Introduction: Property Management Services
Why should I use a management company for my property?
Whether you’re a new landlord, a seasonal landlord or have been a landlord for a long time, renting out and managing property can be time consuming, stressful and complex.
Welcome to Connect UK’s ‘Landlord Academy’ – here to answer all your property questions.
Is your tenancy agreement up to date and regulation compliant? Have you carried out all of the necessary legal checks on the property? Do you have any maintenance cover or policies to fix that broken boiler? What do you do if your tenant stops paying rent?
Landlord legislation and compliance is being updated constantly and being a hands-on landlord can be a full-time job. A managing agent is put in place to take care of everything for you.
So, what does a managing agent actually take care of?
No landlord enjoys a void period. With numerous registered clients already looking for housing, an agent is already one step ahead in finding suitable tenants for your property.
Do you know how to reference a tenant who has no credit history? Or a tenant from overseas? A managing agent will ensure all the right to rent checks are completed before a full reference is even carried out.
This is a vital part of renting any property. Without an inventory, it is very hard for the landlord to prove the condition of the property when the tenants moved in, therefore, no deductions can be made from the deposit when tenants move out and leave the property in a disrepair.
Protecting a five-week deposit is in your best interest. Why? If the property has been left in any disrepair, due to the fault of the tenant, the money can be used to rectify any issues.
Once the deposit and first month rent has been paid, an AST (assured shorthold tenancy) contract will be drawn up and signed by both the agent and all tenants over the age of 18.
Keys will be handed over with any tutorials of appliances, locks, gates and codes including utility company contact information and local council tax registration details.
Now, 90% of all tenants will always pay their rent on time with no hassle. Which is great. However, we must address those who need a little nudge or reminder from time to time. If an agent is aware of late rent payment, even if it hasn’t come in, on the day that it is due, they should be on the phone to the tenant to find out why.
Regular property inspections should be carried out to report on the property condition. Any defects or issues should be flagged up and you, as the landlord should be made aware before any steps are taken to resolve.
Notice periods and tenancy renewals
Fixed contract notices, periodic contracts, section21 notices, break clauses and agreement renewals must be dealt with as and when they arise.
An agent will manage them all and ensure you are kept up to date while seeking your approval before any changes are made.
In a nutshell, a managing agent enables you to be or become a ‘hands off’ landlord and relives you of any stress or worry while freeing up your time.