How Property Management services can benefit you
Letting a property out has changed dramatically in the last decade- more so than most London Landlords can possibly fathom. Despite being a (largely) unlicensed sector the UK property rental market is now one of the most legislated housing sectors in the world.
In fact, are you aware that there are now 160 laws that create more than 400 rules & regulations that can apply when letting out a property? Without looking online try and write down just 30 of these.......tough huh? If you got 30 well done- now get to 50. Done that? You've now listed less than 1/3!
The quality & compliant letting of London property to renters is an onerous task and one that can increasingly only be met by quality, full-service, expert Lettings agencies. To maintain compliance requires considerable training & education and effective implementation almost certainly requires the support of cutting-edge software. I don't know many London Landlords who have the time or resources to do so themselves- nor the inclination.
Whilst engaging a letting agent doesn't absolve you of these responsibilities, the use of a quality rental and managing agent will facilitate this.
So that's the scary part! The truth is- life is hectic these days! It's hard enough fixing your own boiler let alone a faulty radiator or weeping u-bend at your rental property. As for tracking rent payments, accounting for all expenses and popping in (with suitable notice & consent) to check on things- I could go on. The reality is you want to enjoy what free time you have, not spend it managing your rental property.
That is why the effective Property Management of a rental is now more desirable and better value than ever before. Why do I say better value- because most agents (us included) only apply the 6% (5%+VAT) that we always have (on top of the letting fee) despite doing a lot more.
Do be careful. Management offerings vary A LOT and some letting agents promise a lot and deliver very little. However, if you choose our multi-award winning service here are some of the benefits you can expect:
-Monthly Invoicing & Account Statements
-Service Charge & Ground Rent Payments
-Annual Accounting Summary Statement
-Access to 'Property File' Landlord Portal
-'Rent & Legal Expenses Warranty' (subject to tenants meeting qualifying criteria)
-3 Annual Inspections around the end of month 1, 5 & 9 of tenancy- Landlords receive a comprehensive PDF report AND a Virtual Tour of the property for you to 'inspect' for yourself
-Special rates negotiated with pre-approved contractors
-No 'project management' fees applied to 'minor works' totalling under £5k.
-'MainTenants' property life skills tutorials for tenants: proven to reduce reported maintenance enquiries by @ 30%
-'base/ic appliances' providing tenants with free temporary appliances in emergencies, virtually eliminating compensation requests & minimising the stress for you in tackling any issues
-'Property File' app for all Tenants
-24/7/365 emergency response service for Tenants
I could go on but ALL of these are provided as part of our Fully Managed letting agency service and carry no additional charges at all. As such, we believe there is a huge benefit in adopting a Fully Managed service (or switching to a quality one) if you don't already.
We believe this is the most comprehensive rental management service in the UK and for that reason, we never negotiate on our fees. As always, if you want (genuine) quality, it comes at a price but we feel that this still delivers incredible value. By all means, shop around to find the right service & cost for your needs- we understand every landlord, and property is different with their own needs and aspirations.
If you'd like to know more about our property management services, would like to engage us or are thinking about switching from another letting agent, please don't hesitate to drop us an email or call us on 02070331901.
This article was written by Co-Founder Kristjan Byfield.