payments as passive income or as a retirement fund, so they would prefer as little involvement in the process as possible.
If you decide to be an absentee landlord, it doesn’t mean that your property or tenancy will be neglected. You will only be delegating the time-consuming daily tenancy management tasks to a dedicated property management team and just sit back and enjoy a regular income stream.
What services do Property Managers provide?
Property management consists of a vast range of services. Here are some of key components of property management:
Finding and interviewing potential tenants
The property manager is responsible for finding tenants and making sure the property is occupied as frequently as possible, in order to avoid rental void periods. The property manager will market the property and manage all the enquiries. A screening process will then be carried out to ensure that the tenant passes the tenancy referencing and Right to Rent checks prior moving into the property. After the landlord is satisfied with the results of the background checks, the property manager will arrange for the tenant to move in.
Upon receiving the property from the landlord to manage, the property manager will carry out a thorough inspection of the property, highlighting any cosmetic works or repairs that can be done to improve the quality of apartment which could push up the rental price, resulting in a better return on investment for the landlord. The property manager will also conduct market research to evaluate rents of similar properties in the area, to make sure that the rent matches the market benchmark. Over the course of the tenancy, the property manager will also advise the landlord on any potential rent rise opportunities.
Tenant Move in Process
Once a potential tenant has been approved, the property manager will draft a tenancy agreement, indicating the move-in date, deposit amount and other financials, as well as any special terms and conditions that have been agreed upon.
The tenant will respond by submitting a deposit and first month rental payment, and the property manager will ensure that the deposit is stored safely in a government approved tenancy deposit scheme for the duration of the tenancy.
The property manager will then write up an Assured Shorthold Tenancy (AST) Agreement that will be signed by both the landlord and tenant/s. Most of the time, the property manager will have the authority to sign the agreement on behalf of the landlord, hence landlords are often free from manual tasks.
Just before letting the tenant move in, an inventory report will be prepared. The property manager will take detailed pictures of the property and write any relevant notes on the condition of the apartment. The inventory report will be used at the end of the tenancy to track any changes to the condition of the apartment.
On the day of move in, the property manager will hand over the keys to the property and provide any necessary paperwork to the tenant. They will also prepare two copies of the tenancy move-in checklist where the tenant confirms that they have received all the required documents and items by signing it. One of the copies will be stored within the property management teams’ database for their reference.
Regular property inspections and maintenance.
Upkeep of the property is very important as some issues can become expensive to solve if left unattended. The property manager will carry out routine inspections, noting any issues that need attention in a report. If anything needs immediate repair, a contractor will be sent out to carry out the works and the property manager will report back to the landlord.
Ensuring timely rent collection
Rent is the epitome of residential lettings, since it’s the cashflow the landlord expects to get on a regular basis. One of the biggest reasons why landlords prefer the property manager to take over the tenancy, is to ensure that the tenants pay the rent on time and in full amount. Experienced property managers can manage any arrears before any possible escalation. It’s very rare that late payment issue can not be resolved, however, if this situations arises, the property manager will deal with the legal proceedings and the eviction process if necessary.
A lot of landlords take up a property management service because they want to avoid the headache with the eviction process. Tenants may have to be evicted due to various reasons: continuous late rental payments, bad apartment upkeep, unauthorised occupation, etc. If the tenant needs to be evicted, the property manager will issue the Section 21 eviction notice and other necessary documents, and they will liaise with the legal team and courts if necessary.
Benefits of a Property Management Service
The most obvious benefit of opting for a property management service is that it frees the landlord from all the hassle and stress associated with managing a tenancy, while maximising the yield on the property. The property manager will be the first point of contact and will deal with any issues that may rise through the course of the whole tenancy.
Stay up to date with regulation changes
Regulations on rentals in the UK have been changing quite often over the past few years, so many landlords may struggle with keeping up to date with them. The property management team will be staying on top of any changes in rental laws and regulations and will advise the landlord if any action needs to be taken.
Reduce tenant turnover
Because of the extensive screening process before approving a particular tenant, the quality of tenants the landlord receives will improve. High quality tenants also tend to agree on longer tenancy period and due to an on-hand dedicated team, they rarely decide to end their tenancy before the official end date. As a result, void tenancy period will also be reduced which allows landlords to maximise their investment returns.
Meet our dedicated Property Management Team
Our team provides a full and efficient service, managing your portfolio all in one place by one of our expert property managers. Our one stop Buy-to-Let investments approach ensures a hassle free process from the acquisition of the assets to managing tenancies and accounts. A dedicated asset manager is assigned to each property and they will be a direct point of contact for both landlords and tenants. We will manage all parts of the rental process: from evaluating rents to finding and vetting tenants, collecting payments, dispute procedures and more. Where possible on new build assets, we aim to pre-let some units before practical completion to limit void periods. We will also carry out regular rent reviews, stay on top of any market trends and legislative changes. Moreover, you will have access to all of our investment opportunities and will be invited to any investor events.
The Greater Manchester Combined Authority has announced that its long-term plan, Places for Everyone, has moved into its next phase. Insider Media.
Rightmove published its July House Price Index report, Rightmove.