The 7-Step Guide to Being a Responsible Property Manager
Whether you are a new landlord, or if you have owned property for years… it’s good to know your property management responsibilities.
That’s why we have put together our 7-step guide to be a responsible property manager.
The Essentials of Property Management
Property management is about taking care of the investment property to ensure you maximise your rental return.
This involves the following activities:
- Setting rent at the market price
- Screening tenants to ensure they’re suitable
- Collecting rent from tenants
- Keeping tenant vacancy rates low
- Providing maintenance and repairs to ensure the property is safe
- Consistent communication with tenants
- Managing the income and expenses associated with the property
7-Step Guide to be a Responsible Property Manager
Below are the key steps you need to be aware of as a Property Manager:
Step 1: Screening potential tenants
- You need to ensure that you use a rigorous screening process to find the best tenant for your property.
- This involves interviewing, doing reference checks and verifying the immigration status of your tenant. You will need to confirm that the adult tenants living in your property are legally allowed to rent in the UK.
Step 2: Prepare the Tenancy Agreement
- Make sure the documentation is accurate to protect your legal rights.
- Once the Tenancy Agreement has been prepared and signed, you will then need to lodge the deposit in a government-approved deposit protection scheme.
Step 3: Ensure your property has an Energy Performance Certificate (EPC)
- You will need to have an assessment carried out by a professional assessor. The assessment will indicate how energy efficient the property is.
- The EPC is a document that shows the results of the assessment.
Step 4: Undertake annual gas safety checks
- This will need to be done by a Gas Safe registered engineer.
Step 5: Fit and test smoke alarms and carbon monoxide alarms
- You should check, test and clean your smoke alarms and carbon monoxide alarms once a month, to ensure the safety of your tenants and your property.
Step 6: Ensure the property is safe
- You will need to a professional electrician to check and confirm that the electrical wiring is safe. This must be inspected every five years.
Step 7: Provide maintenance and repairs in a reasonable timescale
- You will need to provide regular maintenance and repairs, as well as emergency repairs within a reasonable time and with minimal disruption to your tenants.
- You will also need to manage tradespeople and coordinate when they can access the property.
Additional requirements for House in Multiple Occupation (HMO) properties:
- Ensure the property is not overcrowded
- Ensure there are enough cooking and bathroom facilities for the number of people living in the property
- Provide communal areas and shared facilities that are clean, functional and in good condition
- Provide enough rubbish bins
- Ensure you have a current HMO licence from the council
Benefits of Hiring a Property Manager
If you are not sure if you want to take the responsibility of the property management, then you may want to consider hiring a property manager to do this on your behalf.
Before you hire a property manager, check if the service is a full property management service, or a tenant find and rent collection service.
The activities provided for a full property management service differ between different agencies so ask for specific details before you choose an agency.
The best property managers will care about getting you the best return on investment. They will take a proactive approach to help maintain and improve your investment property. And they will communicate in a timely manner.
Here is a list of the key roles that we provide our clients with our full property management service:
- Provide accurate rental appraisals based on the market
- Advertise your property for rent with effective marketing
- Open your rental property for viewings
- Screen tenants including reference checks, rental history review, verify immigration status and confirm they can legally rent
- Prepare and manage the tenancy agreement signing process, handle questions and lodge the deposit
- Undertake rental collection
- Manage your financial accounts for the investment property and provide regular reports
- Manage the condition report process
- Inspect the property on a regular basis
- Organise tradespeople for repairs and maintenance
- Conduct emergency repairs
- Conduct rent renewals and negotiate rent increases
- Solve disputes with tenants
- Provide regular communication to keep you informed
At REKA Property Management, we give our clients the facts about the property industry and focus on getting the best return on your investment.
If you want to know how to achieve solid rental returns and have peace of mind with your property, then call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk
Doug
Whether you are a new landlord, or if you have owned property for years… it’s good to know your property management responsibilities.
That’s why we have put together our 7-step guide to be a responsible property manager.
The Essentials of Property Management
Property management is about taking care of the investment property to ensure you maximise your rental return.
This involves the following activities:
- Setting rent at the market price
- Screening tenants to ensure they’re suitable
- Collecting rent from tenants
- Keeping tenant vacancy rates low
- Providing maintenance and repairs to ensure the property is safe
- Consistent communication with tenants
- Managing the income and expenses associated with the property
7-Step Guide to be a Responsible Property Manager
Below are the key steps you need to be aware of as a Property Manager:
Step 1: Screening potential tenants
- You need to ensure that you use a rigorous screening process to find the best tenant for your property.
- This involves interviewing, doing reference checks and verifying the immigration status of your tenant. You will need to confirm that the adult tenants living in your property are legally allowed to rent in the UK.
Step 2: Prepare the Tenancy Agreement
- Make sure the documentation is accurate to protect your legal rights.
- Once the Tenancy Agreement has been prepared and signed, you will then need to lodge the deposit in a government-approved deposit protection scheme.
Step 3: Ensure your property has an Energy Performance Certificate (EPC)
- You will need to have an assessment carried out by a professional assessor. The assessment will indicate how energy efficient the property is.
- The EPC is a document that shows the results of the assessment.
Step 4: Undertake annual gas safety checks
- This will need to be done by a Gas Safe registered engineer.
Step 5: Fit and test smoke alarms and carbon monoxide alarms
- You should check, test and clean your smoke alarms and carbon monoxide alarms once a month, to ensure the safety of your tenants and your property.
Step 6: Ensure the property is safe
- You will need to a professional electrician to check and confirm that the electrical wiring is safe. This must be inspected every five years.
Step 7: Provide maintenance and repairs in a reasonable timescale
- You will need to provide regular maintenance and repairs, as well as emergency repairs within a reasonable time and with minimal disruption to your tenants.
- You will also need to manage tradespeople and coordinate when they can access the property.
Additional requirements for House in Multiple Occupation (HMO) properties:
- Ensure the property is not overcrowded
- Ensure there are enough cooking and bathroom facilities for the number of people living in the property
- Provide communal areas and shared facilities that are clean, functional and in good condition
- Provide enough rubbish bins
- Ensure you have a current HMO licence from the council
Benefits of Hiring a Property Manager
If you are not sure if you want to take the responsibility of the property management, then you may want to consider hiring a property manager to do this on your behalf.
Before you hire a property manager, check if the service is a full property management service, or a tenant find and rent collection service.
The activities provided for a full property management service differ between different agencies so ask for specific details before you choose an agency.
The best property managers will care about getting you the best return on investment. They will take a proactive approach to help maintain and improve your investment property. And they will communicate in a timely manner.
Here is a list of the key roles that we provide our clients with our full property management service:
- Provide accurate rental appraisals based on the market
- Advertise your property for rent with effective marketing
- Open your rental property for viewings
- Screen tenants including reference checks, rental history review, verify immigration status and confirm they can legally rent
- Prepare and manage the tenancy agreement signing process, handle questions and lodge the deposit
- Undertake rental collection
- Manage your financial accounts for the investment property and provide regular reports
- Manage the condition report process
- Inspect the property on a regular basis
- Organise tradespeople for repairs and maintenance
- Conduct emergency repairs
- Conduct rent renewals and negotiate rent increases
- Solve disputes with tenants
- Provide regular communication to keep you informed
At REKA Property Management, we give our clients the facts about the property industry and focus on getting the best return on your investment.
If you want to know how to achieve solid rental returns and have peace of mind with your property, then call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk
Doug
