Benefits of having a property management company assist you with your lettings

If you are considering letting a room, studio flat, house or even an estate, a property management agent can be very valuable in taking care of the whole process for you.

Property management agents are able to provide a variety of services; from the collecting of rent, the day-to-day management of the property and also dealing with any legal aspects of the property and the let on your behalf. So we have highlighted some points below that property management agents can offer you and which ones you should look for when selecting the right agent for your property?

What’s the right time to use a management agent?

Whether you are an active landlord or you are managing the property yourself, the choice as to whether you would like a property management company to undertake the tasks on your behalf is down to you and your circumstances/experience. Another thing that can determine this is if you own several properties, letting out to several people or own a large area of land, then you may not be able to handle all the logistics of keeping the properties maintained, so that’s where a property management company could come in and assist you.

Also, you may not want to deal with all the financial and legal aspects of the letting the property directly with your tenants and prefer to have it all dealt with by experienced professionals. Whatever your circumstances, a property manager can provide you with a wide range of services designed to make the process easy and relatively painless for you as a landlord.

What services do a property management companies offer?

A property management company will provide you with the full range of management services for your properties. In certain circumstances, the property owner will only hand over a selected few tasks to a management company and choose to handle some aspects themselves, but if you choose, you can pass full responsibility to the company. So what are the services a typical property management company offer?

The property management company will act as the middleman between the owner of the property and the tenants who are renting it and are often responsible for the following:

  • Advertising/Marketing your property to potential tenants

  • Sourcing suitable and reliable tenants for the property

  • Accompanying potential tenants to view the property

  • Obtaining references and conducting credit checks on potential tenants

  • Providing you with all information on the latest safety regulations

  • Preparing the tenancy agreements on your behalf

  • Organising and managing the collection of the tenant’s deposit

  • Preparing the inventory and conducting a state of repair assessment on the property

  • Checking in the tenant and agreeing on the inventory

  • Collecting the rent from the tenant

  • Transferring the rental income to your account and providing you with statements of account

  • Managing and arranging any necessary repairs

  • Inspecting the property periodically and feeding back any comments to you

  • Providing tenants with notice at the end of the tenancy

  • Re-letting the property as quickly as possible and minimising any breaks in income

Dealing with legal aspects of the tenancy and property, including evictions, non-payment, harassment or problems with squatters is also another service property management companies provide.

What do I look for in a property management company?

One of the most important things to look for in a management agent is their qualifications and credentials. Check to see if the management company is a member of the Association of Rental Letting Agents. ARLA has recently introduced an award called the Technical Award in Residential Lettings and Property Management. Look out for this accreditation when selecting a property management company. ARLA lists qualified management agents on their website, so it’s a great place to start looking for one that lives near you.

A good recommendation can go a long way. Check with friends or acquaintances that also employ a property management service to understand what their experience has been with their agent.

The majority of property letting agents will offer both letting and full management services, but talk to several and negotiate and understand their terms before deciding which to the agent to instruct. Make sure you know which services you are getting and what you’re paying for, either as part of a package or as extras. Ask about ‘To Let’ boards, newspaper adverts, websites, magazines and their own marketing ideas.

How much does a property management company cost?

The cost of instructing a management agent will depend on which services you buy into. The majority of management agents will ask for a percentage of the gross rental income, rather like a commission. Don’t always be tempted by the cheapest fee, however. You want your agent to be motivated to keep the property occupied and the tenants happy at all times, so negotiate a mutually rewarding deal where you can. Fees can range from anywhere between 5 and 10 percent of your gross rental income for a basic service to 15 percent or more for a full management service.

 

How to showcase your property in preparation of viewings

 

When selling or renting out your home one of the most important things to consider would be the presentation of your home, especially as it’s well appreciated when a homeowner has put time and effort into making a good first impression on their homes.

Preparing your home for viewings is definitely an important step in the current buyer’s market. Why is that? Well, it’s because your buyer audience will decide within just a few minutes of viewing whether or not your property is an ideal for them: an unkempt garden or peeling paintwork is often all it takes to secure a lousy review and send them house hunting somewhere else. Giving your house kerb appeal however, isn’t just about dressing for effect. Rather what you should be targetting is encouraging potential buyers to make an emotional connection to your property, to see how easy it will be to live there, rather than spend time imagining how the place might look and how hard it might be to whip it into shape. So how exactly do you go about showcasing your home to the best it can be?

