Letting out your property is lucrative, but also complex, particularly if you’re a first time landlord. Whatley Lane Estate Agents in Newmarket and Bury St Edmonds provide property management and property letting services to Landlords in Suffolk.
The benefits of letting out property continue to attract property investors in Suffolk. However, the complex UK law and turbulent property market mean success in this field often requires confidence and a greater understanding of Government regulations and market fluctuations.
Building a strong lettings portfolio is among the most lucrative ventures in real estate. However, UK Landlords looking to maximise their profits have more responsibilities now than ever before.
The property market in London and across other areas in the UK is suffering thanks mainly to tax changes impacting on the attractiveness of buy-to-let properties. In addition, falling prices across the country are a result of the uncertainty caused by static Brexit negotiations.
According to a recent survey by the Royal Institution of Chartered Surveyors (RICS), the dwindling supply of rental accommodation is pushing rent projections in the UK towards a 15% rise in the next five years.
There’s really no guarantee this rise will make up for the shortcomings in the market, therefore hiring an expert property management company is a must for landlords.
RESPONSIBILITIES OF A RENTAL PROPERTY MANAGEMENT COMPANY
Rent Responsibilities.
As your property management company we will look after the rent and payment schedules for your property portfolios.
- Setting an attractive rent level with expert knowledge of the Suffolk property rental market
- Handling renting collection by ensuring optimal cash flow with the setting of payment dates the enforcement of late fees.
- Managing necessary rent adjustments.
Tenant Management.
Our property management team are responsibility for managing all tenancy agreements. This involves;
- Finding tenants through professional rental advertisement.
- Screening tenants with a working process. This includes criminal background checks, and credit checks to eliminate accusations of discrimination.
- Managing leases with terms that protect the landlord.
- Responding to emergencies and complaints.
- Supervising end of tenancy inspections. Checks for damages to determine the percentage of the security deposit to be returned. Cleaning, repairs, and replacement of the tenant follow.
- Properly handling the eviction of tenants who fail to pay rents or breach lease terms.
Maintenance and Repairs
Our property managers are responsible for maintaining the safety and habitable conditions for all our rental properties.
Maintaining the property involves physical management with preventive and emergency measures to make sure the property keeps functioning in the best condition. For instance, they are directly in charge of hiring personnel to exterminate, take out trash, check for leaks, etc.
When an issue comes up which needs fixing, property managers utilise a network of reliable carpenters, electricians, plumbers, and other contractors to remedy the situation as soon as possible.
Efficient property maintenance ensures your current tenants are happy and helps to attract new ones.
Supervisory Responsibilities
Rental Property management companies supervise the activities of other employees e.g. concierge or security personnel.
Supervision includes routine checks on vacant properties to make sure repairmen and other contractors are doing their jobs properly while ensuring any vandalism isn’t missed.
Budget and Record Management
It is the responsibility of our property managers to manage the budget and running costs of the property, which includes the maintenance of important records.
- For the budget, they are required to operate within a set budget for the building unless in cases of emergency when tenants or the property’s physical structure is in danger.
- The property manager also handles the keeping of all the property’s records with all income and expenses. This includes signed leases, complaints, maintenance requests and costs, rent collection records, costs of repairs, insurance, etc.
ADVANTAGES OF HIRING A PROPERTY MANAGER
Yes, you’ll save the fees needed to pay for professional property management services should you decide to manage your rental property yourself. However, there are many reasons why you should hire a professional to handle it for you.
Here are some of the advantages;
- Saves time and effort
- A better understanding of real estate laws on offer
- High chances of finding the best tenants
- Your best interests are aligned
- Fewer legal worries
- Cheaper and better maintenance
- Protection from scams.
When letting a property in Newmarket or Bury St Edmonds, we highly recommend enlisting the services of our property management team to ensure a positive experience for all parties.
