January 7, 2023
What is Property Management?
If you’re a landlord, or considering becoming one, you may well be wondering what is property management? The term refers to the management and overseeing of one or more properties. A property manager forms the middle ground between landlord and tenant, and their role will encompass a whole host of elements, from sourcing and referencing tenants to rent collection, property maintenance and dealing with tenant queries.
What is involved in property management?
To answer the question “what is property management?” we need to look at what property managers do. This can vary depending on the individual property management agreement, but will generally include:
- Sourcing and referencing tenants
- Handling tenant check-ins and check-outs
- Organising inventories and property inspections
- Setting and collecting rent
- Handling tenant queries and maintenance requests
- Organising repairs and maintenance
Property managers may also get involved in ensuring rental properties are fit for human habitation, that they meet current legal standards for health and safety and local guidelines for licensing, and that all the necessary legal and safety documentation and certifications are in place.
Sometimes, a property manager will also oversee the renovation of a property so that it meets rentable standards, and will take responsibility for returning it to the landlord in that condition at the end of the tenancy.
Property managers will often take care of property that landlord investors do not wish to manage themselves, or that they are geographically distant from.
What are good qualities to look for in a property manager?
A good property manager will be able to foster good relationships with both landlord and tenants.
They will also have extensive knowledge of the local property market, so that they can set the rental rate at the right level, and advise the landlord in terms of how to make the property more appealing to tenants, as well as attracting the best people who will rent long term and escape costly void periods.
A broad understanding of property law and applicable standards is also imperative so that property managers can accurately advise the landlord, and ensure they are operating within the law.
Property managers should have a vast network of contacts and good resources, as they will need to be able to react quickly to any issues the tenant raises, from emergency repairs to problems paying the rent.
What is the benefit of using a property management company to take care of your buy-to-let investment?
Managing a property puts a great deal of pressure on landlords in terms of time and resources, especially for those with multiple property portfolios, or those located at a distance from the property or aboard. Engaging a property management company takes all of the day to day stress away from the landlord.
City Borough Housing – the Property Management Experts, with a Major Added Benefit
City Borough Housing provides a professional property management guaranteed rent service, combining expert property management with the added security of a guaranteed rent scheme. In fact, when you guarantee your rent with City Borough Housing, you get a fully comprehensive professional property management service included, with no fees to pay whatsoever.
The service covers the management and costs of everyday repairs and maintenance, quarterly property inspections and dealing with day to day tenant queries, as well as a promise that your property will be returned to you in its pre-let condition at the end of the agreement, allowing for fair wear and tear. So you’ll be able to take a back seat with your buy to let investment, whilst enjoying a regular rental payment every month, even during void periods.
To discover more about how our guaranteed rent scheme could benefit you as a landlord, you are welcome to get in touch with our helpful team. Why not request your free rental valuation today?