landlords what to look for when choosing a Property Management company to manage their portfolio’s.
The management of leasehold residential properties is a complex business for many Landlords. To be effective and to run your portfolio with expertise requires a thorough knowledge of the statutory requirements of various Landlord and Tenant legislation and compliance with the recognised Codes of Practice.
The actual practicalities of the day-to-day running of a property portfolio is like managing a business and requires specific skills and time to dedicate to it. It is these factors and the lack of time which can prevent Landlords from expanding their portfolio further.
Selecting a Property Management Company can be the perfect solution but it is essential to choose the right one that will benefit you and your properties in spite of the cost.
the right Property Management Service can benefit Landlords and make their life a lot easier and their property portfolio profitable and ready to expand.
Finding the right Residential Property Management Service you can trust is crucial and in our experience the following points will ensure that you are off to a good start.
Qualified Trained Staff
It’s important to know that the people you are going to trust to manage properties on your behalf are adequately qualified.
Look out for the basics; membership of the UK’s national bodies, the Association of Residential Managing Agents (ARMA) and the Institute of Residential Property Management (IRPM).
Both of these bodies offer qualifications that are respected throughout the industry and are a quick way of gauging the suitability of a management company.
There are different skills required for a Property Management Team and a Lettings Team and to ensure you receive the best overall service for your Properties and Tenants it is important that a Property Management Service has separate teams working on both.
A dedicated Lettings Team should deal only with lettings ensuring that the consultants are freed up to match applicants to properties quickly and efficiently.
The Property Management Team is there to ensure that tenants benefit from a quick, efficient and professional maintenance service when things go wrong.
Reducing Void Periods
Look at the track record of your prospective Property Management Team in reducing the amount of time properties on their books are vacant. This can save you a significant amount of money.
Reducing void periods is more than sourcing new tenants quickly for empty properties, it can be indirect too; If a property is managed well then it is less likely tenants will want to leave.
Regular inspections of your properties can be one of the contributing factors to reducing void periods. If you know that your Property Management Company will be conducting inspections regularly, it is likely any issues will be caught early.
Regular inspections can allow Tenants to discuss freely any concerns they have with the property which in turn will ensure they are happier and more likely to view their property as a long term option.
Regular inspections can also draw attention to Tenants who maybe causing problems or simply act as a deterrent in the first place. They can also be a method for determining Tenant breaches that can be acted upon promptly.
Rental deposits have reached new highs and with such large sums of money at stake it is essential to establish a comprehensive inventory upon the commencement of a new let.
If your Property Management Team prepares a professional and thorough inventory at the start of a lease then potential deposit disputes at the end of a lease can be avoided.
Establish with your potential team how they draw up an inventory; whether it is simply a list or includes a thorough description of the condition and cleanliness of the property.
A thorough inventory is also a safeguard when proving damage caused by a tenant to a property; without an inventory it can be almost impossible to recover costs that exceed a deposit.
Tenancy Deposit Schemes
The Tenancy Deposit Scheme became a legal requirement in 2007, and it is important that you establish that your Property Management Company is a member of a trusted deposit scheme.
The deposit scheme means that when a deposit is taken from a Tenant it is protected in a government authorised Tenancy Deposit Scheme. The scheme ensures that any disputes between Tenants and Landlords or Agents will be easier to resolve and will be dealt with fairly by the Independent Complaints Examiner (ICE)
The Deposit Scheme also means that Tenants are encouraged to look after the property they are renting to ensure the speedy return of their deposit in full.
Landlords insurance is something that you may not view as falling within a Property Management Company’s remit, however; there is a good chance that they will have connections with a local insurance broker that will be able to tailor a policy that will be specifically suited to your property portfolio.
The Management Company should be able to offer advice and support when trying to get the best deal for you. You can also have your premiums taken from your rent account in order to receive taxable benefits.