Becoming a landlord is like becoming a business owner, whereby you are responsible not only for communicating with and collecting rent from your tenants on a regular basis, but also hold responsibility for upkeep of the property, for managing maintenance issues, and for staying up to date with legislation and regulations.
To cut a long story short, it’s a lot to manage – and that’s where professional Property Management Services can come into play.
In this guide, we’re dissecting the role of a Property Manager and exploring the benefits of engaging a professional management service to oversee your rental properties and agreements – as well as highlighting some of the indicators of a high value and effective company to work with.
But first, what is a professional Property Manager and what does the role involve?
The role of a professional Property Manager
Whether provided by an experienced agency like Pat Robson & Co., or by a dedicated property portfolio manager, the role includes managing the admin and other key elements of a rental property.
Most clients tend to seek the services of a professional Property Manager as soon as possible after investment, with a good agency able to provide advice on how to maximise the value and potential rental price of a property or home, before assisting with the marketing collateral and taking on the role of identifying the most suitable tenant.
Once the tenant is in place, following viewings and efficient management of the contracts and agreements, your Property Manager will retain the role of key point of contact for the tenant – taking on responsibility for maintenance issues, meter readings, and other concerns which may arise during a tenancy.
It is important to note that a professional Property Management Service can be used to support landlords with short term and long term contracts – for example, here at Pat Robson & Co. we work with landlords operating long term yearly contracts, as well as shorter lets, to ensure that their investment is protected.
With that in mind, and with the role of a professional Property Manager clearly laid out (in short, they do everything so that you don’t have to), let’s take a closer look at some of the main benefits of this service and why it is absolutely worth considering if you don’t already rely on it.
The benefits of appointing a professional Property Manager
When it comes to understanding the benefits of a professional Property Management Service, the first thing to note is the convenience that comes from being able to hand over responsibility for both onboarding tenants and then managing their expectations and needs throughout the tenancy.
Working with clients and landlords from all walks of life, we tend to find that landlords who appoint us are working in other industries and full-time jobs and want to be able to walk away from their property investment, safe in the knowledge that it is being effectively handled on their behalf. And that’s exactly what we do at Pat Robson & Co. – becoming an extension of you in terms of managing all the key areas related to letting a property, as well as helping to optimise tenant experience and satisfaction
But that’s not all.
Taking it one step further, many of the best Property Management Service providers offer a multitude of additional services which help you, as a landlord, to maximise the value of your property as a long term investment. Prior to marketing a new property, we always take the time to view and tour the property, highlighting any areas that could be improved to push the rent that little bit higher, and to enhance the coveted status of the property before it hits the market.
Once the tenant is in place, we also conduct regular checks to ensure that every feature and facility within the property is in good working order, and will support you with rent review surveys when required too.
Providing effective and regular maintenance of your property is another aspect which we can handle in-house, while the need to keep on top of legislation and regulatory changes for landlords is an area that we pay particular attention to, ensuring that all of our clients are operating and running their property businesses in line with the law.
Finally, we become your official admin team and take on the role of deposit management so that you don’t have to – securing the protection of each tenant’s deposit and managing the process through which this is returned.
So, what should you be looking for when seeking the best Property Management Service provider for you?
Finding the right Property Management Service provider for you
A effective Property Management team will take on a multitude of roles which you may not even be aware of, ensuring that all contact runs through them and thus minimising the need for you as the landlord to get involved in every day queries and issues within the property.
By presenting a cohesive experience and contact point to the tenant, from marketing and viewing through to move-in, maintenance, and beyond, your business is presented as a professional enterprise which tenants can rely on and depend on. And in the modern property and rental market, this is the kind of experience that will render tenants loyal and far more likely to stay – thus minimising the costs associated with re-letting the property on a regular basis.
If you think that Property Management is a service that could benefit you, whether for an existing portfolio of rental properties or as part of a new business endeavour, then here are a few things to look for and ask your prospective agent, before signing on the dotted line.
- A list and existing network of reputable, high quality contractors that can help to fix various issues across your properties at little notice, ideally 24 hours a day.
- An out of hours service to manage needs and tenants concerns across evenings and weekends.
- Experience in managing deposit schemes, rent reviews, and other operational provisions that are involved in managing a rental property.
- A personable team of experts who can support both landlords and tenants with various questions, issues, and needs.
- Ideas and insight into how to enhance the value of your property, elevate its presentation, and increase its market value – translated and showcased in the marketing collateral.
The Pat Robson & Co. Difference
Here at Pat Robson & Co., Property Management is just one of the services that we offer – with our other services and touch-points across the property market giving us insight into the end-to-end process experienced by both landlords, homeowners, and tenants.
With expertise in how to manage all aspects of a rental property, from the paperwork to the out-of-hours callouts, the last minute viewings, and the best ways to transform a bland outdoor space into a coveted property with garden, Pat Robson & Co. becomes an extension of your business – with a commitment to streamlining your experience as a landlord from day one.
For more information on our Property Management Service, and to discuss the different ways that we support landlords and tenants with securing the perfect agreement, don’t hesitate to reach out to us directly.