What is a Property Manager and how do they Support Landlords?

Thinking of starting a property rental business and wondering whether to employ the services of a property manager? Read on to learn precisely what’s involved in a property manager’s role, and how using a property management company could benefit you as a landlord in numerous ways.

There is a common misconception that property management companies are simply there to source tenants and collect rent. But there is a lot more to the role of the property manager than this.

From ensuring compliance with a raft of lettings industry legislation, to fielding maintenance issues and providing expert guidance to ensure a property rental business stays profitable, there is plenty on the to-do list of the property manager. Let’s take a look at some of the core duties.

1.     Sharing valuable local intel

There is nothing more valuable than local intelligence and market knowledge. A property manager will know the local area in which they operate like the back of their hand. They’ll be able to advise you on a how much rent your property will be able to realistically command and, if you are looking to invest, what types of property are most popular, the typical yield you can expect to enjoy and how to maximise it.

This level of input is particularly useful if you are investing in buy to let property nd running a property rental business in an area with which you are unfamiliar yourself.

2.     Keeping landlords compliant

Lettings industry legislation is vast and changes on a regular basis. Keeping up to date is no easy task, but one slip-up could land you in hot water, facing fines, or worse.

Property management companies know the law inside out. They keep landlords compliant by taking care of everything from a legal perspective. From gas, electrical and fire safety and fitness for habitation, to UK planning laws, energy efficiency regulations and screening international rental applicants and dealing lawfully with evictions, there is no area of lettings law that a property manager won’t be an authority on.

3.     Taking care of maintenance issues

There is nothing worse than a 2am callout for a leak or broken boiler. For landlords, maintenance requests are one of the biggest headaches, taking up valuable time and eating into resources.

For the part time landlord who expected to earn a passive income to complement the day job, having to deal with repair callouts can be particularly challenging. Trying to source tradespeople at short notice and fielding tenants’ distraught requests is no easy task. Step in the property manager, who takes the entire maintenance burden off a landlord’s shoulders, dealing with tenant’s requests for repairs and emergency callouts, so you don’t have to. They’ll also organise mid-term inspections for you to ensure your property is being looked after in the way you’d expect.

4.     Sourcing tenants and reducing void periods

Void periods are a landlord’s worst nightmare behind unpaid rent. Property managers eliminate this issue by proactively sourcing tenants ahead of the close of an existing tenancy. With processes in place to attract good quality tenants and, in some cases, established relationships with corporate tenants, property management companies will be ready to fill your property, keeping that rent flowing in uninterrupted.

They’ll take care of all the marketing and viewings and, what’s more, a property manager will screen and reference tenants, manage the deposit and place it in an appropriate tenancy deposit protection scheme too. So that’s even less for you to worry about as a landlord when running your property rental business.

5.     Collecting rent and handling tenant queries

Collecting rent is one of a landlord’s least favourite tasks. But a property manager will take care of that, as well as acting as the first point of contact for tenants and any queries they may have.

Not having to worry about rent collection really can make your life easier, especially when you have the peace of mind of a rent guarantee scheme, which some property managers also offer.

Property management with a difference, from homes2let

A property rental business deserves professional management and, as a landlord, you deserve to be supported.

A property manager has the knowhow to save landlords valuable time, boost the bottom line, maximise rental yield and reduce risk.

Here at homes2let, we offer a property management service with a difference. Covering all aspects of day to day buy-to-let management, we also offer a guaranteed rent scheme. So that’s everything covered, including your rent paid in advance every month, even during void periods.

To learn more about how we can help you get the most out of your property rental business, you are welcome to get in touch with our expert team.