Before you think about all the benefits of owning a rental property or becoming a private landlord, it is important to know what it takes to manage your property. Whether you decide to self-manage or work with a property management company, there are many things that need to be taken care of. So, what is property management?
In simple terms, property management refers to the tasks that need to be completed to ensure the day-to-day running of your properties, rent collection, finding tenants, dealing with maintenance issues, and ensuring full compliance with rules and regulations.
Whether you own one property or multiple properties, understanding property management helps you make informed decisions about your investment.
Click here, call 0113 230 55 52, or email info@redbrickproperties.co.uk to get in touch with our award-winning team at Redbrick Properties, where we provide property management services to ensure our clients get the help they need.
What Does Property Management Include?
Professional property management services are designed to keep your property running smoothly while providing landlords and tenants with ongoing support.
This means that there are specific tasks to complete ensuring everything runs smoothly, and both landlords and tenants can work together in accordance with the tenancy agreement.
Here’s a look at the different responsibilities of property management:
Tenants
With tenant relationships, the work starts from the moment you are searching, finding, vetting, and then signing a tenancy agreement.
These include:
- Tenant screening and referencing
- Preparing the tenancy agreement
- Rent collection
- Tenant relations
Maintenance and Compliance
When there are safety checks needed or maintenance issues arise, it is the responsibility of the property management company or landlord to ensure it all gets taken care of, and efficiently.
This means:
- Property maintenance and repairs
- Proactive maintenance checks
- Safety checks, including gas and fire safety
All of these are part of the compliance measures that need to be completed to ensure everything is running smoothly.
Administration
It is vital that all documents and records are kept in an organised fashion, and that every issue has been recorded in the files.
Pay extra attention to:
- Filing of certificates
- Deposit protection
- Tenancy renewals
- Rent arrears management
By keeping a good track of the administration side of property management, you can ensure that if any legal issues were to arise, you can handle them efficiently as the paperwork will all be in order.
Why Property Management Matters
As with any business, property, or investment, if not managed properly, it can go downhill and start costing you money immediately. Sometimes, the idea of the money we can make overpowers the details of what it takes to keep a well-managed property.
Landlords and professional property management companies have a legal responsibility to provide safe accommodation, respond to repairs and meet changing legal requirements. Plus, by managing your property well, you can improve tenant satisfaction, which leads to a more successful investment.
Self-Manage or Use a Property Management Company?
When it comes to deciding whether you want to manage your own property or use a company, it is up to you. It all comes down to what you think you can handle, and whether you have the time to do it all.
If you want to self-manage, then you should:
- Have strong knowledge of legal requirements
- Have no more than a few properties
- Have a flexible timetable so you can deal with issues efficiently
- Want to be in control of your investment
- Personally collect the rent checks
If that feels a little overwhelming, then you may want to consider a property management company. Especially if you:
- Own multiple properties
- Need or want professional support
- Don’t want to be involved in the management process
- Don’t fully understand the legal compliance requirements
- Don’t have the time
Ultimately, self-managing landlords can save money they would have paid the management company; however, as the saying goes, “time is money”, which is why for many landlords, opting for a more hands-off approach is appealing, even if it means investing in a little help.
Professional Management vs Let Only Services
Many letting agents offer different levels of support, just like at Redbrick Properties. Depending on what you want help with and how much you want to be involved, there will be an option for all landlords.
For example, one of the least invasive options for a landlord is the let-only service. This typically consists of marketing the property, finding tenants and setting up the tenancy before handing responsibility back to the landlord. In some instances, you may have a slightly better option, such as let-only plus, where rent-related situations, such as collection and disputes, can be taken care of, too.
On the other hand, the full property management service goes much further by overseeing the day-to-day management of the property, including tenant management, maintenance, legal compliance, rent collection, tenancy renewals and ongoing communication with tenants. It is the ultimate hands-off approach for landlords who want to enjoy their investment without all the footwork and hassle.
Here’s a look at the different services we offer at Redbrick Properties for our landlords.
Client Protection and Professional Standards
When choosing a property management company or letting agent, it is important to check they follow recognised professional standards.
A great place to start would be to ensure the company you are working with is a member of organisations such as the Property Ombudsman, providing landlords with additional reassurance should any disputes arise.
Also check they have partnerships with recognisable companies for client money protection schemes, maintenance and repairs, and a management system that can ensure everything is done efficiently.
These protections demonstrate a commitment to transparency, accountability and professional management.
Is Professional Property Management Right for You?
Whether you own one rental property or a growing portfolio, professional property management can help protect your investment while saving valuable time.
Although this is a decision landlords need to make themselves, we strongly advise at least speaking to a trusted property management company, such as Redbrick Properties, and finding out what your options are.
After all, when you own rental property and want to grow your property portfolio, financial management is vital to your success. It is difficult to concentrate on that as much when you are dealing with the day-to-day running of your properties. That’s why working with a trusted property management company can be a worthwhile decision.
Speak to Redbrick Properties
Get in touch with us at Redbrick Properties and ask us how we can make your life easier by managing tenants, collecting rent, and ensuring legal compliance, etc.
Whether you need a fully managed service or advice on rental property management, our experienced team is here to help.
Click here, call 0113 230 55 52, or email info@redbrickproperties.co.uk to contact Redbrick Properties.
