Resources For Landlords
Being a landlord comes with a long list of responsibilities and tasks. From handling tenant communications and organising maintenance, to ensuring compliance with the many landlord regulations, it can take up a lot of time and requires a good level of expertise.
Rather than dealing with the hassle and stress of balancing work commitments and managing a property, many landlords choose to use a Property Management service.
If you’re a landlord in areas such as Guildford, Godalming or Farnham wondering whether to use a Property Management service, here’s an overview of what you could benefit from.
Liz Gamlen
Lettings Director
Written By
Property Management in the rented property sector involves undertaking the ongoing tasks related to managing a tenanted property. The range of services can vary but typically involves overseeing the maintenance of the property, managing tenant enquiries and meeting compliance requirements such as arranging gas safety certificates and performing Right to Rent checks.
The remit of Property Management can also extend to finding and screening tenants, managing rent payments and conducting viewings and inspections. A Property Management service usually handles the vast majority of landlord responsibilities.
Howard Morley & Sons’ Property Management services are designed to make the process of letting your property as seamless and ‘hands off’ as possible, so you can let your property with minimum stress and long-term financial stability. We’ll keep you up to date with regulations, liaise with tenants on your behalf, inspect properties, take care of day-to-day admin tasks – and much, much more.
While the services offered can vary and can be customised around your specific requirements, most Property Management services will generally include the following as a minimum:
Some Property Management companies and lettings services offer a separate service for finding and screening tenants, without all the additional services. If you are happy managing all the other tasks, this could be a suitable option, just paying the initial finder’s fee. Local letting agents often have a waiting list of prospective tenants, so this can minimise void periods and avoid the financial loss of a vacant property.
Even tenants looking for rental properties in more affluent areas can become problematic tenants, so comprehensive screening is essential to help to find reliable and responsible tenants. This will become even more important with the Renters’ Rights Act introducing changes to eviction processes – so it is more important to have an experienced letting agent behind you.
A good Property Management company will perform a series of tenant screening checks including credit checks, employment references and previous landlord references to identify any potential issues and find the best tenants for your property.
Property Management services include all tenant communications, so you won’t have to worry about receiving calls at inconvenient times or responding to enquiries related to your property. If there is an urgent maintenance issue, your Property Management company will handle it on your behalf.
The wear and tear from everyday living in a residential property will mean that regular maintenance and repair will be required. A good Property Management company will have a network of trusted tradespeople who will be able to quickly resolve maintenance issues at a reasonable price. If you are renting out multiple properties, co-ordinating maintenance across your portfolio will become time consuming, so leaving it to a Property Management company could free up a significant amount of time.
Ensuring maintenance requests are dealt with promptly will not only ensure compliance, it will also keep your tenants happy, which will often mean they are more likely to remain in your rental property for a lengthy period.
The private rented sector is governed by strict regulations and staying up to date with constant changes can be challenging when your time is limited. Using a Property Management company can give you peace of mind that you are complying with all the relevant legislation from health and safety regulations to Right to Rent checks, and all the new requirements that will come into force under the Renters’ Rights Act.
Your Property Management company will also handle rent collection, chase any missed payments and handle rent increases in line with the fair market rates to help optimise your rental income. If a tenant misses rent payments, the Property Management company will communicate with tenants by following the correct legal processes to help achieve a positive outcome and avoid eviction procedures where possible.
From writing up tenancy agreements to completing inventories and recording evidence, there is a lot of administrative work involved in managing properties. Using Property Management services will save time and make sure that all these activities are completed in line with the relevant regulations.
Having professional inventories conducted can also help prevent disputes over damage and deposits at the end of tenancies, so it can be a very worthwhile service to have.
While you might save money by self-managing a property, you should consider whether you have the time for the important daily tasks of Property Management. This is especially true if you have multiple rental properties, where the workload can quickly escalate and the administrative burden becomes even more significant.
The upcoming Renters’ Rights Act will also introduce a raft of new rules and regulations for landlords, so using a Property Management service could save you a great deal of time and stress. A good agent will ensure your property remains compliant, helping you avoid fines from the council or legal action from tenants. Ultimately, most landlords choose to instruct a letting agent to reduce their workload and remove the most stressful aspects of Property Management.
When choosing a Property Management service, the most important thing to consider is the level of service you receive as a landlord. For example, cheap ‘Property Management’ services may cost you later in terms of sloppy communication, missed compliance checks or poor tenant selection. You want to make sure that you’re paying an agent who helps you rent to tenants in a sustainable, profitable, stress-free manner which encourages them to stay for the long term. This is what makes Property Management worthwhile.
As the rules around compliance tighten, it is more important than ever to select an agent who is well-versed in the rules and the local lettings market – ensuring you’ve got far less to worry about, even as circumstances change.
If you use a full management service, the company undertakes the legal responsibilities associated with managing a rental property, from health and safety compliance to adhering to the licensing requirements under local authorities. They ensure that tenancy agreements are legally binding and ensure certificates such as the Gas Safety, Electrical Installation Condition Report and EPC are valid and renewed on time.
Howard Morley & Sons have the experience and resources to help you let your property with complete peace of mind. When everything is taken care of, you’ll have the head space to focus on what matters most to you – rather than spending your time on legal compliance, property inspections and negotiating with tenants.
Contact us to find out more about our professional Property Management services across Guildford, Bramley, Milford and other areas of Surrey.
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