Make an entrance

The exterior of your home is the very first thing potential buyers see and probably make the judgement on. So take note of the property across the road – and make sure your front garden frames the house with a design that gives it good character, but which also complements the street and also the uniqueness of your own home. Keep garden paths wide and weed-free to emphasise the feeling of arrival and separate any driveway with small trees and hedging plants or neat garden ornaments/decorations. Give your front door a fresh coat of paint and stick with quality door furniture that suits the age and style of the property.

Get snappy happy

It’s human nature to overlook what we see every day, but when you see things on the screen, you get a much-needed ‘other view’. So take photographs of your property and analyse them on the computer. This will allow you to critique each room in sequence and make improvements accordingly and also make sure the theme of your home coincides. 

Clean up the clutter

An excess amount of clutter makes it difficult to concentrate on what you’re actually viewing; the more we see in a room, the less we process naturally. Clutter also has the knack for making everything look smaller, so strip back rooms and detox them of unnecessary items. Put large items of furniture, knickknacks, and books into storage or get rid of them if they are currently in use. Prune furniture – people tend to line their walls with chairs and tables – floating furniture away from walls into cosy groups makes the traffic flow more obvious and the perimeters clear.

Lose the ‘me, myself, I’

Your home is no longer yours once that “for sale” or “for rent” sign goes up, but you still need to prepare it so potential new owners pick up on the positive undercurrents of your efforts. Start by depersonalising and neutralising spaces – remove photos, clothing, and personal items and replace them with more generic alternatives and items that are only fit for yourself/your family. You can still give your home personality with carefully chosen items such as decorative mirrors or scatter cushions; just keep the family heirlooms and kiddie art to a minimum, or store them away.

Light the way

The atmosphere is best created by having a variety of light levels according to your mood and the time of day, so install dimmers if you want to especially showcase this feature of your home. Remedy bad lighting by increasing the wattage of your lamps and fittings. Aim for a combination of floor, table and overhead lighting in key rooms to create contrast and highlight eye-catching objects. 

HOW TO PERSONALISE YOUR RENTED SPACE

Making a rented space your home is a very tricky task especially as it isn’t your actual home, it’s someone else’s and your just renting it. But never fear Property Property Property is here with some tips and tricks on how you can convert your rented space from being just a rented space to your home.

Seek Permission from Landlord

First of all, make sure you have the permission of your Landlord. If you’re fortunate to have a flexible Landlord who doesn’t mind you suggesting and getting some paintwork and upscaling done on the space, then take advantage of that! However, if you’re Landlord is stricter and doesn’t allow permanent changes (even though painting isn’t permanent), still seek their permission for any changes you may be making to their property.

Now let’s begin….

1. Walls

A majority of the time we want to change and customise our walls, because of walls. So we recommend that your use removable wallpapers that reflect your personality in your rented space, as this will bring to life your character and make you feel homier. Also consider doing a faux wall DIY project, an amazing alternative.

2. Sticking stuff

If you’re into gallery walls or just having paintings/quotes stuck up on your wall for inspiration but your Landlord doesn’t want you nailing stuff on his walls, then we’ve got your back! Consider getting some double-sided tape, blu tack or specific customised adhesive tapes as this will ensure that you can get your gallery wall, without the expensive of drilled walls and an angry Landlord.

3. Flexible furniture

This is one of the most important things you can do! Get flexible furniture as you could easily move it around. If you’re tired of the way your space is set up, with flexible modular furniture you can just opt and switch up the structure and layout of your room at any time.

4. Decorate, Decorate, Decorate

Property Property Property advice you’re to Decorate Decorate Decorate! Adding textiles that interest you or changing the lighting accessories; anything that wouldn’t make permanent changes to your rented space but reflects your personality, you need it!

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Also if you have any tips that you could recommend to us, share them in the comments and we’ll be highlighting them in our upcoming articles in the ‘Home Improvement’ series.