The value a good property management company can add to your rental experience can often be under-estimated, but they truly understand the local housing market and what tenants are looking for, which will help maximise the ROI on your property investment. Here are some of the many benefits of retaining a property manager to include; finding good quality tenants quickly, less stress, more free time, drawing up tenancy agreements, achieving the best price and keeping landlords up to date with the latest legislation.
1. Securing trustworthy tenants
Tenant screening is a complex process if you are to find those who will pay their rent on time, look after your property and stay long-term. You don’t want to have a bad tenant on your hands where problems can occur such as not leaving your property or you having to implement legal action. A good property management company will vet all their tenants first by looking at their background to see if they have a good track record and identify any potential red flags.
2. Finding a good tenant quickly
Void periods are bad news for landlords, so it’s vital that you find a good tenant as soon as possible in order to maximise your rental income. If a property management company feels your property(ies) need a spruce up, they will suggest any cosmetic improvements that could be implemented in order to enhance its appeal. They should also have a suitable marketing strategy in place to attract the attention of tenants, for example advertising on property portals, announcing new listings on social media, using good photography and writing engaging property descriptions.
3. Longer tenant retention
The key to a successful tenancy is to keep your tenant turnover low. Tenants are more likely to stay put if they are happy, which a property management company can help you achieve.
4. Legislative peace of mind
There have been continuous updates to existing legislation as well as new legislative measures for landlords, and more is expected. From Right to Rent Checks and the Homes Act to Serving a Section 21 notice, keeping abreast of the legislative changes is a full-time job in itself, which is why a property management company is so beneficial in this respect. They will keep you up to date whilst ensuring you meet your legal obligations specified in the tenancy agreement that both you and your tenant sign. These can vary between contracts, but all agreements will hold you responsible for keeping structural, electrical and plumbing items safe and in good repair. By making sure you are abiding by the law and managing tenant relations, your Property Manager can help save you a ton of legal fees and fines down the line.
5. Maximising rental income
A good property management company will advise on what the optimum rent should be based on their local market knowledge. If you set your rent too high you risk taking longer to find somebody, whilst setting it too low means you will lose out financially. They will also navigate rental increases for you and inform your tenant(s).
6. Quick response times to tenant issues
For most tenants, the speed of response to any problems they may have is one of the most important factors when maintaining a good relationship with you. This is only exacerbated by having multiple tenants in multiple properties. It is inevitable that at some point a landlord will need to have some repair work done, whether minor or major, and so your property manager will field tenant maintenance requests to see if and when work is required. If it is, they can ensure qualified, experienced tradesman get out to the property quickly. Our little black book of vetted companies for example ensure any work is carried out to an acceptable standard, without it costing the earth. We also offer a 7 days a week service to handle emergencies calmly and professionally. This means that you, the landlord, is not distracted away from your daily tasks to cope with unexpected problems. The result of this is a reduction in tenant turnover, minimising the risk of large expensive problems and reduced stress levels.
7. Property inspections
Regular inspections organised by your property management company will ensure that the tenancy continues in the right way and that they’re looking after their home properly. These inspections also allow any issues to be resolved face to face and effectively.
8. Managing the checkout process
When a tenant checks out of a property, your property manager will manage the moving out process to ensure everything goes smoothly to minimise any deposit disputes and ensure your property is in a suitable state for your next tenant.
How To Find a Reliable and Accredited Property Management Firm
With the rental market full of a diverse range of property management companies, you want to be sure that you find the one that is right for you. Do your research and don’t just choose somebody based on who charges the lowest fee. Look out for accreditations such as somebody who is a member of ARLA Propertymark for example. This ensures the company adheres to a mark of excellence to ensure they are going above and beyond to protect all parties. Other factors to look out for include how well they know their local property market, their resources, their professionalism, technologies they use, how they market their properties and their vetting process.
Find Out More About Hancock & Partners’ Property Management Service
As part of our Property Management service, Hancock and Partners offer bespoke pricing for our landlords, as we understand that not everybody is looking for the same thing. We pride ourselves on this being a cut above your usual fixed rate fees. There are two packages we offer:
Our full property management service gives you complete freedom by delegating your responsibilities to our team of dedicated and knowledgeable property managers. As with every member of our team, our property managers hail from Chichester and West Sussex and are experts in the local lettings market. This service offering includes all of the tasks mentioned above plus more.
Rent Collection and Tenant Introductions
Our property management team based at our Chichester office can also help you on a more versatile level. If you are a landlord who enjoys direct contact with tenants and arranging repairs, but you would like a team on your side to collect rent and handle your admin — including preparing tenancy agreements and advertising your other available properties — we can help. Or we can simply support you to find the right tenant for your property before you take over. We can take care of whichever aspects you would like us to with our property management service.
If you want to take a step back from daily property management responsibilities while meeting your obligations as a landlord and keeping your tenants happy, request a call-back from our property managers in West Sussex and benefit from a no-obligation expert consultation. Visit Handcock and Partners, or give our friendly team a call on 01243 531111.