When you own a property with the intention of letting it out, the whole process can seem a little overwhelming at first! With all the red tape and regulations that you need to follow, it can become a minefield. How do you find tenants that you can trust? How can you guarantee that you will be paid on time each month? What do you do if your tenant starts to cause problems?
While this all seems scary, the good news is that Denhan is here to help you. As a company that specialises in private property management in London, it is our job to help oversee the day-to-day running of your property and make sure that everything is in order, including all of the legal regulations and responsibilities! All you need to do is sit back and enjoy the perks of being a landlord
Sound too good to be true? Read on to find out exactly what we can do to help you, and how a property manager’s responsibilities can make your life easier.
What is a property manager?
Before you decide if a property manager can help you as a landlord, it is important that you know exactly what a property manager does, and how they can help you with your properties.
In simple terms, a property management company is a hired professional who will help to manage all of the day-to-day dealings that are required when running a property. Your property manager’s responsibilities might vary from company to company, but generally speaking, the property management company duties will include:
Collecting rent
Probably the most important duty of a property manager is to collect the rent on time each month. Typically, they will use special property management software which makes paying rent online simple and easy for the tenants and increases the chances of you getting your rent on time. The company will also handle contacting tenants about late rent payments and any charges including late fees, pet rent, and any other fees that are required so you don’t have to worry about the stress and hassle.
Advertising your property
You cannot collect rent and enjoy the perks of being a landlord if your property is empty. A property management company can help with this as well, and they will put up listings on property sites as soon as they know a tenant is due to leave so that there is less chance of you experiencing a prolonged period of an empty property. Not only that, but a good property manager knows the property market inside out and will know who to market the property to and the best price you will be able to get in rent.
Handling maintenance
As a landlord, managing property maintenance requests is one of the more stressful parts of owning a property. The requests usually happen at the worst times possible (in the night or whilst you are trying to enjoy a nice holiday) and can lead to a lot of worry until the problem is sorted. However, a property manager can help to make this process painless by taking maintenance requests off you. We can help by:
- Accepting the maintenance requests
- Issuing work to the best and most cost-efficient contractors
- Paying the contractors once the work is done
- Communication with the tenants throughout the entire process
You won’t have to worry about a thing, and all of our professional contractors are experienced and knowledgeable. We want you to enjoy being a landlord, not to be up late into the night trying to fix a leaky tap!
Managing property accounting
Property accounting is slightly different to other types of business accounting, and it helps to have someone who is a specialist in this area to make the process as smooth as possible. As a property manager, we can help you with most, or all, of the property accounting, including.
- Bank reconciliations
- Managing contractor payments
- Tracking rent and fees
And much more! All you need to worry about is one lump sum coming into your bank account each month – we will take care of the rest!
Screening new tenants
Finding new tenants is a vital process that deserves the utmost care and attention. After all, you want to make sure that you are finding quality tenants who will pay you on time and take care of your property as if it were their own. This can be difficult if you just place ads online, and as a property management company in Croydon, we can help you with our thorough screening process to ensure we find you the best tenants possible. Our screening process includes:
- A background check
- A credit check
- An employment check
- And much more
Once we have found you the best tenant, we will then handle the entire leasing process digitally, so that everything is all neat and tidy in one place.
What else can your property manager help you with?
The above list is some typical things that we can help you with as a property management company, but we can also help with a lot more! We want to make sure that you enjoy the perks of being a landlord, and we want to take as much stress and worry away from you as possible nu helping with the below:
Insurance
We will handle the securing of insurance to help protect your property and the tenant. Whilst this might seem like a small thing, it can become essential, especially when we do not know what the future holds! You can sleep easy knowing that we have insurance that covers everything, so you won’t be caught short.
Property hand over
This can be a testing time, but as your property management company, we are here to take care of everything that is required to help move one tenant out and a new tenant in, including:
- Collecting the keys
- Cleaning the property
- Refunding and dealing with deposits
- Enforcing move dates
Regular inspections
In addition to dealing with maintenance requests, we will also perform regular inspections of the property to ensure that any small problems don’t turn into huge emergencies. We can help to keep on top of your property’s maintenance by scheduling regular inspections and dealing with the regulations etc.
Managing lease renewals
Lease renewals require careful planning and negotiations, as well as good communication with the tenant to avoid tenant/landlord disputes. To ensure a smooth negotiation, we will help to draft the agreement renewing lease terms with the tenants, as well as keeping the renewal process streamlined and pain-free.
Tenant disputes
If there is an issue with one of your tenants such as late rent, or a problem escalates and you have to think about eviction notices, then we are here for you. We will take all of these problems off your hands so you don’t have to deal with angry tenants or stressful situations, all while following the correct rules and regulations. That’s one less thing to keep you up at night!
If you would like to explore how a property manager can assist with your rental property, then get in touch with our friendly team today for more information! We will be happy to take the stress and worry off your hands, and let you enjoy the perks without the hassle.